Loan Repayment Calculator
Work out the monthly repayment on a personal loan or car loan, the total interest, and how the balance falls year by year.
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- Monthly repayment
- £196.56
- Total interest
- £1,793.43
- Total repaid
- £11,793.43
- Number of payments
- 60
Year-by-year breakdown
| Year | Paid that year | Interest | Still owed |
|---|---|---|---|
| 1 | £2,358.69 | £616.31 | £8,257.62 |
| 2 | £2,358.69 | £496.08 | £6,395.02 |
| 3 | £2,358.69 | £367.56 | £4,403.89 |
| 4 | £2,358.69 | £230.17 | £2,275.38 |
| 5 | £2,358.69 | £83.31 | £0.00 |
What it does
Find the monthly repayment on a fixed-rate loan, such as a personal loan or car finance, from the amount, the interest rate and the term. It also shows the total interest and a year-by-year breakdown of what you'll still owe.
How to use it
- Loan amount
How much you're borrowing.
- Interest rate
The yearly rate from the loan offer. UK loans quote an APR.
- Rate type
APR is what UK lenders must show, and already includes the effect of monthly interest. Choose the simple rate if your offer says the yearly rate is divided by 12 each month.
- Loan term
How long you'll take to repay it.
- Term in
Car loans are often quoted in months, such as 48.
Common uses
- Comparing loan offers with different rates and terms.
- Checking whether a monthly repayment fits your budget.
- Working out mortgage repayments. Try the Mortgage Calculator
- Paying off a credit card balance.
The formula
M = P × r ÷ [1 − (1 + r)⁻ⁿ]From an APR: r = (1 + APR)^(1/12) − 1Where:
- M
- monthly repayment
- P
- amount borrowed
- r
- monthly interest rate
- n
- number of monthly payments
Assumes a fixed rate and equal monthly payments. Fees not included in the APR aren't counted.
Worked example
Borrowing £10,000 at 6.9% APR over 5:
- Monthly rate: (1 + 0.069)^(1/12) − 1 = 0.5576%
- Number of payments: 60
- Monthly repayment: £196.56
Over the whole loan you'd repay £11,793.43, of which £1,793.43 is interest.
Questions people ask
What's the difference between APR and the interest rate?
APR (annual percentage rate) is the yearly cost of borrowing, including interest charged monthly and any compulsory fees. UK lenders must show it, so it's the fairest way to compare loans. A 6.9% APR works out at about 0.56% a month, slightly less than 6.9 ÷ 12.
Does a longer term cost more?
Usually, yes. Spreading the loan over longer lowers each payment but means paying interest for more months, so the total interest goes up.
Can I pay a loan off early?
In the UK you have a legal right to repay a personal loan early, in full or in part. The lender can charge for it, but the amount is limited by law. Your loan agreement, or a settlement quote from the lender, shows exactly what you'd pay.
Last checked 25 October 2026