Enter the amount you plan to borrow, the annual interest rate (APR) and the length of the loan in years. Choose monthly, biweekly or weekly payments to see the amount due each period, the total you will repay and how much of it is interest.

How loan payments are calculated

For a fixed-rate installment loan, each payment is the same. The calculator divides the APR by the number of payments per year and applies the standard amortization formula to find the payment that clears the balance exactly by the end of the term.

Ways to pay less interest

Choose a shorter term if you can afford the higher payment.
Improve your credit score before applying to qualify for a lower rate.
Make extra payments toward principal when your lender allows it.

Frequently asked questions

What is APR?

APR is the annual percentage rate: the yearly cost of borrowing expressed as a percentage of the loan.

Is a biweekly payment cheaper?

Paying every two weeks gives 26 half-payments a year, the equivalent of 13 monthly payments, so the loan is repaid faster with less interest.