Monthly payment
$405.53
60 payments over 5 years
Total paid
$24,331.67
Total interest
$4,331.67
Estimates only. Currency shown in USD. Assumes a fixed rate โ not financial advice.
Learn more
How this calculator works and what to know before using it
What this calculator does
Calculates periodic loan payments for monthly, biweekly, or weekly schedules.
How to use it
- Enter loan amount and annual interest rate.
- Set term in years and choose payment frequency.
- View payment per period and total interest.
Formula used
Fixed-rate loan payment
PMT = P ร [r(1+r)โฟ] / [(1+r)โฟ โ 1], where r = rate per period, n = number of payments.
Source. The payment is principal times the rate per period times (1 + that rate) raised to the number of periods, divided by that same power minus 1. A zero rate divides the principal by the number of periods. Monthly uses 12 periods a year, biweekly uses 26, and weekly uses 52.
Updated November 1, 2026
Example
A $20,000 loan at 8% over 5 years with monthly payments โ $405/month.
Good to know
- Biweekly schedules use 26 payments per year; weekly uses 52.
- Assumes a fixed rate for the full term.
Common questions
- What's the difference between biweekly and monthly payments?
- Biweekly means 26 half-payments per year โ equivalent to 13 monthly payments โ so you pay off the loan faster and save interest compared to 12 monthly payments.
- How many biweekly payments are in a year?
- 26 biweekly payments per year, which is why biweekly schedules can shorten loan payoff versus monthly billing.
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