Business Loan Interest Calculator with Bi-Weekly Payments
This calculator estimates periodic payments and lifetime cost for an amortizing business loan when payments are made on a bi‑weekly schedule (26 payments per year) or any custom payment frequency. Enter the principal, the nominal annual interest rate (APR), loan term in years, and the number of payments per year. Optionally add a fixed extra amount applied to each payment to see its effect on total paid.
Results are estimates intended for planning and comparison. They assume a nominal APR applied to each payment period and a fixed payment schedule; actual bank statements, fees, compounding conventions, or regulatory rounding may produce small differences. Always verify with your lender for the official amortization schedule.
Inputs
Results
Scheduled payment per period
$445.63
Payment per period (with extra)
$445.63
Total number of payments
130
Total paid (estimate)
$57,931.68
Total interest paid (estimate)
$7,931.68
Equivalent monthly payment (estimate)
$965.53
| Output | Value | Unit |
|---|---|---|
| Scheduled payment per period | $445.63 | currency |
| Payment per period (with extra) | $445.63 | currency |
| Total number of payments | 130 | periods |
| Total paid (estimate) | $57,931.68 | currency |
| Total interest paid (estimate) | $7,931.68 | currency |
| Equivalent monthly payment (estimate) | $965.53 | currency |
Visualization
Methodology
We convert the nominal annual interest rate to a periodic rate by dividing APR by 100 and by the number of payments per year. The standard amortizing payment formula is used to calculate the scheduled payment per period.
If a constant extra payment is entered, it is added to each periodical payment for the purpose of computing total paid over the original term. This calculator does not perform a period‑by‑period amortization with early payoff date adjustment; it provides an estimate of total payments and interest under the constant extra payment assumption for the stated term.
Further resources
Expert Q&A
Can I use this for true bi‑weekly acceleration (split monthly payments into bi‑weekly to get extra payments)?
This tool assumes N payments per year (default 26). It provides estimates for regular bi‑weekly schedules but does not automatically model specific lender rules that take half‑monthly vs bi‑weekly differences or apply extra payments to principal on different days. For exact accelerated payoff dates, use a period‑by‑period amortization schedule from your lender or an amortization tool that simulates each payment date.
What should I enter for APR vs nominal rate?
Enter the nominal annual interest rate your lender quotes (APR as a percent without the % sign). If your lender provides an effective annual rate or includes fees in APR, verify how those are applied; results will differ if fees alter the effective financing cost.
Is the total paid calculation exact if I enter an extra payment?
Total paid shown is an estimate based on adding the constant extra payment to each scheduled periodic payment across the stated term. It does not recalculate the reduced payoff date or stop payments once principal reaches zero. For precise early payoff schedules, use a full amortization simulation.
How accurate are these results?
Results use standard amortization formulas and common math functions. They are accurate for estimate and planning purposes but may differ from lender statements due to rounding rules, payment timing conventions, compounding differences, fees, or regulatory rounding. See citations for standards on numeric accuracy and testing.
Sources & citations
- NIST — Guidelines for Evaluating Numeric Software and Accuracy — https://www.nist.gov
- ISO — Financial services and accounting standards overview — https://www.iso.org
- IEEE — Floating‑point and numerical methods best practices — https://www.ieee.org
- OSHA — Workplace safety and operational guidance (for business use context) — https://www.osha.gov