Get out of debt · UK
Loan Repayment Calculator
Work out the monthly repayments on a personal loan and the total interest you'll pay over the term. Change the amount, rate and term to find a repayment you're comfortable with.
Capital and interest only. Excludes any fees your lender adds. An estimate to help you plan, not a loan offer or financial advice.
- Monthly repayment
- £202
- Total interest
- £2,137
- Total repaid
- £12,137
- Number of payments
- 60
How loan repayments work
When you take out a loan, the lender spreads it into equal monthly payments across the term. Each month you are charged interest on what you still owe, and the rest of your payment comes off the balance. At the start the balance is high, so most of your payment is interest; as the balance falls, more of each payment goes on clearing the loan.
Stretching the term lowers the monthly payment but means more interest overall. A shorter term costs more each month but less in total. Compare the two using the figures above before you commit.
Common questions
How are loan repayments worked out?
A loan is spread into equal monthly payments over the term. Each payment covers the interest for that month plus a slice of what you borrowed, so the balance falls to zero by the end. Early payments are mostly interest; later ones are mostly the loan itself.
What is APR?
APR (annual percentage rate) is the yearly cost of borrowing, including interest and most compulsory fees, shown as a percentage. It lets you compare loans on a like-for-like basis. The rate you are offered can differ from the advertised rate, which lenders only have to give to a portion of applicants.
Does a longer term make a loan cheaper?
A longer term lowers the monthly payment, which can feel cheaper, but you pay interest for longer, so the total cost is usually higher. A shorter term costs more each month but less overall. The calculator shows both so you can weigh them up.
Can I pay a loan off early?
Often yes, but some loans charge an early repayment fee, typically up to about one to two months of interest. Overpaying reduces the interest you pay overall. Check your loan agreement for any early settlement charge before you commit.
Is this the same as the lender will charge?
It is a close estimate using the standard repayment formula. Your lender may round differently, charge fees, or apply interest daily, so treat the figures as a guide rather than an exact quote.
About this calculator
Uses the standard loan amortisation formula. Figures are rounded and exclude any arrangement or early-repayment fees, so treat them as a guide. The rate you are offered depends on a lender assessing your circumstances. This is an estimate to help you plan, not a loan offer or financial advice. Last updated June 2026.