Payment Calculator
Calculate your loan payments and see a detailed amortization schedule.
Principal amount to borrow
Current market interest rate
Length of loan in years
How often you make payments
How is the payment calculated?
The payment is calculated using the standard amortization formula: P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the periodic interest rate, and n is the total number of payments. This ensures equal payments over the loan term and gradually pays off both principal and interest.
What payment frequencies are supported?
We support monthly (12 times/year), biweekly (26 times/year), weekly (52 times/year), and annual (once/year) payment frequencies. More frequent payments can reduce total interest paid and shorten the loan term, as you're making more payments per year.
What is included in the payment amount?
The payment includes both principal (loan amount) and interest. The amortization schedule shows how each payment is split between principal and interest over time. Early payments are mostly interest, while later payments are mostly principal.
How can I reduce my total interest paid?
Make extra principal payments, choose shorter loan terms (15 vs 30 years), make more frequent payments (biweekly vs monthly), or refinance to a lower rate when available. Even small extra payments can save thousands in interest over the life of the loan.