Payment Calculator
Calculate loan payments, determine maximum loan amounts, or find out how long it will take to pay off a loan. Flexible calculator for any loan type with multiple payment frequencies.
Loan Parameters
Calculation Results
Choose what you want to calculate and enter your loan details to get started.
How to Use the Payment Calculator
- Choose Calculation Type: Select whether you want to calculate payment amount, maximum loan amount, or loan term
- Enter Known Values: Input the loan parameters you already know (amount, rate, term, or payment)
- Set Interest Rate: Enter the annual interest rate for your loan
- Select Payment Frequency: Choose how often you'll make payments (monthly, bi-weekly, weekly, or annually)
- Calculate: Get your results including total costs and interest breakdown
- Compare Options: Try different scenarios to find the best loan structure
What Can You Calculate?
Payment Amount
Calculate your monthly payment when you know the loan amount, interest rate, and term. Perfect for budgeting and affordability planning.
Loan Amount
Find out how much you can borrow based on what you can afford to pay monthly. Great for shopping within your budget.
Loan Term
Determine how long it will take to pay off your loan with a specific payment amount. Useful for payoff planning and goal setting.
Payment Frequency Impact
How Payment Frequency Affects Your Loan
The frequency of your payments can significantly impact the total interest you pay and how quickly you pay off your loan.
Payment Frequencies
Benefits of Frequent Payments
Bi-weekly Payment Strategy
Making bi-weekly payments (26 per year) is equivalent to making 13 monthly payments instead of 12. This extra payment goes directly toward principal, significantly reducing your loan term and total interest.
Common Loan Types & Rates
Use this calculator for any type of loan. Here are typical interest rate ranges for common loan types:
Personal & Consumer Loans
Real Estate & Business
Interest Rate Factors
Actual rates depend on your credit score, income, loan amount, term length, and current market conditions. Shop around with multiple lenders to find the best rates for your situation.
Smart Payment Planning Tips
Before Taking a Loan
Managing Your Payments
Frequently Asked Questions
How accurate are these payment calculations?
Our calculations use standard loan formulas and are highly accurate for simple interest loans. However, some loans have additional fees, variable rates, or special terms that may affect actual payments. Always verify with your lender.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing money. APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs, giving you a more complete picture of the loan's true cost. Use APR when comparing loans.
Should I choose the lowest payment possible?
Not necessarily. Lower payments mean longer loan terms and more total interest paid. Choose a payment that balances affordability with minimizing total cost. Consider the total interest you'll pay over the loan's life.
Can I change my payment frequency after getting a loan?
This depends on your lender's policies. Many lenders allow you to switch to bi-weekly payments or make extra payments without penalty. Some may charge fees or have restrictions. Check your loan agreement or contact your lender.
What happens if I miss a payment?
Missing payments can result in late fees, higher interest rates, and damage to your credit score. If you're having trouble making payments, contact your lender immediately to discuss options like payment deferrals or loan modifications.