Alternative Payment Frequencies
Use this calculator to determine your payment or loan amount for different payment frequencies. You can make payments weekly, biweekly, semimonthly, monthly, bimonthly, quarterly, semiannually or annually. You can then examine your principal balances by payment, total of all payments made, and total interest paid.
Alternative Payment Frequencies Definitions
- Loan amount
- Total amount of your loan.
- Payment for this loan.
- Interest rate
- Annual interest rate for this loan. Interest is calculated each period on the current outstanding balance of your loan. The periodic rate is your annual rate divided by the number of periods per year.
- Number of payments
- Number of payments for this loan.
- Payment frequency
- Choose how often payments will be made. The options are weekly (52 payments per year), bi-weekly (26 payments per year), semi-monthly (24 payments per year), monthly (12 payments per year), bi-monthly (6 payments per year), quarterly (4 payments per year), semi-annual (2 payments per year), and annually (1 payment per year).
- Interest paid
- Total amount of interest that will be paid on this loan. This total assumes all payments are made as scheduled, and there are no prepayments of principal.
- Total payments
- Total all payments for this loan. This includes all interest and principal. This total assumes all payments are made as scheduled, and there are no prepayments of principal.