Calculator inputs
Formula used
Semiannual payments mean two payments per year. The periodic interest rate is r = (APR / 100) / 2 and the number of periods is n = years x 2.
If fees are financed, the starting balance is P_fin = P + fees. Otherwise, P_fin = P.
The scheduled semiannual payment is computed using:
When r = 0, payment becomes PMT = P_fin / n. Extra principal is applied after the scheduled payment each period.
How to use this calculator
- Enter your loan amount, annual rate, and term in years.
- Pick the first payment date to build a six-month schedule.
- Add fees as fixed and/or percentage, then choose whether to finance them.
- Optional: add extra principal per period to reduce interest and term.
- Press Calculate to view results above the form.
- Use Download CSV or Download PDF to save the full schedule.
Example data table
Sample inputs: Loan 10,000, APR 8%, Term 3 years, Extra 50, Fees 0 + 1% (not financed).
| Period | Date | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| 1 | 2026-03-01 | $1,957.62 | $400.00 | $1,557.62 | $8,442.38 |
| 2 | 2026-09-01 | $1,957.62 | $337.70 | $1,619.92 | $6,822.46 |
| 3 | 2027-03-01 | $1,957.62 | $272.90 | $1,684.72 | $5,137.74 |
| 4 | 2027-09-01 | $1,957.62 | $205.51 | $1,752.11 | $3,385.63 |
| 5 | 2028-03-01 | $1,957.62 | $135.43 | $1,822.19 | $1,563.44 |
| 6 | 2028-09-01 | $1,625.98 | $62.54 | $1,563.44 | $0.00 |
Payment cadence and cash-flow impact
Semiannual loans require two payments each year, often aligned with seasonal income or bonus cycles. A 10‑year term creates 20 installments, so each payment is larger than a monthly plan with the same principal and rate. This calculator shows the scheduled payment and the balance path across periods. Review a few early periods on screen, then export the full schedule when needed.
Periodic rate, APR, and effective annual rate
The periodic rate is APR ÷ 2, applied to the opening balance every six months. For example, an 8.00% APR becomes 4.00% per period. The tool also reports an effective annual rate (EAR) using (1+r)²−1, helping you compare semiannual pricing against other compounding conventions. If your lender uses a different basis, mirror it by adjusting the APR input.
Fees and financing decisions
Origination costs can be entered as a fixed amount, a percentage of principal, or both. If fees are financed, they increase the starting balance and accrue interest for the full term. A 1.00% fee on 250,000 adds 2,500 to the financed amount, raising the semiannual payment and total interest. Paying fees upfront keeps the payment lower and makes interest reflect only the borrowed principal.
Extra principal and payoff acceleration
Adding extra principal each period reduces the balance before the next interest calculation. Even small extras can shorten payoff by several periods because interest is computed on a smaller base. The amortization schedule highlights how the interest portion generally falls over time while the principal portion rises. Test a 100 extra payment and compare payoff date and total interest to quantify savings.
Documentation, exports, and audit readiness
Reliable records matter for budgeting and compliance. After calculation, you can download a CSV for spreadsheets and a PDF for archiving. Each schedule row includes the payment date, total payment, interest, principal, and remaining balance, making it easy to reconcile statements and validate lender calculations. Rounding can be set from 0 to 4 decimals to match statement formats.
FAQs
1) What does “semiannual” mean in this calculator?
Semiannual means one payment every six months. The calculator converts your term into two periods per year and applies half of the annual rate to each period when building the amortization schedule.
2) Is the annual rate an APR or an effective rate?
Enter the nominal annual rate your lender quotes for semiannual billing. The tool also shows an effective annual rate (EAR) for comparison, based on compounding twice per year.
3) How are fees handled?
Add fixed fees, percentage fees, or both. If you choose to finance fees, they are added to the opening balance and accrue interest. If not, fees affect reporting but not the loan balance.
4) What does extra principal do?
Extra principal reduces the balance after each scheduled payment. That lowers the next period’s interest charge and can shorten payoff. The schedule and totals update to reflect earlier payoff when applicable.
5) Why might my lender’s schedule differ slightly?
Differences usually come from rounding rules, day-count conventions, or payment timing. Try changing decimals to match statement precision. Always validate against your agreement when exact cents matter.
6) Can I download my results?
Yes. After you calculate, use the CSV download for spreadsheets and the PDF download for printing or archiving. Downloads include the complete semiannual schedule, even if you display fewer rows.