Loan Repayment Calculator
Calculate your monthly repayments, total interest, and the full cost of any personal loan before you borrow.
Loan Details
The total amount you wish to borrow
Enter the annual percentage rate shown in your loan offer
How long you will take to repay the loan
Repayment Breakdown
Monthly Repayment
£195.66
for 60 monthly payments
Principal vs Interest
Disclaimer: These results are estimates for informational purposes only and do not constitute financial advice. Always consult a qualified financial adviser before making financial decisions.
How loan repayments are calculated
The formula
Monthly repayments are calculated using the standard amortisation formula. Each payment covers the interest accrued that month plus a portion of the principal, so the balance reduces to zero at the end of the term.
Interest rate vs APR
The APR (Annual Percentage Rate) includes the interest rate plus mandatory fees. Always use the APR when comparing loans — a lower headline rate with high fees can cost more than a higher rate with no fees.
Effect of term length
Doubling the loan term roughly halves the monthly payment but can more than double the total interest paid. Use the term selector to see exactly how much a longer term costs you in extra interest.
0% interest loans
If the interest rate is set to 0%, the calculator divides the loan equally across all monthly payments. Some promotional finance deals offer this, but check for arrangement fees which may not appear in this calculator.
Frequently Asked Questions
Related Tools
Budget Planner
Plan your monthly income and expenses to understand exactly where your money goes.
Mortgage Affordability Calculator
Find out how much you could borrow and what your monthly mortgage payments might be.
Debt Payoff Calculator
See how long it will take to become debt free using the snowball or avalanche method.