Example result based on the prefilled values.
Result
193.33
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Useful next calculations
Rates & sources
Illustrative fixed-payment amortisation using the rate and term entered. Compare representative APR, compulsory fees and total amount repayable; your personal rate may differ.
Source: FCA — APR and borrowing-cost guidance — check the linked guidance and any live quote before acting.
When to use this calculator
- Before comparing lenders, brokers, or repayment options.
- When you want to test how a different deposit, rate, or term changes affordability.
- When you need a quick estimate before using a formal quote or agreement in principle.
- When you are stress-testing your budget against a potential rate rise to see the impact on monthly payments.
- When you want to understand the full cost of borrowing — not just the monthly figure — before you commit.
Example: checking the true cost of a medium-sized loan
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
Loan amount
£15,000
Interest rate
7.4%
Repayment term
5 years
Repayment type
Fixed monthly payments
A loan that looks manageable on the monthly payment alone can become expensive once the term is extended. That is why this comparison is most useful when you test a shorter term straight away.
How to read your results
Result
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
Method & assumptionsAuthoritative sources
This loan calculator works out your monthly repayment, total repayable amount, and total interest charged based on the loan amount, annual percentage rate (APR), and repayment term you enter. It uses standard amortisation, applying interest monthly at one-twelfth of the APR to your outstanding balance and deducting your fixed monthly payment each period.
The calculation assumes a fixed interest rate and equal monthly payments throughout the term — consistent with most standard UK personal loan agreements. It does not account for payment holidays, variable rate products, or early repayment charges. Secured loans, such as those against property, may have different cost structures and carry additional risk not reflected here. This calculator is for illustrative purposes and does not represent a loan offer or regulated financial advice. Always obtain a personalised quote from an FCA-authorised lender.
Common mistakes
- !Mixing up loan amount and property value, which can distort affordability and LTV.
- !Using a headline rate but forgetting fees, insurance, taxes, or repayment type.
- !Testing only one term length instead of comparing the payment and total cost together.
- !Forgetting that a repayment mortgage and an interest-only mortgage produce very different monthly figures and total costs.
- !Not accounting for the impact of a rate revert after an introductory fixed period ends, which can sharply increase payments.
What to do next
- Run every offer using the same loan amount and term so APR and total cost can be compared fairly.
- Check eligibility with a soft search where available before making multiple full credit applications.
- Read the lender’s fees, early-settlement terms, and total amount repayable before accepting an offer.
Frequently asked
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