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Alternative Payment Frequencies |
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Use this calculator to determine your payment or loan amount for different payment frequencies.
You can make payments weekly, bi-weekly, semi-monthly, monthly, bi-monthly, quarterly, semi-annually or annually.
You can then examine your principal balances by payment, total of all payments made, and total interest paid.
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Definitions
- Payment
- Payment for this loan.
- Interest rate
- Annual interest rate for this loan. Interest is calculated per period on the current outstanding balance of your loan at the annual rate divided by the number of annual periods.
- Payment
- The type of payment for this loan. 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).
- Number of payments
- Number of periods for this loan. This is the total number of scheduled payments for the loan.
- Loan amount
- Total beginning loan balance.
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