Figure Loan Payments Calculator
with Interest Cost and Work Hours

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Helps you to determine the payment amount of an amount borrowed, and shows you the number or hours you will need to work to repay it.

This free online Figure Loan Payments Calculator will calculate the payment, interest cost, and work hours required to pay back a loan.

The loan payment calculations also allow you to choose your preferred frequency of payments.

If you would like a side-by-side comparison of up to four different loans, please visit the Fixed Payment Loan Comparison Calculator.

Crossing a High-Speed Intersection

Imagine you are standing at the corner of a high speed, two-way intersection. Would you check traffic in only one direction before deciding to walk across? Of course not.

But financially speaking, that's how millions of people approach their financial decisions every day. How so? Because they focus on what they will get with their purchases without considering what they might be giving up.

Sure, you might get lucky the first few times you "cross the street," but eventually you're going to get blind-sided by the negative financial consequences you failed to see coming.

What Am I Giving Up?

If you are considering a purchase that is large enough to require taking out a loan, please consider the following "hidden" costs of going ahead with the purchase.

  • How many hours I will need to allocate to work to pay off this purchase?
  • How much passive investment income could I have earned if I invested the money instead of using to make this purchase?
  • Can I afford to set aside the funds needed to license, maintain, repair, fuel, insure, store and replace this purchase so I won't get blindsided by these costs in the future?

Life is a lot more predictable than we care to admit. If you fail to accurately answer the above questions before going ahead with the purchase, you will likely be creating "unexpected" financial emergencies for yourself in the future.

With that, let's use the figure loan payments calculator to calculate the payment, interest cost and work-hours required to repay the loan you are contemplating.

Calculate Payment of Loan
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Instructions: Enter the amount you are looking to borrow, the annual interest rate, and the term of the loan in years.

Next select your desired payment frequency and click the "Calculate Loan Payments" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Figure Loan Payments Calculator.

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Help Amount you are looking to borrow ($):
Help Annual interest rate of the loan (%):
Help Number of years (#):
Help Loan payment frequency:
Help Date of first payment:
Help Optional: Real hourly wage ($):
Help Loan payment amount:
Help Interest cost:
Help Work hours to pay back the borrowed funds:
Please grade my work and help me improve:
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Figure Loan Payments Calculator Glossary of Terms

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Amount you are looking to borrow: The dollar amount of the loan, otherwise referred to as Principal.

Annual interest rate of the loan: The annual interest rate you will be charged for the loan. Enter as a percentage (for .06, enter 6%).

Number of years: The number of years you would like to spread your payments over. The longer you take to pay back the loan, the more of your hard earned money will go toward paying interest charges to the lender.

Loan payment frequency: The payment frequency you would like to use for repaying the loan (Weekly, Bi-weekly, Semi-monthly, Monthly, Bi-monthly, Quarterly, Semi-annual, or Annual).

Date of first payment: Select the month, day, and year you plan to make your first payment. The Figure Loan Payments Calculator will use this date to create a payment schedule should you choose to have one included in the results.

Real hourly wage: Optional: If you would like to see how many hours you will need to work in order to earn the after-tax, after-work-expense income needed to pay back this loan, enter your real hourly wage. If you don't know what your real hourly wage is, use the Real hourly wage Calculator to find out (opens new window).

Loan payment amount: Based on your entries, this is how much your payment will be for the interval you selected.

Interest cost: Based on your entries, this is how much interest you will pay between now and when you make your final payment.

Work hours to pay back the borrowed funds: Based on your entries, this is how many hours you will need to allocate to working in order to earn the after-tax, after-work-expense income to pay back this loan.

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