Use our Payment Calculator to quickly estimate your loan payment, total interest, and payoff timeline. Whether you are financing a mortgage, auto loan, personal loan, or student loan, this tool helps you compare scenarios and make confident borrowing decisions.
What the Payment Calculator Does
The Payment Calculator estimates your periodic payment based on the loan amount, annual interest rate, loan term, and payment frequency. You can choose monthly, biweekly, or weekly payments to see how different schedules affect your budget and the total interest you will pay over time. If you enter an optional extra payment per period, the calculator also projects a faster payoff and interest savings.
How to Use the Payment Calculator
- Enter your total loan amount and, if applicable, a down payment. The calculator subtracts the down payment to determine your financed balance.
- Provide the annual interest rate (APR) for the loan. If you are comparing offers, try a few rates to see how payment changes.
- Set the loan term in years. For example, 30 for a 30-year mortgage or 5 for a 60-month auto loan.
- Choose your payment frequency: monthly, biweekly, or weekly. More frequent payments generally reduce total interest.
- Optionally add an extra payment per period. Even small extras can shorten the loan considerably.
- Click Calculate to see your results, including total interest over the life of the loan and, if you provide a start date, the projected payoff date.
Why Payment Frequency Matters
Payment frequency changes how often interest is applied and how quickly your principal balance is reduced. With biweekly payments, you make 26 half-sized payments per year (or simply 26 equal payments), which effectively adds the equivalent of one extra monthly payment each year. Weekly payments increase this effect slightly more. Over time, these schedules can trim months off your term and save significant interest.
Extra Payments: Your Secret Advantage
Applying an extra payment each period or a one-time lump sum goes directly toward principal, lowering the amount on which interest accrues. Even an extra $25 per month can translate into hundreds or thousands of dollars in savings over a long loan. Use the Payment Calculator to test different extra-payment amounts and see the new number of payments, updated payoff date, and interest saved.
Reading Your Results
- Periodic Payment: The amount due each period based on your chosen frequency.
- Total Interest: The cumulative interest cost over the full term, assuming on-time payments.
- Payoff Date: If you enter a start date, the calculator projects when the balance will reach zero.
- With Extra Payment: Shows a reduced number of payments, lower total interest, and earlier payoff.
Tips for Smarter Borrowing
Shop multiple lenders to secure the best rate and terms. Consider a shorter term if you can afford a higher payment; this often saves the most interest. If a shorter term isn’t feasible, keep your original term but add a small extra payment each period. Finally, review your budget annually—if your income increases, increase your extra payments to accelerate payoff.
Common Uses
Borrowers use this Payment Calculator for mortgages (15-, 20-, and 30-year terms), auto loans (36–84 months), personal loans, and student loans. It’s equally useful for comparing refinancing options. By testing different interest rates and terms, you can visualize trade-offs between a lower payment and a shorter payoff horizon.
Important Considerations
The results assume a fixed interest rate and regular, on-time payments. They do not include taxes, insurance, origination fees, HOA dues, or mortgage insurance, which may apply to your situation. For adjustable-rate loans, consider that actual payments and interest may differ from the estimate. Always confirm details with your lender.
Get Started
Enter your details in the Payment Calculator and experiment with different scenarios. In minutes, you’ll see how rate, term, frequency, and extra payments change your costs and payoff date—empowering you to choose the loan strategy that fits your goals and budget.