Loan Repayment Calculator UK
Calculate personal loan repayment time and total interest based on your loan amount, APR and monthly payment.
Calculator
What this means
Personal loan repayments combine principal and interest. A higher monthly payment reduces both the repayment period and total interest cost.
How to use this calculator
- Enter the loan amount and interest rate (APR).
- Enter the loan term in months or years.
- See your monthly repayment and total interest.
Worked example
You borrow £10,000 at 7% APR over 5 years.
- Repayments are spread evenly over 60 months.
- Each payment covers interest plus part of the balance.
You'll see your fixed monthly payment and the total interest paid over the term.
Who this is for
- Anyone considering a personal loan or car finance.
- People comparing loan offers on monthly cost.
- Anyone checking the total cost of borrowing.
Understanding loan repayments and APR
On a typical personal loan, you make fixed monthly payments that cover interest and repay the balance over a set term. The APR reflects the yearly cost of borrowing including interest and most fees.
A longer term lowers the monthly payment but increases total interest. Always compare loans on both the monthly figure and the total amount repayable.
Frequently asked questions
Use the Annual Percentage Rate (APR) shown on your loan agreement. This includes interest and most fees.
Many lenders allow overpayments but may charge early repayment fees. Check your loan terms.
Both use similar logic. This tool is labelled for general personal loans and bank borrowing.
The interest rate is the cost of the borrowed money; the APR also includes compulsory fees, giving a fuller picture of the yearly cost. Compare loans using the representative APR.
Usually yes, though some loans charge an early repayment fee. Clearing a loan early reduces the interest you pay, so check the terms before overpaying.
Disclaimer
This calculator provides estimates for guidance only. It is not financial, legal or tax advice. Always check official sources or speak to a qualified professional before making decisions.
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