How much does a loan cost per month?

Your monthly payment depends on the amount borrowed, the interest rate, and the term. This calculator uses the standard amortization formula to give you the exact payment and the total interest you'll pay. For example, a $20,000 loan at 7.5% over 5 years costs about $400 per month.

Is paying bi-weekly better than monthly?

Regular bi-weekly payments add up to the same 12 monthly payments, so they change little. Accelerated bi-weekly is different: you pay half your monthly amount every two weeks, which equals 13 full monthly payments a year. That extra payment goes straight to principal and shortens the loan.

What is an accelerated bi-weekly payment?

An accelerated bi-weekly payment is your monthly payment divided by two, paid every two weeks. Because a year has 26 bi-weekly periods, you make the equivalent of one extra full monthly payment each year, which reduces total interest and payoff time.

What is the difference between the interest rate and the APR?

The interest rate is the cost of borrowing the principal. The effective APR also includes upfront fees like origination charges, so it reflects the true cost of the loan. Two loans with the same rate can have very different APRs once fees are counted, which is why comparing on APR and total cost matters.

Does paying extra on a loan save money?

Yes. Early in a loan most of each payment goes to interest. Any extra payment or lump sum reduces the balance immediately, so you stop paying interest on that amount for the rest of the term. The calculator shows exactly how much interest and time you would save.

How does Buy Now, Pay Later work, and how do these companies make money?

Pay-in-4 plans (Klarna, Afterpay, PayPal) split a purchase into four interest-free payments every two weeks. Missing one does not add interest; the provider charges a flat late fee instead (Klarna up to $7 per missed payment, Afterpay up to $10, usually capped per order). Longer pay-monthly financing (Affirm and others) charges interest from 0% to about 36% APR, and store-card style plans can add deferred interest retroactively if not cleared in time. These companies earn mostly from merchant fees of roughly 3 to 6% per sale plus about 30 cents per transaction, not from you; late fees are a smaller slice and some providers like Affirm charge none.

What is a promotional or 0% intro rate loan?

A promotional loan charges a low or 0% rate for an introductory window, then steps up to a higher rate for the rest of the term. The calculator models the full rate schedule and re-amortizes your payment at each step, so you see the payment rise when the promo ends and how much the intro period saves.

Is this loan calculator accurate for US and Canadian loans?

Yes. Consumer loans compound interest at the payment frequency in the US, UK, Australia, and Canada alike, which is what the calculator computes, so the math is identical wherever you are; the US/Canada toggle only sets your default currency. Canadian mortgages are the exception, compounding semi-annually by law, and that case is handled in the dedicated mortgage calculator. Results assume fixed rates and consistent payments.

Free Loan Calculator - Monthly Cost & Payment Frequency

Loan Calculator

See the true cost of a loan, the savings from paying more often, and which offer really wins.

Loan type

Loan amount

Interest rate (APR)

Loan term

years

Payment frequency

Upfront fees

Prepayment penalty

Show inflation-adjusted cost

Monthly payment$400.76

Total interest$4,046

Total cost$24,046

Payoff time5 years

Effective APRincl. fees7.50%

$1.20paid back for every $1 borrowed

Interest adds 20.2% on top of what you borrow

Where your money goes

Total cost

$24,046

Pay smarter, not harder

The frequency dividend

Switch from monthly to accelerated weekly and you save $441 in interest and clear the loan 6 months sooner.

FrequencyPaymentTotal interestInterest savedTime saved

Monthly12×/yrYou$401$4,046baseline-

Bi-weekly26×/yr$185$4,012−$33-

Accelerated Bi-weekly26×/yr$200$3,621−$4246 months

Weekly52×/yr$92$3,998−$47-

Accelerated Weekly52×/yr$100$3,604−$4416 months

Accelerated options keep your monthly budget the same but split it into smaller, more frequent payments, landing one extra full payment a year straight against principal.

Your balance over time

Multi-Line Chart Data
Series	Label	Value	Date
Remaining balance	Jun 2026	$20,000	Jun 2026
Remaining balance	Jul 2026	$19,724	Jul 2026
Remaining balance	Aug 2026	$19,447	Aug 2026
Remaining balance	Sep 2026	$19,168	Sep 2026
Remaining balance	Oct 2026	$18,887	Oct 2026
Remaining balance	Nov 2026	$18,604	Nov 2026
Remaining balance	Dec 2026	$18,319	Dec 2026
Remaining balance	Jan 2027	$18,033	Jan 2027
Remaining balance	Feb 2027	$17,745	Feb 2027
Remaining balance	Mar 2027	$17,455	Mar 2027
Remaining balance	Apr 2027	$17,164	Apr 2027
Remaining balance	May 2027	$16,870	May 2027
Remaining balance	Jun 2027	$16,575	Jun 2027
Remaining balance	Jul 2027	$16,278	Jul 2027
Remaining balance	Aug 2027	$15,979	Aug 2027
Remaining balance	Sep 2027	$15,678	Sep 2027
Remaining balance	Oct 2027	$15,375	Oct 2027
Remaining balance	Nov 2027	$15,070	Nov 2027
Remaining balance	Dec 2027	$14,764	Dec 2027
Remaining balance	Jan 2028	$14,455	Jan 2028
Remaining balance	Feb 2028	$14,145	Feb 2028
Remaining balance	Mar 2028	$13,832	Mar 2028
Remaining balance	Apr 2028	$13,518	Apr 2028
Remaining balance	May 2028	$13,202	May 2028
Remaining balance	Jun 2028	$12,884	Jun 2028
Remaining balance	Jul 2028	$12,563	Jul 2028
Remaining balance	Aug 2028	$12,241	Aug 2028
Remaining balance	Sep 2028	$11,917	Sep 2028
Remaining balance	Oct 2028	$11,591	Oct 2028
Remaining balance	Nov 2028	$11,262	Nov 2028
Remaining balance	Dec 2028	$10,932	Dec 2028
Remaining balance	Jan 2029	$10,599	Jan 2029
Remaining balance	Feb 2029	$10,265	Feb 2029
Remaining balance	Mar 2029	$9,928	Mar 2029
Remaining balance	Apr 2029	$9,590	Apr 2029
Remaining balance	May 2029	$9,249	May 2029
Remaining balance	Jun 2029	$8,906	Jun 2029
Remaining balance	Jul 2029	$8,561	Jul 2029
Remaining balance	Aug 2029	$8,213	Aug 2029
Remaining balance	Sep 2029	$7,864	Sep 2029
Remaining balance	Oct 2029	$7,512	Oct 2029
Remaining balance	Nov 2029	$7,159	Nov 2029
Remaining balance	Dec 2029	$6,803	Dec 2029
Remaining balance	Jan 2030	$6,444	Jan 2030
Remaining balance	Feb 2030	$6,084	Feb 2030
Remaining balance	Mar 2030	$5,721	Mar 2030
Remaining balance	Apr 2030	$5,356	Apr 2030
Remaining balance	May 2030	$4,989	May 2030
Remaining balance	Jun 2030	$4,619	Jun 2030
Remaining balance	Jul 2030	$4,247	Jul 2030
Remaining balance	Aug 2030	$3,873	Aug 2030
Remaining balance	Sep 2030	$3,497	Sep 2030
Remaining balance	Oct 2030	$3,118	Oct 2030
Remaining balance	Nov 2030	$2,736	Nov 2030
Remaining balance	Dec 2030	$2,353	Dec 2030
Remaining balance	Jan 2031	$1,967	Jan 2031
Remaining balance	Feb 2031	$1,578	Feb 2031
Remaining balance	Mar 2031	$1,187	Mar 2031
Remaining balance	Apr 2031	$794	Apr 2031
Remaining balance	May 2031	$398	May 2031
Remaining balance	Jun 2031	$0	Jun 2031
Interest paid	Jun 2026	$0	Jun 2026
Interest paid	Jul 2026	$125	Jul 2026
Interest paid	Aug 2026	$248	Aug 2026
Interest paid	Sep 2026	$370	Sep 2026
Interest paid	Oct 2026	$490	Oct 2026
Interest paid	Nov 2026	$608	Nov 2026
Interest paid	Dec 2026	$724	Dec 2026
Interest paid	Jan 2027	$838	Jan 2027
Interest paid	Feb 2027	$951	Feb 2027
Interest paid	Mar 2027	$1,062	Mar 2027
Interest paid	Apr 2027	$1,171	Apr 2027
Interest paid	May 2027	$1,278	May 2027
Interest paid	Jun 2027	$1,384	Jun 2027
Interest paid	Jul 2027	$1,487	Jul 2027
Interest paid	Aug 2027	$1,589	Aug 2027
Interest paid	Sep 2027	$1,689	Sep 2027
Interest paid	Oct 2027	$1,787	Oct 2027
Interest paid	Nov 2027	$1,883	Nov 2027
Interest paid	Dec 2027	$1,977	Dec 2027
Interest paid	Jan 2028	$2,070	Jan 2028
Interest paid	Feb 2028	$2,160	Feb 2028
Interest paid	Mar 2028	$2,248	Mar 2028
Interest paid	Apr 2028	$2,335	Apr 2028
Interest paid	May 2028	$2,419	May 2028
Interest paid	Jun 2028	$2,502	Jun 2028
Interest paid	Jul 2028	$2,582	Jul 2028
Interest paid	Aug 2028	$2,661	Aug 2028
Interest paid	Sep 2028	$2,737	Sep 2028
Interest paid	Oct 2028	$2,812	Oct 2028
Interest paid	Nov 2028	$2,884	Nov 2028
Interest paid	Dec 2028	$2,955	Dec 2028
Interest paid	Jan 2029	$3,023	Jan 2029
Interest paid	Feb 2029	$3,089	Feb 2029
Interest paid	Mar 2029	$3,153	Mar 2029
Interest paid	Apr 2029	$3,215	Apr 2029
Interest paid	May 2029	$3,275	May 2029
Interest paid	Jun 2029	$3,333	Jun 2029
Interest paid	Jul 2029	$3,389	Jul 2029
Interest paid	Aug 2029	$3,442	Aug 2029
Interest paid	Sep 2029	$3,494	Sep 2029
Interest paid	Oct 2029	$3,543	Oct 2029
Interest paid	Nov 2029	$3,590	Nov 2029
Interest paid	Dec 2029	$3,635	Dec 2029
Interest paid	Jan 2030	$3,677	Jan 2030
Interest paid	Feb 2030	$3,717	Feb 2030
Interest paid	Mar 2030	$3,755	Mar 2030
Interest paid	Apr 2030	$3,791	Apr 2030
Interest paid	May 2030	$3,825	May 2030
Interest paid	Jun 2030	$3,856	Jun 2030
Interest paid	Jul 2030	$3,885	Jul 2030
Interest paid	Aug 2030	$3,911	Aug 2030
Interest paid	Sep 2030	$3,935	Sep 2030
Interest paid	Oct 2030	$3,957	Oct 2030
Interest paid	Nov 2030	$3,977	Nov 2030
Interest paid	Dec 2030	$3,994	Dec 2030
Interest paid	Jan 2031	$4,009	Jan 2031
Interest paid	Feb 2031	$4,021	Feb 2031
Interest paid	Mar 2031	$4,031	Mar 2031
Interest paid	Apr 2031	$4,038	Apr 2031
Interest paid	May 2031	$4,043	May 2031
Interest paid	Jun 2031	$4,046	Jun 2031

Remaining balance

Interest paid

You pay it down fast

On this loan, more of every payment goes to principal than interest almost from the start. A shorter term and higher payments mean you chip away at the balance quickly instead of paying mostly interest up front.

First payment$401

$125 interest $276 principal

Speed it up

Extra per monthly payment$0

Lump-sum payments

Add an extra payment or a lump sum to see how much interest and time you would save.

Work backwards from a budget

Monthly budget$400

Rate

Term

yrs

You can afford to borrow$19,962paying $400/mo for 5 years · $4,038 total interest

Understanding the true cost of a loan

The ideas behind the numbers, explained simply

The frequency dividend

Switching to accelerated bi-weekly or weekly payments quietly adds one extra full payment a year, straight against principal. It keeps your monthly budget the same while cutting interest and shortening the loan.

Same monthly cost, faster payoff
Less total interest paid
Works on almost any loan

True cost, not the sticker rate

A lower advertised rate can still be the more expensive loan once fees and term are counted. We compute the effective APR, the cost per dollar borrowed, and the break-even point so you compare offers on what they actually cost.

Effective APR including fees
Cost per dollar borrowed
Break-even between two offers

Frequently Asked Questions

Disclaimer: This calculator is for educational purposes only and does not constitute financial advice. Results are projections based on the information you provide and assume fixed rates and consistent payments. Actual results may vary. Consult a qualified financial advisor for personalized guidance.