Weekly Loan Repayment Calculator and Schedule

A weekly loan repayment schedule shows the amount due each week, how each payment is split between interest and principal, and the remaining balance after each payment. This calculator estimates the weekly payment and total interest from the loan amount, annual interest rate, and term; it assumes weekly payments over a term measured in years.

Formula

The calculator treats the annual percentage rate (APR) as a nominal annual rate divided into 52 weekly periods. It calculates a level weekly payment using the standard amortizing-loan payment formula:

Weekly payment = P × r / [1 − (1 + r)⁻ⁿ]

• P is the starting loan principal in dollars.
• r is the weekly interest rate, calculated as APR ÷ 100 ÷ 52 (equivalently, APR ÷ 5,200 when APR is entered as a percentage).
• n is the number of weekly payments, calculated as loan term in years × 52.

Total interest is estimated as weekly payment × number of payments − principal. Because this uses the displayed payment rounded to cents, the total follows the same rounded-payment assumption and may differ slightly from a lender’s final accounting.

Worked Example

Using the calculator’s default inputs—$20,000 principal, 8% APR, and a five-year term:

1. Weekly rate: 8 ÷ 5,200 = 0.0015384615.
2. Number of payments: 5 × 52 = 260.
3. Payment: 20,000 × 0.0015384615 ÷ [1 − (1 + 0.0015384615)⁻²⁶⁰] = about $92.91 per week, rounded to cents.
4. Total of rounded payments: $92.91 × 260 = $24,156.60.
5. Estimated total interest: $24,156.60 − $20,000 = $4,156.60.

Actual schedules can vary by a few cents or more if the lender uses a different day-count method, payment dates, compounding convention, or final-payment adjustment.

Assumptions

• The interest rate stays fixed for the full term.
• Payments are made in equal amounts at the end of regular weekly periods, with the first payment one week after the loan begins.
• Interest is approximated weekly at APR ÷ 52. This is a calculator convention; loan agreements may calculate interest using actual days or another method.
• Fees, taxes, insurance, and other charges are not included unless incorporated into the principal or rate entered.

How a Weekly Schedule Works

For each period, interest accrues on the unpaid balance. The weekly payment first covers that period’s interest; what remains reduces the principal. Early in a typical fully amortizing loan, the balance is relatively large, so more of the payment goes to interest. As principal falls, the interest portion generally falls and the principal portion rises.

A schedule is therefore more than a list of payment dates. A detailed amortization table usually includes the payment number or date, amount paid, interest charged, principal repaid, and balance after payment. The calculator gives a level-payment estimate and total interest, rather than displaying every row. To construct a row manually, multiply the balance before payment by the weekly rate to estimate interest; subtract that interest from the payment to find principal repaid; then subtract the principal portion from the previous balance.

For instance, with a $20,000 opening balance and the example’s weekly rate, first-week interest is approximately $30.77. Of the estimated $92.91 payment, about $62.14 goes toward principal, leaving a balance near $19,937.86. Minor differences can appear because the displayed payment is rounded.

Choosing Weekly Versus Other Payment Frequencies

Weekly repayment means a payment is due every seven days, not merely that the monthly payment is divided into four equal pieces. There are 52 weekly periods in a year, while a month averages more than four weeks. As a result, paying one-quarter of a monthly amount every week can produce 13 quarter-payments in a year, not 12. That changes the annual amount paid and can alter payoff timing; it should not be assumed equivalent to a monthly schedule.

Compare schedules using the same principal, rate, term, and included charges, and check whether the quoted payment frequency is truly weekly. A lender may also set specific due dates or calculate interest daily between payments. Ask for the repayment schedule or disclosure if you need the exact dates, payment amounts, or total cost. The calculator’s 52-period estimate is a comparison tool, not a reproduction of a particular contract.

Limits and Common Mistakes

• Entering the wrong rate: APR is entered as a percentage, so enter 8 for 8%, not 0.08. Use the rate applicable to the loan and ask the lender whether any fees are reflected in its quoted APR.
• Mixing weekly and monthly figures: A weekly payment is not the monthly payment divided by four. There are 52 weeks in the model year, and payment timing matters.
• Assuming a variable rate stays fixed: This calculation holds APR constant. If the contract rate changes, later payments or the payoff schedule may change too.
• Ignoring charges or irregular payments: Late charges, payment holidays, extra principal payments, and lender-specific fees are outside this calculation.
• Treating rounded totals as exact: The calculator rounds each displayed weekly payment to cents and multiplies it by the number of periods. A real lender may adjust the last payment or use more precise internal values.

Use the result to understand the arithmetic and prepare questions, not as a statement of the amount a lender will collect. The lender’s payment calendar and loan disclosure control the actual schedule.

Frequently Asked Questions

How do I calculate a weekly loan payment?
Convert the APR to a weekly rate by dividing the percentage by 5,200, calculate the number of weekly periods as years × 52, and apply the amortizing payment formula shown above.

Is a weekly payment the same as a monthly payment divided by four?
No. The calculator uses 52 weekly payments per year; four payments per month would total 48 payments per year. Payment frequency affects the annual cash paid and the balance path.

Does paying weekly reduce total interest?
It depends on the actual payment amount, timing, and lender’s interest calculation. A weekly schedule may repay principal on a different timetable from monthly payments, but dividing a monthly amount into weekly pieces is not automatically an equivalent comparison.

Can I use this for a variable-rate loan?
Only as a snapshot under the assumption that the entered rate remains unchanged. The result does not project future rate changes or any resulting payment changes.

Why does my lender’s schedule show a different final payment?
Possible reasons include daily interest calculations, exact calendar dates, rounding, fees, a rate change, or a final-payment adjustment. Request the lender’s itemized schedule to see the contract-specific figures.

This result is an estimate for educational purposes, and the lender’s disclosure gives the exact figures.

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in p | Loan amount | $ | 20000 | 1 | 100000000
in apr | Interest rate (APR) | % | 8 | 0.01 | 100
in yrs | Loan term | years | 5 | 0.0833 | 50
out pmt | Weekly payment | $ | p * (apr / 5200) / (1 - (1 + apr / 5200) ^ -(yrs * 52)) | 2
out int | Total interest | $ | pmt * yrs * 52 - p | 2