What This Calculator Does
This calculator finds the fixed payment amount needed to pay off a loan over its term, at whatever payment frequency you choose — monthly, biweekly, or weekly.
The Method
It uses the standard amortizing loan payment formula: Payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the periodic interest rate (annual rate divided by the number of payment periods per year), and n is the total number of payments over the loan term.
Why frequency matters: Paying biweekly or weekly instead of monthly means more, smaller payments — and because interest accrues on a shrinking balance, more frequent payments can slightly reduce total interest paid over the life of the loan compared to monthly payments of the equivalent size.
This tool is for general educational and planning purposes only and is not financial advice.