Loan Repayment Calculator UK

Important: This calculator provides an illustration, not a credit offer or financial advice. Lenders can use different assumptions and may add fees. Check the agreement’s APR, total amount payable, early-repayment rules and any charges before borrowing or overpaying.

How to use the loan repayment calculator

1. Enter the amount you plan to borrow.
2. Add the APR shown for the loan.
3. Enter the repayment term in years and any additional months.
4. Add a fee only when it will be financed as part of the balance.
5. Optionally enter an extra monthly payment to compare the payoff time and interest.

How monthly loan repayments are calculated

For a fixed-rate repayment loan, each monthly payment covers interest and part of the outstanding capital. This calculator converts the entered APR to a monthly rate and uses a standard reducing-balance amortisation formula.

At the start of the agreement, more of the payment normally goes towards interest because the balance is higher. As the balance falls, more of the payment reduces the capital. At 0% APR, the financed balance is simply divided by the number of months.

APR and the rate you actually receive

APR is designed to help compare the yearly cost of borrowing and can include certain compulsory charges. An advertised representative APR is not a guarantee of the rate you will receive. Your offer can depend on the lender’s criteria, credit assessment, amount and term.

How extra repayments can change a loan

An extra payment reduces the outstanding balance sooner, so later interest is charged on a smaller amount. The calculator simulates the balance month by month and stops when it reaches zero. Your lender’s allocation method, settlement calculation or early-repayment charge can change the real saving.

Personal loan repayment calculator UK: compare two offers

Enter the amount you want to borrow, the rate offered to you and the repayment term. Run the calculation once for each offer while keeping the loan amount the same. Compare both the monthly repayment and total amount repayable: a longer term may make the monthly payment easier to manage but can increase the total cost. If a lender adds a fee to the balance, enter it in the fee field; a fee paid upfront is not modelled as a financed fee here.

Loan payoff calculator UK: what if you pay extra?

Try an extra £50 a month, then £100, with the other details unchanged. The tool estimates how much sooner the balance could reach zero and how much interest you might save. This comparison is useful when deciding whether an extra repayment fits your budget. It assumes a fixed rate and regular payments; your lender may calculate interest or early-settlement charges differently. Check your agreement before making extra payments.

This calculator models a standard fixed-payment, reducing-balance loan. It does not provide a lender quote or approve a personal loan, and it does not model a mortgage with an offset account.

Before taking a loan

• Compare total repayable, not only the monthly figure.
• Check whether the rate is fixed or variable.
• Confirm whether fees are paid upfront or added to the balance.
• Read early-settlement and overpayment terms.
• Make sure the payment remains affordable alongside essential bills.

Consumer guidance: MoneyHelper personal loans and FCA information on consumer-credit promotions and APR.

Different ways to check the same loan

Looking for a repayment loan calculator? This page works out a fixed monthly payment from the amount borrowed, rate and term. Use it as a UK loan repayment calculator to test a shorter term against a longer one: the monthly bill may fall with a longer term, while the total interest can rise.

A loan repay calculator or loan payback calculator should also help you see when the balance reaches zero. Here, enter an optional extra monthly amount to compare the estimated payoff time with the original term. The loan stays on the same assumed rate in this illustration; it is not a quote from a lender.

If you searched “calculator loan repayments”, “loan calculator repayments” or “calculate loan repayments UK”, start with the monthly repayment result, then check the total repayable. These tell you two different things: what the payment could be each month and what the borrowing could cost overall. “loan repayment calculater” is a spelling variation of calculator; it leads to the same repayment question.

Early loan repayment calculator UK: paying off a loan sooner

Want to see whether you could pay off a personal loan early? Enter the original amount, APR and repayment term, then try an affordable extra monthly payment. The results estimate how much sooner the balance could reach zero and how much interest you might avoid. This is an extra monthly repayment illustration, not a lender’s early settlement quotation. It does not calculate a one-off settlement figure, statutory interest adjustments or early repayment charges.

What if I overpay my loan by £50 or £100 each month?

Run the loan repayment calculator with no extra payment first, then compare an additional £50 and £100 a month using the same loan amount, APR and term. Check the change in estimated payoff time and total interest, not just the regular monthly instalment. Ask your lender whether extra money reduces the capital immediately and whether it will shorten the term or change your future scheduled repayments.

Loan early settlement: what you need to know

If you want to clear an existing loan in one payment, ask the lender for an early settlement figure and the date it remains valid until. The amount may differ from simply adding up your remaining monthly instalments. Depending on the agreement and applicable consumer-credit rules, a lender may make an interest adjustment and may be entitled to compensation in certain circumstances. Check the settlement statement rather than treating the calculator’s estimated outstanding balance as the amount you must pay.

Loan repayment examples: £5,000, £10,000 and £20,000

To compare borrowing costs, try £5,000, £10,000 or £20,000 with the same APR and repayment term. A larger loan generally means a higher monthly repayment and more interest in pounds. Then hold the amount and APR steady and compare a three-year term with a five-year term: spreading repayments over longer can reduce the monthly commitment but usually increases the overall interest cost. These are example inputs, not advertised loan rates or offers.

How to compare personal loan APR, fees and total repayable

When comparing UK personal loan offers, look at the APR you are personally offered, the monthly repayment, the term, any compulsory fees and the total amount repayable. An advertised representative APR is not necessarily your approved rate. The calculator treats an entered financed fee as part of the amount borrowed, so avoid adding a fee twice. If your lender calculates interest differently or charges separate fees, its repayment schedule can differ from this estimate.

Should I overpay a loan or build up savings?

Extra repayments may reduce borrowing costs, but make sure you can still cover essential bills and keep some accessible emergency savings. Compare the interest you would save with any charges for paying early. If you have several debts, you may also want to compare their interest rates and minimum repayments. Our Debt Payoff Calculator can help you explore a broader debt repayment plan. This calculator does not assess credit eligibility or give personalised debt advice.

Which loans does this calculator cover?

This tool is designed for a straightforward fixed-rate, reducing-balance personal loan. It is not a specialist student loan, mortgage, credit card minimum-payment or car PCP calculator. For vehicle-specific HP or PCP estimates, use our Car Finance Calculator UK. For independent information about borrowing and repaying debt, visit MoneyHelper’s credit guidance.

Frequently asked questions