Loan Payment Calculator — Monthly, Bi-weekly & Weekly
Work out how much your loan will cost each payment period — monthly, bi-weekly, or weekly — and see total interest and total amount paid. Enter the loan amount, annual interest rate, and term to get results instantly.
%
years
Payment frequency
Fixed periodic payment to fully repay the loan
682,633.47
total paidPrincipal
43.9%
Total interest
56.1%
- 1
Periodic interest rate
r = 6.5% ÷ 12 ÷ 100 = 0.005417Annual rate divided by the number of payment periods per year. - 2
Number of payments
n = 30 × 12 = 360 - 3
Growth factor
(1 + 0.005417)ⁿ = 6.9918 - 4
Periodic payment
300,000 × 0.005417 × 6.9918 ÷ (6.9918 − 1) = 1,896.20
How does this calculator work?
Loan payment = P·r·(1+r)^n / ((1+r)^n − 1), where r is the periodic rate (annual rate ÷ periods per year ÷ 100) and n is total payments. A $300,000 loan at 6.5% over 30 years costs about $1,896/month — $382,600 in total, with $82,600 being principal and about $300,000 in interest. Bi-weekly payments reduce total interest by making an extra payment each year.
Formula
How this is calculated
The standard amortisation payment formula gives a fixed periodic payment that fully repays the loan by the last payment: Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the principal, r the periodic interest rate, and n the total number of payments. For a monthly loan, r = annual rate / 1200 and n = years × 12. For bi-weekly payments, r = annual rate / 2600 and n = years × 26.
Choosing bi-weekly or weekly payments has a compounding benefit beyond frequency: in a typical bi-weekly schedule you end up making 26 half-monthly payments per year (equivalent to 13 monthly payments instead of 12). The extra payment per year directly reduces the principal, cuts the outstanding balance faster, and shortens the effective loan term — often by several years on a 30-year mortgage.
Assumptions: fixed annual interest rate, equal payment amounts, no fees or insurance. The 0% rate edge case returns P ÷ n (interest-free instalment). All amounts are before tax.
Frequently asked questions
With monthly payments you make 12 payments a year. With bi-weekly payments (every two weeks) you make 26 payments — the equivalent of 13 monthly payments. That extra payment each year reduces the principal faster and can knock years off the loan and save thousands in interest.
Interest is charged on the outstanding balance every period. A 1% rate increase on a $300,000 30-year loan increases the monthly payment by about $180 and adds roughly $65,000 in total interest. The effect compounds over the long term, which is why even small rate differences between loan offers matter.
Yes. The formula is the same for any amortising loan — mortgage, auto, student, or personal. For mortgages, note that the quoted rate may be a nominal rate rather than an APR; using the APR gives a more accurate cost comparison across lenders. Balloon-payment and interest-only loans use different formulas and are not covered here.
TG we-Calculate Editorial Team. (2026). Loan Payment Calculator — Monthly, Bi-weekly & Weekly [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/loan-payment-calculator
TG we-Calculate Editorial Team. "Loan Payment Calculator — Monthly, Bi-weekly & Weekly." TG we-Calculate. 2026. https://we-calculate.com/calculator/loan-payment-calculator.
TG we-Calculate Editorial Team, "Loan Payment Calculator — Monthly, Bi-weekly & Weekly," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/loan-payment-calculator
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