Weekly Loan Calculator With Extra Payment

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Principal Amount (P):

Weekly Interest Rate (r):

decimal

Loan Term (n):

weeks

Extra Payment:

Base Weekly Payment:

Payment With Extra:

Total Interest:

Unit Converter ▲

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1. What is the Weekly Loan Calculator?

The Weekly Loan Calculator with Extra Payment helps you determine your weekly loan payments and shows how making additional payments can reduce your total interest and loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

$ P $ — Principal loan amount ($)
$ r $ — Weekly interest rate (decimal)
$ n $ — Number of weekly payments
$ PMT $ — Weekly payment amount

Explanation: The formula calculates the fixed payment amount required to pay off a loan over a specified term, including interest.

3. Importance of Extra Payments

Details: Making extra payments reduces the principal faster, which decreases the total interest paid and may shorten the loan term.

4. Using the Calculator

Tips: Enter the loan amount, weekly interest rate (as decimal), loan term in weeks, and any extra payment you plan to make. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How do I convert annual rate to weekly?
A: Divide the annual rate by 52 (weeks in a year). For example, 10% annual = 0.10/52 ≈ 0.001923 weekly.

Q2: How much can extra payments save?
A: Even small extra payments can save significant interest over time. For example, $10 extra weekly on a $5,000 loan could save hundreds in interest.

Q3: Should I pay extra principal or make biweekly payments?
A: Both strategies help, but extra principal payments give you more control and flexibility.

Q4: Are there prepayment penalties?
A: Some loans have prepayment penalties - check your loan agreement before making extra payments.

Q5: How accurate is this calculator?
A: It provides accurate estimates, but your actual payments may vary slightly due to rounding or specific lender policies.