Loan repayment calculator
Estimate your monthly loan repayments, total interest and the overall cost of borrowing.
Free loan calculator for monthly payments and interest
This free loan repayment calculator helps you work out an estimated monthly payment based on the amount you borrow, the interest rate and the loan term. It is useful for personal loans, car finance style comparisons and general budgeting.
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Calculate your loan repayments
The amount you plan to borrow.
Enter the representative APR if you have it.
How long you will repay the loan.
Optional, to reduce interest and term.
Used to estimate a payoff month.
Monthly payment: –
This is an estimate. Actual repayments can vary by lender fees, rounding and payment schedules.
Show calculation notes
The monthly payment is calculated using a standard amortisation formula with an APR converted into a monthly rate. Extra monthly payments are applied to the principal each month to reduce total interest and time.
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Loan repayment calculator FAQs
How do you calculate monthly loan repayments?
Monthly repayments are estimated using an amortisation formula, based on the amount borrowed, the APR and the term. This produces a payment that covers both interest and principal over the repayment period.
Does a higher APR always mean a higher monthly payment?
Usually yes, but the loan term also matters. A longer term can reduce the monthly payment, although it often increases the total interest paid over time.
What happens if I pay extra each month?
Extra payments reduce the principal faster, which can reduce total interest and shorten the time to pay off the loan. This calculator shows an estimate of time saved and the difference in interest.
Is this calculator suitable for UK loans?
Yes. It uses APR as an input and provides estimates in pounds. Your lender may apply fees or different schedules, so always check the loan agreement for exact figures.
Does this include fees and early repayment charges?
No. This calculator does not include arrangement fees, late fees or early repayment charges. If your loan includes fees, you can add them into the loan amount to get a rough estimate.
Use this free loan repayment calculator to compare borrowing options and understand the true cost of a loan. It is helpful for planning monthly budgets, comparing APR rates and seeing how extra payments could reduce interest.
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