Alternative Payment Frequencies
Use this calculator to determine your payment or loan amount for different payment frequencies.
How the alternative payment frequencies calculator works
It finds your standard monthly payment, then simulates paying half of it every two weeks and a quarter of it every week. More frequent payments slip in extra principal each year and compound interest in your favour, so the loan clears sooner with less interest.
Worked example: with loan amount of $25,000, interest rate of 7.00% and loan term (years) of 5, the alternative payment frequencies shows interest saved paying biweekly of $486.
- Monthly interest
- $4,702
- Biweekly interest
- $4,216
- Weekly interest
- $4,196
- Monthly payment
- $495.03
The formula
Biweekly applies the monthly payment ÷ 2 at the rate ÷ 26; weekly applies the monthly payment ÷ 4 at the rate ÷ 52. Each balance is stepped down until it reaches zero.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the alternative payment frequencies
Do more frequent payments really save money?
Yes. Biweekly payments equal 13 monthly payments a year instead of 12, and weekly payments compound interest even more often — both trim the term and the total interest.
Is biweekly or weekly better?
Weekly saves slightly more because interest compounds more frequently, but the difference is small. The bigger gain comes simply from paying more than 12 times a year.
Can I just pay extra monthly instead?
Yes — adding one-twelfth of a payment to each monthly bill produces nearly the same result as biweekly, without needing your lender to support a special schedule.
Is the Alternative Payment Frequencies free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.