Loan repayment calculator
See the estimated monthly repayment, total interest and total amount repayable on a fixed-rate loan. Adjust the amount, interest rate and term to compare scenarios. All figures are examples, not loan offers.
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IllustrativeCalculations use the standard amortising formula for a fixed-rate loan with equal monthly repayments. They assume the rate does not change and no extra fees are added. Figures are illustrative examples only, not quotes, offers or currently available rates.
How loan repayments are worked out
Most UK personal loans and consolidation loans are amortising: you repay the same amount each month, and that payment covers both interest and a slice of the balance. Early on, more of each payment goes towards interest; later, more goes towards clearing the balance. By the end of the term, the loan is fully repaid.
Three things set the monthly repayment: how much you borrow, the interest rate, and the length of the term. A longer term lowers the monthly payment but increases the total interest, because you are borrowing the money for longer. This is why the total amount repayable matters as much as the monthly figure when you compare loans.
An illustrative example
Borrowing £10,000 over five years at an illustrative 9.9% APR works out at roughly £212 a month, with total interest in the region of £2,700. The same £10,000 over three years costs more each month but less in total interest, because it is repaid sooner. Change the figures in the calculator to see how the balance shifts.
Representative APR vs your rate
Advertised "representative" rates must be offered to at least a proportion of accepted applicants, but your own rate could be higher depending on the lender's assessment. Read more in our guide to understanding APR.