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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.
| Band / figure | Rate |
|---|---|
| Payment model | fixed monthly |
| Rate | entered by you |
| Fees | not added automatically |
Source: FCA — APR and borrowing-cost guidance — check the linked guidance and any live quote before acting.
When to use this calculator
- Before comparing personal loan or credit offers on the same amount and term.
- When you want to see total interest, not only the monthly payment.
- When you are choosing between a shorter term and a lower monthly debit.
- When you need a planning estimate before making a credit application.
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.
| Input | Value |
|---|---|
| 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
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
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 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 financial regulator-authorised lender.
Common mistakes
- !Judging an offer by the monthly payment alone and ignoring total interest.
- !Using a representative APR as if it were a guaranteed personal rate.
- !Forgetting arrangement fees or early-settlement terms.
- !Comparing two loans that do not use the same amount and term.
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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