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PocketSpry

Loan Calculator

Enter a loan amount, an annual interest rate, and a term to estimate the monthly payment, total interest, and total paid for a fixed-rate, fully-amortizing loan. Free and instant — the calculation runs in your browser with no sign-up.

The amount you plan to borrow, in the same currency you use throughout.
The yearly interest rate — for example 6.5. This is not necessarily the APR; it does not include lender fees.
A whole number of years or months (choose the unit below).

How the loan calculator works

The calculator converts the annual interest rate you enter into a monthly rate (the annual rate ÷ 12) and uses the standard fixed-payment amortization formula to find the equal monthly payment that pays the loan off exactly over the term. It assumes equal monthly payments for the full term.

Amounts are calculated using full precision and rounded for display, so a displayed monthly payment multiplied by the number of payments may differ from the displayed total by a cent.

What this loan estimate includes

The estimate is based only on the numbers you enter:

  • Includes: the loan amount (principal), the fixed annual interest rate, and equal monthly payments
  • Does not include: lender fees, closing or origination costs, taxes, or insurance
  • Does not model: extra payments, variable or adjustable rates, interest-only periods, or balloon balances

Zero-interest loans and currency

At a 0% interest rate the payment is simply the loan amount divided evenly across the number of monthly payments — that case is handled separately so it never divides by zero.

The calculator does not convert currencies. All monetary results use the same currency as the loan amount you enter, and no currency symbol is shown. Results are a mathematical estimate, not a lender quote — an actual loan can differ because of fees, rounding conventions, payment timing, insurance, taxes, or other terms.

Frequently asked questions

How is the monthly loan payment calculated?
Using the loan amount, the monthly interest rate, and the number of equal monthly payments in a fixed-rate amortization formula.
Can I enter a 0% interest rate?
Yes. At 0%, the principal is divided evenly by the number of payments.
Does this calculator include fees or insurance?
No. It calculates from the loan amount and annual interest rate you enter and does not separately add lender fees, taxes, or insurance.
Is the annual interest rate the same as APR?
Not necessarily. This calculator uses the interest rate entered and does not calculate lender fees or other components that may be included in a formal APR.
Can I enter the term in months?
Yes. Choose Months as the term unit.
Does this support extra payments?
Not in this version.
Are these lender quotes?
No. Results are mathematical estimates and actual loan terms can differ.