Loan calculator
Calculate monthly repayments and interest on a personal or car loan.
Calculate equal monthly repayments on a personal or car loan, and see how much interest you would pay if the rate stayed constant until the loan was cleared.
Example calculation
Based on the example figures in the form. Enter your own details, then select Calculate.
Estimated monthly repayment
£186.43
- Amount borrowed
- £10,000.00
- Total interest
- £1,185.81
- Total repaid
- £11,185.81
An estimate based on the assumptions below. For information only, not financial advice.
How this is calculated
Assumes a repayment loan with a fixed annual interest rate, monthly interest and equal monthly payments over the full term. Excludes fees, overpayments and rate changes. Enter the amount borrowed after any deposit. This is a repayment estimate, not a lending or affordability decision.
Calculation method
Monthly payment = P × r ÷ (1 − (1 + r)⁻ⁿ)
P is the amount borrowed, r is the nominal monthly interest rate and n is the number of payments. For a zero-interest loan, the payment is P ÷ n. The model assumes the first payment follows one month of interest and that each payment is made on time.
Worked example
A £12,000 loan at 0% interest over 10 years has 120 payments of £100 and no interest. With a positive rate, each payment includes interest as well as repayment of the original amount.
Method documented: · How we check calculations · Report an error
Common questions
Should I enter APR or the interest rate?
Enter the annual interest rate. APR can incorporate fees and other credit costs; this calculator does not reproduce a lender’s APR calculation or include separate fees.
Why does a longer term cost more overall?
At a positive rate, a longer term leaves money outstanding for longer. The monthly payment falls, but the total interest increases when the amount and rate stay the same.
Can I use this for PCP or a balloon-payment car agreement?
No. The model clears the balance through equal monthly payments. It does not model an optional final payment, deposit contribution or purchase fee.