Continue your plan
Useful next calculations
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: comparing the cost of a standard repayment plan
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
| Input | Value |
|---|---|
| Loan amount | £12,000 |
| Interest rate | 6.9% |
| Repayment term | 4 years |
| Goal | Balance affordability with lower total interest |
This kind of example is useful because it shows the trade-off most borrowers face: manageable payments versus the extra interest that appears when the same debt is spread longer.
Example: £20,000 personal loan over 5 years
| Input | Value |
|---|---|
| Loan amount | £20,000 |
| Typical comparison rate | 6.9% APR |
| Term | 5 years |
| What to read | Monthly payment and total interest, not the headline APR alone |
This is the search most people mean by “£20,000 loan repayments”: a five-year personal loan. Stretching the same amount to 10 years lowers the monthly debit and raises the total interest.
Example: £10,000 over 1 year vs 10 years
| Input | Value |
|---|---|
| Loan amount | £10,000 |
| Short term | 1 year |
| Long term | 10 years |
| Trade-off | Higher monthly payment vs much more interest |
A one-year term front-loads the cost into the monthly payment. A ten-year term is what “10 year loan calculator” queries are asking for — run both here on the same rate.
How to read your results
Monthly
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.
Total Repaid
The headline outcome of this calculation. It is most useful when read alongside the supporting metrics rather than in isolation.
Interest
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 calculator uses a standard amortising loan formula to compute fixed monthly repayments over your chosen term. Each payment is split between interest — charged on the remaining balance — and principal reduction. In the early months of a loan, a larger portion of each payment covers interest; as the balance falls, more of each payment goes toward reducing the debt. The APR figure you enter is divided by 12 to derive a monthly rate for this calculation. The result is a useful planning guide, but the exact repayment schedule from your lender may differ marginally due to rounding, payment date adjustments, or how they handle the first partial month. Always refer to your lender's official quotation for binding figures.
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
- Compare offers using the same amount and term, then check total repayable rather than judging the monthly payment alone.
- Add any arrangement fees and read the early-settlement terms before treating the estimate as the full borrowing cost.
- Test a shorter term to see whether a higher monthly payment produces a worthwhile reduction in total interest.
Frequently asked
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