Loan repayment calculator

Enter how much you want to borrow, the APR and how many months you will take to pay it back. The calculator shows the monthly payment, what you repay in total and how much of that is interest, with a table for each year.

Monthly payment

£197.00

£11,819.98 in total over 60 months

Your details

Amount to borrow

APR %

At a glance
Figure	Amount
Monthly payment	£197.00
Last payment	£196.98
Total repaid	£11,819.98
Total interest	£1,819.98

Length

How this was worked out

Monthly rate: (1 + 7%)^(1 ÷ 12) − 1 = 0.565415%
Monthly payment: £10,000.00 × i ÷ (1 − (1 + i)^−60) = £197.00
Interest is worked out on the balance each month and rounded to the penny.
Last payment: £196.98 clears the remaining balance.
Total repaid: £11,819.98

Year by year

Year by year
Year	Paid	Interest	Owed at the end
1	£2,364.00	£625.09	£8,261.09
2	£2,364.00	£503.37	£6,400.46
3	£2,364.00	£373.13	£4,409.59
4	£2,364.00	£233.75	£2,279.34
5	£2,363.98	£84.64	£0.00

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What the calculator assumes

A fixed rate for the whole loan, repaid in equal monthly payments.
The APR you enter covers all the charges. Any fee that is not part of the APR is not included.
Interest is worked out on the balance each month and rounded to the penny, and the last payment clears what is left, so it can differ from the others by a few pence.
You make every payment on time and do not pay anything off early.

How the monthly payment is worked out

Each month the lender adds interest to what you still owe, and your payment covers that interest plus some of the loan itself. Early on, most of each payment goes on interest, because the balance is large. As the balance falls, more of each payment goes towards the loan. The table shows this shift year by year.

The APR is the yearly cost of borrowing, including interest and most fees. It is set out so that you can compare loans on the same basis. The calculator turns it into a monthly rate that gives the same total over a year, and uses that for each month's interest.

Borrowing for longer

A longer loan has smaller monthly payments, but you pay interest for more months, so the total cost goes up. Try the same amount and APR over 36 months and then over 60 to see the difference in the total interest line.

Paying a loan off early usually saves interest, but some lenders charge a fee for it. Your agreement sets out what happens.

What it leaves out

Fees charged separately from the APR, and payment protection insurance.
Loans with a variable rate or a payment holiday.
Credit cards and overdrafts, which work in a different way.

Borrowing for a car? The car finance calculator covers PCP and hire purchase, including the final payment on a PCP. To see the same maths from the saving side, use the compound interest calculator. If a loan is for a home, the mortgage overpayment calculator shows what paying a little extra saves.

Official guidance

Consumer credit on the Financial Conduct Authority

Report a mistake

Spotted a mistake?

Email [email protected]. Tell us what you entered and what you expected to see. Fixed errors are listed on the corrections page.