Free loan calculator: calculate monthly payments, total interest, and total cost for personal loans, auto loans, and more. Compare bi-weekly vs monthly payments. No sign-up required.
A loan calculator determines your monthly payment, total interest cost, and full amortization schedule for any fixed-rate amortizing loan — including personal loans, auto loans, debt consolidation, student loans, and business loans.
Each monthly payment is split into two components: interest (the cost of borrowing) and principal (the amount that reduces your balance). Early in the term, a larger share goes toward interest; over time, more goes toward principal — a process called amortization.
This calculator also supports extra payments and alternative payment frequencies (bi-weekly or weekly), which can significantly reduce total interest and shorten your loan term. The origination fee slider accounts for upfront lender fees deducted from the loan proceeds.
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8%
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010
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Decision Reference: How Each Variable Affects Your Loan Cost
This calculator lets you model four key levers that determine your total borrowing cost. Understanding how they interact helps you make an informed borrowing decision.
1. Payment Frequency Switching from monthly to bi-weekly or weekly payments reduces your average balance faster, because interest accrues over shorter intervals. Bi-weekly payments (26 half-payments per year) equal 13 full monthly payments — one extra month per year. Weekly payments (52 quarter-payments) have the same effect. This accelerates principal repayment without changing your monthly budget, often saving thousands in interest over the loan term.
2. Interest Rate The rate sensitivity table compares your current rate against +1% and +2% scenarios. A 1 percentage point increase typically raises your monthly payment by 5–10% and adds significant total interest. Use this comparison to evaluate whether locking a fixed rate or shopping for a lower rate is worth the effort.
3. Loan Term Shorter terms (3 years) have higher monthly payments but dramatically lower total interest. Longer terms (7 years) reduce monthly payments but cost more in total. The term comparison section shows this trade-off side by side. Choose the shortest term you can comfortably afford.
4. Origination Fee Fees reduce the net amount you receive. A 1% origination fee on a $10,000 loan means you only receive $9,900, though you repay the full $10,000 plus interest. The net loan amount and amortization schedule reflect this, helping you compare loan offers with different fee structures.
Frequently Asked Questions
How is my monthly loan payment calculated?
Your monthly payment is calculated using the loan amount, interest rate, and loan term. The formula amortizes the loan so each payment covers both interest and principal.
What affects the total interest I pay?
The total interest depends on the loan amount, interest rate, and term length. A higher rate or longer term means more total interest.
Can I pay off my loan early?
Yes, most personal loans allow early repayment. Paying extra each month reduces the principal faster and saves on total interest.
How does payment frequency affect my loan?
More frequent payments (bi-weekly or weekly) reduce the principal faster because interest accrues over shorter periods. Bi-weekly payments result in 26 half-payments per year, equivalent to 13 full monthly payments - effectively one extra payment annually. This can save significant interest over the loan term.
What is the difference between a loan and a mortgage?
Both use amortization to calculate payments, but mortgages are secured by real estate and typically have lower interest rates and longer terms. Personal loans are usually unsecured with higher rates and shorter terms (1-7 years).
Loan calculators provide estimates only. Actual loan terms, interest rates, and fees vary by lender, credit score, and market conditions. Origination fees are typically deducted from the loan disbursement, so the amount you receive may be less than the loan amount. Always review your loan contract for exact terms and conditions.