Loan Calculator
Estimate repayments for a personal loan, car finance, or any other fixed-rate loan.
- Loan amount
- £10,000.00
- Monthly payment
- £202.29
- Total interest
- £2,137.05
- Total repaid
- £12,137.05
Calculator guide
How this loan works
This calculator uses the same standard amortization formula as a repayment mortgage: a fixed monthly payment, calculated from the loan amount, interest rate, and term, such that the balance reaches exactly zero on the final payment. Each payment splits between interest (on the remaining balance) and principal (reducing it) — the split shifts toward more principal and less interest as the loan progresses.
Worked example: a £10,000 loan at 7.9% over 5 years comes to a monthly payment of a little over £200, with total interest of roughly £2,000-£2,500 over the full term — the calculator's own numbers update live and include the full month-by-month schedule.
The interest rate you enter is treated as a nominal annual rate compounded monthly — the same basis most personal loan and car finance quotes use for their monthly-payment figures. It doesn't include arrangement fees or other charges some lenders fold into a headline APR.
Methodology and sources
Last reviewed:
Loan payments use the standard fixed-payment amortization formula: amount borrowed, annual rate converted to a monthly rate, and term converted to monthly payments. The schedule then splits each payment into interest on the remaining balance and principal repayment.
Total interest is the sum of monthly interest across the generated schedule. The rate entered is treated as a nominal annual rate compounded monthly for the payment calculation.
Assumptions
- Fees, payment holidays, missed payments, early settlement, and lender-specific APR calculations are not modelled.
- The interest rate is assumed to stay fixed for the whole term.
- Displayed figures are rounded and intended for planning, not a lender quote.
Loan results are estimates. A lender may quote APR, fees, eligibility terms, and repayment conditions that differ from this simple schedule.
Spot a methodology issue? Send a correction.
Frequently asked questions
Does the interest rate I enter match the APR a lender quotes?
Not necessarily. This calculator treats the rate as a nominal annual rate compounded monthly to work out the payment schedule. A lender's advertised APR can include arrangement fees and other charges on top of the interest rate itself, so the true cost can be slightly higher than this estimate.
Can I model overpayments or early repayment?
No — this calculator shows the standard fixed-payment schedule for the full term as entered. It doesn't model extra one-off payments or the effect of paying the loan off early (including any early-repayment charge a lender might apply).
What is the difference between this and the mortgage calculator?
They share the same underlying amortization engine — the difference is just framing: this one is sized for personal loans and car finance (smaller amounts, shorter terms), while the mortgage calculator adds property-specific inputs like deposit and loan-to-value, plus an interest-only option.
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