Personal Loan Calculator
Work out your estimated monthly repayments, total interest, and total cost of a personal loan in seconds. Adjust the amount, rate, and term to see how your repayments change.
Calculate Your Loan Repayments
Enter your loan amount, interest rate, and repayment term below to instantly estimate what a personal loan could cost you each month, and over its full lifetime.
Loan Details
Adjust the sliders or type an exact figure
Your Estimated Repayments
Updates automatically as you adjust the loan
How the Term Affects Cost
Example figures for a £10,000 loan at 7.9% APR, showing how the repayment term changes your monthly cost and the total interest paid.
| Loan Term | Monthly Repayment | Total Interest | Total Repayable |
|---|---|---|---|
| 1 year | £867.19 | £406.28 | £10,406.28 |
| 2 years | £451.55 | £837.20 | £10,837.20 |
| 3 years | £311.50 | £1,214.00 | £11,214.00 |
| 5 years | £201.86 | £2,111.60 | £12,111.60 |
| 7 years | £155.62 | £3,072.08 | £13,072.08 |
Loan Calculator FAQ
Answers to the most frequently asked questions about personal loans and how repayments are calculated.
Monthly repayments are calculated using an amortization formula that factors in the loan amount, the annual interest rate, and the loan term. Each payment covers a portion of interest and a portion of the principal, with the interest portion shrinking and the principal portion growing over the life of the loan.
The interest rate is the cost of borrowing the principal, while the Annual Percentage Rate (APR) includes the interest rate plus most mandatory fees, giving a fuller picture of the true annual cost of a loan. Lenders are required to advertise a representative APR so borrowers can compare offers fairly.
No. A longer term reduces your monthly payment because it spreads the principal over more months, but it usually increases the total interest you pay over the life of the loan because interest accrues for longer.
Many lenders allow early or overpayments, which can reduce the total interest you pay. However, some loans carry an early repayment charge, typically capped at a small number of months’ interest, so it is worth checking your loan agreement before making extra payments.