Home › Loan repayment calculator
Work out the monthly payment, total interest and full amortisation schedule for any UK personal loan, car finance or credit balance. APR-aware and shows where every pound of each payment is going.
| Month | Payment | Interest | Principal | Balance |
|---|
For illustration only. Real loan agreements may include charges, insurance, variable rates or different interest calculation methods that change the totals.
A standard fixed-rate loan uses the same monthly payment formula as a repayment mortgage. The lender calculates a single payment that, made every month for the term, exactly clears the balance — with interest applied to whatever is still owed at the start of each month.
Early in the loan, the balance is high, so interest is high — meaning a bigger slice of your payment is interest and a smaller slice chips at the principal. As the balance falls, interest falls, and more of each payment goes to principal. Plot the two and you get the classic crossover curve in the chart above.
The APR (Annual Percentage Rate) includes most fees the lender requires, expressed as a yearly rate. The interest rate alone ignores fees. UK lenders are required to advertise the APR for personal loans, which is why two products with the same headline interest rate can show different APRs once arrangement fees are baked in.
Always. Stretching a loan over more years lowers each monthly payment but raises the total interest, often dramatically. £10,000 at 9.9% APR over 3 years costs about £1,580 in interest. The same loan over 7 years costs roughly £3,800 — more than double — for the same money borrowed.
No. Lenders only have to give the representative APR to 51% of accepted applicants. The other 49% can legally be charged more. The actual rate is shown after a soft search, before you formally apply.
Roughly, yes — enter the balance, the card's interest rate, and a term that gives you a payment you can afford. But credit cards don't have a fixed term: minimum payments shrink each month as your balance falls, dragging out the schedule for years. A dedicated card payoff calculator gives a more accurate picture.
No. PPI is no longer commonly sold on UK personal loans, but if your agreement bundles in any insurance product, add it to the "arrangement fee" field for a closer total.