{
    "name": "Loan Calculator",
    "url": "https://calculators.geekmidst.com/calculators/loan-calculator",
    "markdown": "https://calculators.geekmidst.com/calculators/loan-calculator.md",
    "category": "Finance",
    "description": "Find the repayment on a fixed-rate loan with monthly, biweekly, weekly or quarterly payments and any compounding, plus total interest and a yearly schedule.",
    "summary": "A fixed-rate loan is repaid in equal instalments that cover the interest due and a slice of the balance. Set how often you pay and how often interest compounds to see the payment and its true cost.",
    "also_called": [
        "Payment calculator",
        "Loan repayment calculator"
    ],
    "applies_to": "Worldwide",
    "last_updated": "2026-10-29",
    "computation": "Results are computed in the visitor’s browser on the HTML page. This API describes the calculator; it does not compute results.",
    "inputs": [
        {
            "name": "amount",
            "label": "Loan amount",
            "type": "number",
            "default": "100000"
        },
        {
            "name": "rate",
            "label": "Interest rate (per year)",
            "type": "number",
            "default": "6",
            "unit": "%"
        },
        {
            "name": "years",
            "label": "Loan term",
            "type": "number",
            "default": "30",
            "unit": "years"
        },
        {
            "name": "frequency",
            "label": "Payments",
            "type": "select",
            "default": "12",
            "options": {
                "12": "Monthly",
                "26": "Every two weeks (26 a year)",
                "52": "Weekly",
                "4": "Quarterly",
                "2": "Semi-annually",
                "1": "Annually"
            }
        },
        {
            "name": "compounding",
            "label": "Interest compounds",
            "type": "select",
            "default": "12",
            "options": {
                "1": "Annually",
                "2": "Semi-annually",
                "4": "Quarterly",
                "12": "Monthly",
                "365": "Daily",
                "continuous": "Continuously"
            }
        },
        {
            "name": "currency",
            "label": "Currency",
            "type": "currency",
            "default": "USD"
        }
    ],
    "outputs": [
        {
            "key": "payment",
            "label": "Payment per period",
            "format": "currency"
        },
        {
            "key": "num_payments",
            "label": "Number of payments",
            "format": "integer"
        },
        {
            "key": "total_interest",
            "label": "Total interest",
            "format": "currency"
        },
        {
            "key": "total_paid",
            "label": "Total of all payments",
            "format": "currency"
        },
        {
            "key": "effective_rate",
            "label": "Effective annual rate",
            "format": "percent"
        }
    ],
    "formula": {
        "text": "i = (1 + r/m)^(m/p) − 1;  Payment = L × i × (1 + i)^n ÷ ((1 + i)^n − 1);  n = years × p",
        "variables": {
            "L": "loan amount",
            "r": "nominal annual interest rate",
            "m": "compounding periods per year",
            "p": "payments per year",
            "i": "interest rate per payment period",
            "n": "number of payments"
        }
    },
    "worked_example": {
        "inputs": {
            "amount": "100000",
            "rate": "6",
            "years": "30",
            "frequency": "12",
            "compounding": "12",
            "currency": "USD"
        },
        "steps": [
            "Monthly payments with monthly compounding: i = 6% ÷ 12 = 0.5% per month; n = 30 × 12 = 360.",
            "(1.005)^360 = 6.022575, so Payment = 100,000 × 0.005 × 6.022575 ÷ 5.022575 = $599.55.",
            "Total paid = 599.5505 × 360 = $215,838.19, of which $115,838.19 is interest."
        ],
        "result": "A $100,000 loan at 6% over 30 years costs $599.55 a month and $115,838.19 in interest."
    },
    "interpretation": "The payment is fixed, but its make-up changes: early payments are mostly interest and later ones mostly principal (see the yearly summary). Paying more often at the same annual rate saves a little interest because the balance falls sooner.",
    "assumptions": [
        "The interest rate is fixed for the whole term.",
        "Every payment is made on time and in full; the last payment is adjusted for rounding.",
        "Fees, insurance and taxes are not included."
    ],
    "limitations": [
        "Lenders may round the payment differently or quote an APR that includes fees, so their figure can differ by a few cents or more.",
        "Variable-rate, interest-only and balloon loans need a different calculation."
    ],
    "rules": null,
    "faqs": [
        {
            "question": "Why does semi-annual compounding give a lower payment?",
            "answer": "Interest compounds less often, so the effective annual rate is lower: 6% compounded semi-annually is 6.09% a year, against 6.17% compounded monthly."
        },
        {
            "question": "Is paying every two weeks the same as paying half the monthly amount?",
            "answer": "Not quite. 26 half-payments equal 13 monthly payments a year, so an “accelerated biweekly” plan pays the loan off faster. This calculator gives the true biweekly payment that repays the loan over the term you enter."
        },
        {
            "question": "What is the difference between the interest rate and the effective rate?",
            "answer": "The interest rate is the nominal annual rate. The effective annual rate shows what it amounts to once compounding is included."
        }
    ],
    "sources": [],
    "related": [
        {
            "name": "EMI Calculator",
            "url": "https://calculators.geekmidst.com/calculators/emi-calculator"
        },
        {
            "name": "Loan Amortization Calculator",
            "url": "https://calculators.geekmidst.com/calculators/loan-amortization-calculator"
        },
        {
            "name": "Interest Rate Calculator",
            "url": "https://calculators.geekmidst.com/calculators/interest-rate-calculator"
        },
        {
            "name": "Mortgage Payoff Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-payoff-calculator"
        },
        {
            "name": "Auto Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/auto-loan-calculator"
        },
        {
            "name": "Personal Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/personal-loan-calculator"
        },
        {
            "name": "Business Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/business-loan-calculator"
        }
    ],
    "disclaimer": "This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.",
    "publisher": "GM¹X CalcVerse"
}