Loan repayment calculator

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

If you’re considering getting a loan, it’s crucial to understand the types of products available and the risks and advantages of each approach. Use our calculator to work out exactly what you’ll need to pay each month and how much interest you’ll pay. We also explain what extra costs you need to be aware of, the differences between the most common types of loan and how to work out what your loan term should be.

The benefit of our loan calculator is that it’s independent. You simply plug in the APR of the loan you’re considering to see your monthly payments. It works for any loan available, rather than being tailored to a specific provider’s rates.

Loan Calculator 

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.

How does our loan calculator work?

Our loan repayment calculator gives you an idea of what different kinds of loans could cost. If you want to borrow money, but don’t know how to work out what you’ll owe, this makes things simple.

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.

Our calculations assume that you’ll 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 using our unsecured loans comparison.

How to use our loan calculator  

To use it our loan repayment calculator, simply:

  • Check the APRs of the loans you’re considering

  • Think about how much you want to borrow

  • Think about how long you want to borrow the money for (the term)

  • Plug the details into the calculator

  • Try different variations based on the APRs in our comparison table, the possible term lengths and different amounts of borrowing

Based on the details you enter, the loan repayment calculator tells you what your monthly repayments would be and how much you’ll repay overall. 

This means you can check if you can afford each loan, and which option works out cheapest overall. 

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.

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

What is APR?

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

When you take out a loan, you agree to repay the money you’ve borrowed, plus interest.

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.

How are loan payments calculated?

When you take out a loan, you will make repayments that cover the cost of borrowing, which is also known as the interest. 

For example, if you borrowed £200, and the rate was 5%, you’d have to pay back £100 in interest over a year, which would mean £2,100 in total. The total would be different if you borrowed money for a shorter or longer period.

However, there are other costs you might need to pay including arrangement fees. To compare the total cost of different loans you can use the APR, which includes these costs.

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 loanssecured 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.

Extra costs associated with loans

When you take out a loan, there may be some extra fees that you weren't expecting.

Here are some of the main things to keep in mind: 

  • Late payment fees: Whether you have an unsecured loan or a secured borrowing against your home or vehicle, if you miss a payment, you'll likely have to pay a late payment fee. 

  • Early repayment fees: If can 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 providers charge an arrangement fee when you take out a loan. It's an administration charge for setting it up. 

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 the most popular options:

  • Personal loans let you borrow up to £25,000 and repay it over a period of up to 10 years. You can usually borrow more than with a credit card and at lower interest rates. Payments are typically fixed each month which helps with budgeting. As they aren’t secured against your property, they’re less risky than a secured loan. However, interest rates are higher, and the minimum term is typically 12 months.

  • Secured loans are guaranteed against an asset such as your home or car. You can borrow more money over a longer term than with unsecured loan and you’ll typically get a lower interest. However, because you borrow more and take longer to pay it back, they typically cost more overall. 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: Many people don't have enough cash to buy a car outright, which means finding a way to spread the cost. One option is a car loan, but remember you don’t own the car until the final payment is made. If you miss a payment, the vehicle could be repossessed and you could be responsible for covering any shortfall. It could also affect your credit score and you could be liable for extra fees, interest and charges. Read about different types of car finance.

How long should my loan term be?

There are two factors to consider when deciding on the term of your loan. The first is affordability. The longer the term you choose, the lower your monthly repayments will be. The second is how much you want to pay in interest. The longer you spread your loan, the more interest you’ll pay overall. Choosing a term is about balancing affordability with total costs. Generally, you should pick the shortest term you can comfortably afford.

Last updated: September 28, 2023

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