Loan repayment calculator

If you’re thinking of getting a loan, use our loan repayment calculator to work out how much each loan would cost you.

Our loan repayment calculator gives you an idea of what different kinds of loans could cost. If you want a loan but you don’t know how to calculate loan repayment, there's nothing to worry about.

Enter the details of the loan you’re looking at into the monthly repayment calculator. We’ll work out how much it’ll cost you monthly and how much you’ll pay back overall. It’s as simple as that.

The costs below are for illustrative purposes. Check the exact amounts with the lender when you decide on a loan.

A monthly payment of:


Total cost of credit:


based on an APR of:


That's a total of:


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Personal loans

A personal loan is a type of unsecured loan, which means what you borrow isn't secured against any asset like your home. You borrow a fixed amount and pay it back plus interest over a set period.

Bad credit loans

If you have a poor credit history, you could still borrow money with a bad credit loan. They can help you improve your credit rating if you keep up with repayments, but they usually come with a high APR.

Guarantor loans

A guarantor loan works by appointing someone else, like a parent or friend, to make your loan repayments if you're unable to. You could get a guarantor loan if you have a poor credit record, or if you've not borrowed before.

Last updated: 2 August, 2021

Our calculations are based on the assumption that you pay the same fixed interest rate for the entire repayment period, and that you don't miss any payments, make overpayments, make underpayments or have to pay any additional fees.

You can personalise your results based on the loan amount and term you want on our unsecured loans comparison.

How to use our loan calculator

To use our loan repayment calculator to work how much a loan will cost you, you’ll need to enter some information about the loan you’re considering.

Our loan repayment calculator then tells you what your monthly repayments would be. It can also tell you how much you’ll repay overall. This means you can check if you can afford the loan, and see which loan works out cheapest across the whole term. It’s a quick and easy way to work out loan repayments and find the best loan for you.

It is not an apr calculator, or loan interest calculator. The interest you pay is decided by the lender and based on your credit history and financial circumstances.

Tips for using our loan repayment calculator, UK wide

You can use the monthly repayment calculator to compare real-life examples. Put the interest rates, loan terms and amounts of the loans in our comparison into the loan interest rate calculator. Compare several options to find the cheapest.

We don’t charge you any fees for our services. You can use our guides, loan comparisons and interest repayment calculator free of charge.

Try entering different loan terms into the loan payment calculator to find out how much you’d pay each month, and the overall cost. A shorter loan term usually costs less in total, but a longer term means smaller monthly payments.

What is APR?

APR is the annual percentage rate. It represents the cost of taking out a loan, credit card or mortgage.

When you take out a loan, you agree to repay the amount you’re borrowing, plus interest, in monthly repayments for a specific length of time.

The APR on the loan is the rate of interest you pay, plus any other fees charged, so it covers the full cost of the debt.

Extra costs associated with loans

When you take out a loan, you might be surprised to see that there are some extra costs that you weren't expecting.

What happens if you miss a loan payment?

If you miss a payment, you might be penalised.

If you have an unsecured loan and you miss a payment, it's likely that you'll have to pay a fee for late payment to your loan provider. Using our personal loan repayment calculator before taking a loan out would hopefully help you to avoid this situation.

If you have a secured loan, which is secured against your home or vehicle and you miss a payment, you'll likely have to pay a late payment fee. Most lenders don't consider repossession until you've missed at least three payments. Lender's seek repossession only as a last resort. That’s why you need to think very carefully before taking out a secured loan.

Paying back a loan early

If you find yourself able to repay your loan earlier than you were expecting, you might be charged a fee for doing so. You should look into this before you take out a loan in the first place.

Loan arrangement fee

Some loan providers charge an arrangement fee when you take out a loan. It's an administration charge for setting it up. It should always be listed in your loan offer.


How to compare loans

  • Read our guide to loans and decide what kind of loan you want.

  • When you know which type you want, use the comparison table on the relevant page to see what loans are available. We have comparison tables you can use for: unsecured loans, secured loansbad credit loansguarantor loans and debt consolidation loans.

  • Use the comparison table to look at the provider, the loan, the loan amounts available and the time it takes to pay it back.

  • Pick one that you're interested in and head to our loan repayment calculator.

  • Enter the information about the loan you're interested in into the monthly repayment calculator. This includes: the amount you want to borrow; how long you need to repay it; and the loan's interest rate (APR).

  • The loan repayment calculator will then show you how much you'll repay each month so you can make sure you'll be able to afford the loan repayment schedule. It'll also show you how much you'll repay in total, so you can work out the overall cost of that loan.

  • Repeat the monthly repayment calculator steps with any other loans that you're interested in. That way you'll be able to work out which are the cheapest loans and best overall.

Types of loans

Before you take out a loan, you need to decide what type of loan you're looking for. Here's a summary of some popular loan types.

Personal loans

Personal loans are unsecured loans. They let you borrow up to £25,000 and repay it over a period of up to 10 years. Our personal loan repayment calculator can show you which personal loans are affordable and cost effective.

Pros and cons of personal loans

With personal loans, you can usually borrow more than you could with a credit card. They usually have lower interest rates than a credit card, too. The payments on your loan repayment schedule are fixed each month which helps with budgeting, and you can decide how long you need to pay it back.

Plus, they aren’t secured against your property, so you can get one if you’re a renter rather than a homeowner. And your home isn’t at risk if you can’t afford to repay it.

But personal loans usually have higher rates of interest than some other forms of borrowing. Also, you can't usually get a personal loan that's less than £1,000, or for shorter than 12 months. This makes it tempting to borrow more than you need.

Secured loans

Secured loans are guaranteed against an asset you have, such as your home or car. Use our loan repayment calculator to compare which are the best secured loans.

Pros and cons of secured loans

With a secured loan, you’ll find you can borrow more money over a longer term than with unsecured loans. Secured loans do often have lower interest rates than personal loans. But, because you borrow more and take longer to pay it back, they tend to still cost more overall.

You might find that secured loans sometimes have variable interest rates, too. This means you don’t have a fixed loan repayment schedule which can make budgeting difficult.

There's a big risk associated with secured loans, too. If you can't repay your loan, your home or vehicle could be repossessed. So think carefully before you take out a secured loan.

Car finance

Most people don't have enough cash to buy a car outright. If you want to buy a car, you'll probably need to find a way to spread the cost.

You could take out a cash loan and own the car straight away. Or you could use car finance to borrow the money you need.

Use our finance repayment calculator to see what you could afford. Don't forget to shop around - you don't have to go with the finance provider that the car dealership offers you. Find out more about how to get the right car finance here.

Pros and cons of financing a car

The big advantage of car finance is that it means you can drive a car that you couldn’t afford to buy outright. It can be used on new and used vehicles. With car finance, the agreement’s normally secured against the vehicle you buy. You don’t own the car until the final payment’s made. If you can’t make the payments, the vehicle could be repossessed and you could be responsible for covering any shortfall in value. Plus, it could affect your credit score and you could be liable for extra fees, interest and charges. Read about different types of car finance.

Debt advice

If you are looking for a loan but already have outstanding debts, here are some ideas of where you can get help, including debt advice charities.

Compare loans

Need a loan? Compare loan lenders side by side to find one that is cheap to pay back, lets you borrow what you need and has repayments you can afford.