A 30-year mortgage (LP1).
$250,000 at 6.5% APR, paid monthly for 30 years (360 payments). The payment is $1,580.17. The final payment is $1,580.55. You pay $318,861.58 in interest and $568,861.58 in total. The last payment is December 1, 2056.
Loan Payment Calculator
Find your payment, total interest and payoff date, and see what extra payments save you.
Results
Enter your numbers to see the results.
- Payment
- Number of payments
- Final payment
- Total interest
- Total paid
- Payoff date
- Remaining balance
- Months saved
- Interest saved
| Period | Payment | Interest | Principal | Balance |
|---|
Estimate only, not lending or financial advice. The tool uses a fixed APR split evenly across the year (APR ÷ 12, 26 or 52). A simple-interest loan that accrues daily can differ by a few dollars. Your lender’s final payment and payoff date are what count.
Last reviewed: November 6, 2026
Enter the loan amount, APR and term to get the payment, an amortization schedule, total interest and the payoff date. You can run it monthly, every two weeks or weekly. Add a recurring extra payment or a one-time extra (applied on the first payment) to see how many payments and how much interest you save. If you already know the payment you can afford, enter it as a custom amount. The entered term remains the maximum: the schedule stops at payoff or at the end of that term, whichever comes first. If a balance remains, the tool shows it with a warning rather than extending the schedule.
How to use it
- Enter the loan amount and the APR.
- Enter the term in years and leftover months, or as a total number of months (up to 40 years).
- Choose monthly, biweekly or weekly payments.
- Optional: add a recurring extra payment, a one-time extra on the first payment, or both.
- Optional: set the first payment date so the payoff date is labeled correctly. Choose a date from January 1, 1900 through December 31, 2200. The examples below use January 1, 2027.
- Advanced: enter a custom payment to replace the computed one. The original term acts as a maximum. If the loan is not paid off by then, the tool shows the remaining balance with a warning. If it finishes early, it shows the earlier payoff date and months saved.
How it works
The payment is the standard fixed-rate formula, rounded half-up to the cent. Each period, interest is the remaining balance times the periodic rate, also rounded half-up. For a computed payment, the last scheduled payment can absorb rounding leftovers of one regular payment or less so the balance ends at $0.00. It cannot absorb a large unpaid balance or turn a custom-payment shortfall into a payoff.
- Periodic rate = APR ÷ 12 (monthly), APR ÷ 26 (biweekly) or APR ÷ 52 (weekly). That is the nominal rate, not an effective-rate conversion.
- Number of scheduled payments = term in months × periods per year ÷ 12. A 36-month biweekly loan has 78 payments; a 24-month weekly loan has 104.
- Payment = principal × r ÷ (1 − (1 + r)^(−n)), rounded half-up. At 0% APR, the payment is simply principal ÷ n, rounded half-up — the amortization formula is not used.
- With no extras, payments 1 through n − 1 are that rounded payment. Payment n equals the remaining balance plus that period’s interest, provided the rounding adjustment is no more than one regular payment.
- With a recurring extra, a one-time extra or a custom payment, each period charges the payment plus extras. If that amount covers the balance plus interest, the last payment is just the remainder.
- A custom payment at or below interest, or a balance that grows later, produces a highlighted Custom payment field error: “This payment doesn't cover the interest, so the balance grows.” A payment equal to interest leaves principal unchanged; one below interest increases the balance.
- Custom-payment schedules stop at the entered term. Any unpaid balance is shown with a warning, not an extended schedule or a payoff date.
- Extreme computed-payment cases can fail at cent precision. For example, $250,000 at 40% APR over 480 months is rejected with: “At this rate and term the payment barely covers interest, so it can't be calculated to the cent. Shorten the term or lower the rate.”
- Payoff date = first payment date plus (periods elapsed − 1) calendar months, 14-day steps or 7-day steps.
- Total interest is the sum of the rounded interest lines. Total paid is the sum of the rounded payments.
Worked examples
All dated examples use a first payment of January 1, 2027.
The same mortgage with $200 extra each month (LP2).
The base payment stays $1,580.17. The loan finishes in 265 payments instead of 360, with a final payment of $1,278.26. Interest drops to $221,243.14 (total paid $471,243.14). The payoff date is January 1, 2049. Versus LP1, you save 95 payments and $97,618.44 of interest.
A 0% loan (LP3).
$12,000 at 0% over 36 months. The payment is $333.33. After 35 of those payments, the final one is $333.45, so the total is exactly $12,000.00 and interest is $0.00. Payoff is December 1, 2029.
A five-year car loan (LP4).
$28,000 at 7.9% over 60 months. The payment is $566.40. The final payment is $566.36. Interest is $5,983.96 and the total paid is $33,983.96. Payoff is December 1, 2031.
Biweekly versus monthly on the same personal loan (LP5 and LP5b).
$9,000 at 8% over 36 months. Paid biweekly (78 payments), the payment is $129.96, the final payment is $130.05, interest is $1,136.97 and the total paid is $10,136.97, with a payoff date of December 14, 2029. Paid monthly, the payment is $282.03, the final payment is $281.93 and interest is $1,152.98 — $16.01 more than the biweekly path.
A one-time extra payment (LP6).
$10,000 at 9% over 48 months, plus a $500 extra on the first payment. The regular payment is $248.85. The loan finishes in 46 payments, with a final payment of $41.19. Interest is $1,739.44 and the total paid is $11,739.44. Payoff is October 1, 2030.
A payment that never pays off (LP7).
$10,000 at 24% APR, with a custom payment of $200.00. The first month’s interest is also $200.00, so the payment never covers more than interest. The tool highlights the Custom payment field and rejects the payment because principal cannot fall.
A weekly payment (LP8).
$5,000 at 11.5% over 24 months, paid weekly (104 payments). The payment is $53.87. The final payment is $53.96. Interest is $602.57 and the total paid is $5,602.57. Payoff is December 22, 2028.
Payments at a glance
| Loan | Frequency | Payment | Interest | Payoff (first payment Jan 1, 2027) |
|---|---|---|---|---|
| $250,000 at 6.5%, 30 years | Monthly | $1,580.17 | $318,861.58 | December 1, 2056 |
| Same, plus $200 extra / month | Monthly | $1,580.17 | $221,243.14 | January 1, 2049 |
| $12,000 at 0%, 36 months | Monthly | $333.33 | $0.00 | December 1, 2029 |
| $28,000 at 7.9%, 60 months | Monthly | $566.40 | $5,983.96 | December 1, 2031 |
| $9,000 at 8%, 36 months | Biweekly | $129.96 | $1,136.97 | December 14, 2029 |
| $5,000 at 11.5%, 24 months | Weekly | $53.87 | $602.57 | December 22, 2028 |
FAQ
How do I calculate a loan payment?
You need the amount, the APR and the number of payments. The tool uses the standard amortization formula and rounds the payment half-up to the cent. At 0% interest it just divides the amount by the number of payments.
Does a biweekly or weekly payment use a different interest rate?
The APR stays the same. The periodic rate is that APR divided by 26 (biweekly) or 52 (weekly), not an effective annual rate. Real simple-interest loans that accrue daily can come out a few dollars different from this.
How do extra payments change the payoff?
Each extra dollar goes to principal after that period’s interest, so later interest charges shrink and the loan ends earlier. On the $250,000 example, $200 extra each month cuts 95 payments and $97,618.44 of interest, and moves the payoff from December 2056 to January 2049.
What is the final payment, and why isn’t it the same as the others?
Rounding the regular payment to the cent leaves a few cents of principal (or a slight overshoot) at the end. The last payment is set to the remaining balance plus that period’s interest so you finish at $0.00. This adjustment only absorbs rounding leftovers of one regular payment or less; it does not clear a large unpaid balance. On the 30-year mortgage it is $1,580.55 instead of $1,580.17.
What if I enter a custom payment that only covers interest?
The tool rejects a custom payment at or below interest and highlights the Custom payment field. An interest-only payment leaves principal unchanged; a smaller payment makes the balance grow. Increase the payment to reduce principal.
What if my custom payment does not clear the loan within the term?
The schedule stops at the entered term and shows the remaining balance with a warning. It does not extend the schedule or treat that balance as a rounding adjustment.
Can I use this for a car loan, a personal loan and a mortgage?
Yes. The math is the same for any fully amortizing fixed-rate loan. The $28,000 / 60-month example is a typical car term; the $250,000 example is a 30-year mortgage. A HELOC with an interest-only draw period is a different product — use the HELOC calculator for that.
How is this different from the credit card payoff calculator?
This page computes an installment payment for a fixed term and shows its schedule. The credit card tool works with a revolving balance, a payment you choose and (if you want) a target payoff date. Neither one applies a balance-transfer fee; that comparison lives on the Balance Transfer Savings calculator once it is live.
Why doesn’t my lender’s quote match to the penny?
Lenders may use daily interest, a slightly different day-count, fees rolled into the amount or a different rounding rule on the last payment. Use your loan estimate or note as the source of truth, and this page to plan extras and compare terms.