Loan Payment Calculator
From the principal, APR, term and payment frequency the calculator derives the periodic rate r = APR/m, the number of payments N = m·t, the level payment PMT = P·r / (1 − (1 + r)⁻ᴺ), the total paid and the total interest, with a preview of the first amortization rows.
Frequently asked questions
What does APR mean?
APR is the annual percentage rate — the nominal yearly rate. The calculator divides it by m to get the periodic rate used in the payment formula.
Why does the early payment go mostly to interest?
Each period interest is charged on the remaining balance. Early on that balance is large, so most of the level payment covers interest and only a small slice reduces principal.
Can I model bi-weekly payments?
Yes. Set m to 26 and divide the term accordingly. Bi-weekly schedules tend to reduce total interest because of more frequent compounding.