Calculate your estimated monthly loan repayment, total interest paid, and total amount repaid. Simply enter the loan amount, annual interest rate, and loan term to receive an instant estimate.
✔ Monthly repayments • ✔ Total interest • ✔ Borrowing costs • ✔ UK loan calculator
This free UK Loan Calculator estimates your monthly loan repayment, total interest paid, total amount repaid, and the number of monthly repayments over the full loan term. Simply enter your loan amount, annual interest rate, and loan term to calculate your repayment schedule instantly.
Whether you are comparing a personal loan, car finance, debt consolidation loan, or home improvement loan, this calculator helps you understand the overall cost of borrowing before you apply.
Results update instantly and include your estimated monthly repayment, total interest paid, total amount repaid, loan term, and number of monthly repayments.
Changing any of these values—the loan amount, interest rate, or repayment term—will immediately affect both your monthly repayment and the total amount paid over the life of the loan.
Most fixed-rate repayment loans are repaid through fixed monthly payments. Each payment typically consists of:
At the beginning of a loan, a larger percentage of each payment usually goes toward interest. As the balance reduces, more of each payment goes toward repaying the loan itself.
This calculator uses the standard amortisation formula used by banks and lenders to calculate fixed monthly repayments. Each payment covers both the loan principal and the interest charged for that month.
The calculator also estimates:
APR stands for Annual Percentage Rate and represents the overall yearly cost of borrowing. It usually includes interest and certain fees, making it easier to compare different loan products.
When comparing loans, APR is often more useful than simply looking at the advertised interest rate.
Suppose you borrow £10,000 at an annual interest rate of 5% over 5 years.
This example shows how a moderate interest rate over five years keeps monthly repayments affordable while limiting the total interest paid.
Suppose you finance a vehicle with a loan of £15,000 at 6.50% interest over 4 years.
A shorter loan term means higher monthly repayments, but it also reduces the total amount of interest paid compared with extending the loan over more years.
Suppose you borrow £25,000 for home improvements at an annual interest rate of 7% over 10 years.
Choosing a longer loan term reduces the monthly repayment but increases the total amount of interest paid over the lifetime of the loan.
A shorter loan term usually results in higher monthly repayments but lower total interest. A longer loan term reduces the monthly repayment but increases the total amount paid over the life of the loan.
| Short Term Loan | Long Term Loan |
|---|---|
| Higher monthly repayment | Lower monthly repayment |
| Less total interest | More total interest |
| Loan paid off sooner | Loan lasts longer |
Even a small change in interest rate can significantly affect the total amount repaid over several years.
A lower monthly payment may seem attractive, but a longer loan term often results in significantly higher total interest costs.
Can I compare different loan amounts?
Yes. Try different loan amounts, rates, and terms to compare repayment options.
What is considered a good loan interest rate?
Rates vary depending on credit history, lender policies, and market conditions. Comparing multiple offers is recommended.
Should I choose the shortest loan term possible?
Not always. Shorter terms reduce interest costs but increase monthly payments. The best choice depends on your budget and financial circumstances.
How is my monthly repayment calculated?
Monthly repayments are calculated using the loan amount, annual interest rate, and loan term. This calculator uses the standard amortisation formula commonly used by banks and lenders to estimate fixed monthly repayments over the life of the loan.
Does this calculator use compound interest?
Yes. The calculator estimates repayments using the standard amortised loan formula, where interest is calculated on the remaining loan balance over time. As you repay the loan, more of each monthly payment goes towards the principal and less towards interest.
Can I calculate a car loan?
Yes. Enter the amount you want to borrow, the annual interest rate offered by your lender, and the loan term to estimate monthly repayments for a car loan.
Can I calculate a personal loan?
Yes. This calculator works for most fixed-rate personal loans and provides an estimate of your monthly repayment, total interest paid, and total amount repaid.
Can I calculate a home improvement loan?
Yes. Whether you're financing a new kitchen, bathroom, extension, or other home improvements, simply enter the loan details to estimate the overall borrowing cost.
Can I use this calculator for debt consolidation?
Yes. Many people use loan calculators to compare debt consolidation options and estimate whether combining existing debts into a single loan could reduce their monthly repayments.
Does this calculator include lender fees?
No. The calculator estimates repayments based on the loan amount, interest rate, and loan term only. Arrangement fees, administration charges, insurance, or early repayment fees are not included.
Can I compare different interest rates?
Yes. You can quickly test different interest rates, loan amounts, and repayment terms to compare how each option affects your monthly repayment, total interest paid, and total amount repaid.
What is APR?
APR (Annual Percentage Rate) represents the yearly cost of borrowing and may include interest together with certain lender fees. It is useful for comparing loan offers from different lenders, although your actual repayment may vary depending on the loan terms.
How accurate is this loan calculator?
This calculator provides a reliable estimate using standard loan repayment formulas. Your actual repayments may differ if your lender applies additional fees, different compounding methods, variable interest rates, or other lending conditions.
This calculator is provided for educational and planning purposes only. Results are estimates based on the information you enter and should not be considered financial advice or a loan offer. Actual repayments may vary depending on lender criteria, fees, repayment frequency, interest calculations, and your individual financial circumstances.
Information on this page is based on publicly available guidance, official government publications, and commonly accepted financial calculation methods.
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Last Updated: August 2026