What kind of loans does this work for?

Any fixed-rate installment loan — personal loans, student loans, business loans, or an auto loan you want to check without the extra fields on a dedicated auto loan calculator. It assumes a fixed interest rate and equal payments each period, which covers the large majority of consumer loans. It's not built for credit cards or other revolving debt, where the balance and minimum payment change month to month.

How is the payment calculated?

The standard amortization formula: payment = principal × periodic rate × (1 + periodic rate)^n ÷ ((1 + periodic rate)^n − 1), where n is the total number of payments and the periodic rate is your APR divided by the number of payments per year. This is the same formula lenders use to set a fixed installment payment.

What's the difference between monthly, biweekly, and weekly payments?

The frequency changes how often the periodic rate is applied and how many total payments there are, not the APR itself. Biweekly and weekly schedules split the same annual rate across more, smaller payments, which slightly reduces total interest compared to monthly since less time passes between each payment hitting the balance.

What does the origination fee do?

It's added to the total cost of the loan as an upfront cost, separate from interest — this calculator doesn't fold it into the payment itself or attempt to back-solve an adjusted APR. Lenders sometimes deduct the fee from what you actually receive, so read your loan estimate carefully to see whether the fee is charged separately or subtracted from your disbursed amount.

Why is my real payment different from this estimate?

This calculator assumes a fixed rate for the full term and no additional charges beyond the origination fee you enter. A variable-rate loan, a co-signer fee, credit insurance, or a lender's own rounding can all shift your actual payment slightly. Your loan estimate or promissory note is the exact number.

Does this show a full payment-by-payment schedule?

It shows a yearly summary — principal paid, interest paid, and ending balance for each year of the loan. For a month-by-month mortgage schedule with the option to model extra payments, use the Amortization Calculator instead.

AI Insights

Loan Calculator

Estimate your payment, total interest, and payoff schedule for a personal, auto, student, or business loan — monthly, biweekly, or weekly.

Last updated September 29, 2026

Loan amount ($)

Interest rate (% APR)

Loan term (years)

Payment frequency

Origination fee (% of loan, optional)

Monthly payment

$410.33

60 payments — paid off around Oct 2031

Total interest paid

$4,620

Total cost of loan

$24,620

Mid-sized loans spread over several years often include upfront origination fees that reduce the actual cash received while increasing the true borrowing cost. Comparing the annual percentage rate across different offers reveals these hidden costs because the APR includes both the interest rate and mandatory lender fees. Looking beyond the monthly payment helps borrowers identify which offer provides the most cost-effective total terms.

AI-generated insight

Yearly schedule

Year	Principal paid	Interest paid	Ending balance
1	$3,353	$1,571	$16,647
2	$3,649	$1,275	$12,998
3	$3,971	$953	$9,027
4	$4,322	$601	$4,705
5	$4,705	$219	$0

How to use the loan calculator

1
Enter the loan amount and the interest rate (APR) your lender quoted.
2
Set the loan term in years and pick a payment frequency — monthly, biweekly, or weekly.
3
Add an origination fee if your lender charges one, then read your payment, total interest, and yearly schedule below.

How loan payments work

Every fixed payment covers that period's interest first, and whatever is left over reduces the principal — so the split between the two shifts as the balance goes down.

A fixed-rate installment loan charges interest on whatever balance is left at the start of each period, then applies the rest of your payment to principal. Early in the loan, the balance is largest, so interest eats up the biggest share of each payment. As the balance shrinks, less of each payment goes to interest and more goes to knocking down what you owe — the payment itself stays flat the whole time.

The payment amount comes from the standard amortization formula, which solves for the fixed payment that will bring the balance to exactly zero after the loan's total number of payments, given the periodic interest rate.

Payment frequency compared

Frequency	Payments per year	Total interest, same $20,000 / 8.5% / 5-year loan
Monthly	12	Highest of the three
Biweekly	26	Slightly less
Weekly	52	Slightly less still

The gap between frequencies is usually small on a personal or auto loan — it matters far more on a long mortgage. Enter your own numbers above to see the exact difference for your loan. Buying a home? Use the Mortgage Calculator to include property tax, insurance, PMI, and HOA.

Everyday uses

Comparing loan offers: two lenders quoting different rates and origination fees can land at very different total costs even with a similar-looking monthly payment.

Budgeting before you apply: checking whether a payment fits your monthly budget before a hard credit inquiry.

Debt consolidation math: seeing whether rolling several balances into one fixed-rate loan actually lowers your total interest.

Mortgage or a large loan with extra payments: for a mortgage-sized loan where you want to model paying extra toward principal, the Amortization Calculator shows the exact time and interest an extra payment saves.

Shopping for a car specifically? Our Auto Loan Calculator → adds trade-in value and sales tax to the math.

Deciding whether to pay off a balance faster or invest instead? Our Debt Payoff Calculator → compares payoff strategies across multiple debts.

Frequently asked questions

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