Home›Loan Repayment Calculator UK — Monthly Cost & Interest
Loan Repayment Calculator UK — Monthly Cost & Interest
Loan Repayment Calculator
Work out the monthly payment and total cost of a personal loan, and see how much overpaying would save in interest and time. Free PDF plan.
Get your repayment plan — free PDF
Monthly payment and total cost
Interest vs. capital on every payment
What overpaying would save
Year-by-year balance reduction
Your full repayment plan
At a glance
Overpayment impact
Year-by-year balance
This calculator is a guide only and not financial advice. It assumes a fixed representative APR and equal monthly payments. The rate you are offered may differ, and some loans carry arrangement fees or early-repayment charges. Always check the loan agreement.
How the loan repayment calculator works
Before you take out a personal loan it pays to know exactly what it will cost — not just the monthly payment, but the total interest over the full term. This calculator works out both from three simple inputs: the amount you want to borrow, the APR and the length of the loan.
It also shows the power of overpaying. Add a monthly overpayment and you will see how much interest you save and how many months sooner the loan clears. The free PDF includes a year-by-year breakdown of how each payment splits between interest and capital, so you can see the balance fall over time.
For smaller sums, a 0% purchase credit card can sometimes be cheaper than a loan, and a better insurance or bills deal can free up cash for repayments. Always check the loan agreement for any fees or early-repayment charges before committing.
Frequently asked questions
How are loan repayments calculated?
A personal loan is repaid in equal monthly instalments. Each payment covers the interest for that month plus a slice of the capital, calculated so the loan clears exactly at the end of the term.
What is APR on a loan?
APR (Annual Percentage Rate) is the total yearly cost of borrowing including interest and most compulsory fees. The advertised representative APR must be offered to at least 51% of accepted applicants — your actual rate may differ.
Does overpaying a loan save money?
Yes — overpaying reduces the balance faster so you pay less interest and clear the loan sooner. Check for early-repayment charges first; under the Consumer Credit Act, lenders can charge limited interest on early settlement.
Will checking a loan affect my credit score?
Using this calculator does not affect your score at all. Applying for a loan leaves a hard search, but many lenders offer an eligibility or quotation check that uses only a soft search, letting you see your likely rate without a mark on your file.
Should I choose a longer or shorter loan term?
A longer term lowers the monthly payment but increases the total interest you pay; a shorter term costs more each month but less overall. Use the calculator to compare terms and pick the shortest one you can comfortably afford.