Weekly Payment Calculator
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Weekly Payment Calculator
Total Loan Amount ($)
Annual Interest Rate (%)
Loan Term (Years)
Calculate Weekly Payment
Your estimated weekly payment will appear here.
Understanding Your Weekly Loan Payments
A weekly payment calculator helps you determine the exact amount you need to pay each week to fully repay a loan, including interest, over a specified period. This is particularly useful for budgeting and managing cash flow, as it breaks down your financial obligations into smaller, more frequent installments.
How it Works: The Math Behind the Calculator
The calculation for weekly loan payments is derived from the standard loan amortization formula, adjusted for weekly periods. The formula calculates the fixed payment amount required to pay off a loan over time. Here's a breakdown:
Loan Amount (P): The principal amount borrowed.Annual Interest Rate (r): The yearly interest rate expressed as a decimal (e.g., 5% becomes 0.05).Loan Term (t): The total duration of the loan in years.
First, we need to determine the weekly interest rate and the total number of weekly payments :
Weekly Interest Rate (i): This is the annual interest rate divided by 52 (the number of weeks in a year). So, i = (r / 100) / 52.Total Number of Payments (n): This is the loan term in years multiplied by 52. So, n = t * 52.
The formula for the fixed weekly payment (W) is then:
W = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amounti = Weekly Interest Raten = Total Number of Weekly Payments
Example Calculation
Let's say you take out a loan with the following details:
Total Loan Amount (P): $20,000
Annual Interest Rate: 6%
Loan Term: 5 Years
Here's how we'd calculate the weekly payment:
Weekly Interest Rate (i) = (6 / 100) / 52 = 0.06 / 52 ≈ 0.00115385
Total Number of Payments (n) = 5 years * 52 weeks/year = 260 weeks
Now, plugging these into the formula:
W = 20000 [ 0.00115385(1 + 0.00115385)^260 ] / [ (1 + 0.00115385)^260 – 1]
W = 20000 [ 0.00115385 * (1.00115385)^260 ] / [ (1.00115385)^260 – 1]
W = 20000 [ 0.00115385 * 1.3489 ] / [ 1.3489 – 1]
W = 20000 [ 0.0015565 ] / [ 0.3489 ]
W = 20000 * 0.0044609
W ≈ $89.22
So, the estimated weekly payment for this $20,000 loan over 5 years at 6% annual interest would be approximately $89.22.
When to Use a Weekly Payment Calculator
Budgeting: Helps individuals and families understand how a loan fits into their weekly expenses.Personal Loans: Useful for managing smaller personal loans, car loans, or even payday loans where weekly repayment might be an option.Short-term Loans: Beneficial for loans with shorter repayment terms where frequent payments make sense.Cash Flow Management: Allows borrowers to plan their finances more precisely by knowing their immediate upcoming obligations.
By utilizing a weekly payment calculator, you gain clearer insight into your loan obligations, enabling better financial planning and management.
function calculateWeeklyPayment() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTermYears").value);
var resultDiv = document.getElementById("result");
if (isNaN(principal) || principal <= 0 ||
isNaN(annualRate) || annualRate < 0 ||
isNaN(loanTermYears) || loanTermYears <= 0) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
var weeklyRate = (annualRate / 100) / 52;
var numberOfPayments = loanTermYears * 52;
var weeklyPayment;
if (weeklyRate === 0) {
weeklyPayment = principal / numberOfPayments;
} else {
weeklyPayment = principal * (weeklyRate * Math.pow(1 + weeklyRate, numberOfPayments)) / (Math.pow(1 + weeklyRate, numberOfPayments) – 1);
}
if (isNaN(weeklyPayment) || !isFinite(weeklyPayment)) {
resultDiv.innerHTML = "Calculation error. Please check your inputs.";
} else {
resultDiv.innerHTML = "Your estimated weekly payment: $" + weeklyPayment.toFixed(2) + "";
}
}