Loan Payment Calculator

A loan payment calculator tells you what each repayment will be on a fixed rate loan. Enter the amount borrowed, the annual interest rate and the term in either years or months, then pick whether you repay monthly, bi-weekly or weekly. It returns the payment for that schedule along with the total interest you will pay over the life of the loan. Trying different terms and frequencies shows how a longer loan lowers each payment while raising what the debt costs overall.