Loan Payment Calculator
Borrow smarter. Plan your payments.
Estimate your loan payments, total interest and payoff time. Compare monthly, biweekly and weekly repayment schedules, and see how extra payments could reduce your interest costs.
💵 Enter your loan details
🚀 Pay it off faster
Extra payments are applied directly to principal with each scheduled payment. Enter zero to calculate the standard loan schedule.
⚙️ Calculation assumptions
This tool models a fixed-rate, fully amortizing loan. The annual interest rate is divided by the number of payment periods per year: 12 monthly, 26 biweekly or 52 weekly.
It assumes payments occur at the end of each period and that interest rates remain unchanged. Actual lender calculations, day-count methods and payment schedules may differ.
For Canadian mortgages, interest is commonly compounded semi-annually rather than using this calculator’s simple periodic-rate assumption. Use a mortgage-specific calculator for lender-comparable mortgage estimates.
📅 Year-by-year amortization schedule
This schedule includes your extra payments, if entered. The final payment may be smaller than your regular scheduled amount.
| Year | Principal paid | Interest paid | Total paid | Balance remaining |
|---|---|---|---|---|
| Calculating… | ||||
🧠 How to calculate loan payments
Loan payments depend on the amount borrowed, the annual interest rate, the repayment period and how often payments are made. For a standard fixed-rate amortizing loan, each payment covers accrued interest and reduces the outstanding principal.
As the balance decreases, less interest accrues each period. That means a larger share of subsequent payments goes toward paying down the loan.
🧮 Example: A $25,000 personal loan
Imagine borrowing $25,000 at a fixed 6% annual interest rate, repaid monthly over five years.
Using monthly compounding and 60 scheduled payments, the regular payment is approximately $483.32.
💡 Frequently Asked Questions
The payment is calculated from your starting balance, interest rate and repayment term. Each payment includes interest and principal so the loan is paid off by the end of the scheduled term.
Yes. When extra payments reduce principal directly, the outstanding balance falls faster, reducing future interest and potentially shortening the repayment period.
No. Biweekly means 26 payments per year, while twice monthly means 24. This calculator supports 26-payment biweekly schedules.
You can use it for a rough fixed-rate loan estimate, but mortgage calculations may use different interest compounding, payment conventions, fees and renewal assumptions. Canadian mortgages commonly use semi-annual compounding for fixed rates.
No. The calculator excludes origination fees, insurance, taxes, closing costs and other charges. Your lender’s actual annual percentage rate and payment amount may differ.