Loan calculator
Work out the monthly payment and total cost of a personal loan, car finance or any fixed-rate repayment loan.
Monthly payment
£312.90
Paid off in 3 years 0 months.
- Amount borrowed£10,000
- Total interest£1,264
Total repaid: £11,264.
| Year | Balance left | Interest so far |
|---|---|---|
| 1 | £6,925 | £680 |
| 2 | £3,599 | £1,109 |
| 3 | £0 | £1,264 |
How loan repayments are calculated
Each month interest is charged on what you still owe, and your fixed payment covers that interest plus a slice of the loan. Early payments are mostly interest, later ones mostly capital, so overpaying early saves the most.
APR and the rate you will actually pay
The APR includes fees as well as interest. Lenders only have to offer the advertised rate to at least 51% of successful applicants, so your own rate can be higher. Use the rate in your personal quote.
Common questions
What is a good APR for a personal loan?
Rates for good credit are often between 6% and 12%, but they vary by lender, amount and term. Compare personalised quotes using a soft credit search.
Does overpaying a loan save money?
Usually, because interest is charged on a smaller balance. Check for early repayment charges before you do.
Is a longer term cheaper?
It lowers the monthly payment but increases the total interest you pay over the loan.