Loan Repayment Calculator
Calculate monthly payments, total interest, and view detailed amortisation schedules
£
%
yrs
£
Monthly Payment
£1,184
Total Interest
£105,200
Total Repayment
£355,200
Actual Term
25.0 years
Payment Breakdown
Amortisation Schedule
| Period | Payment | Principal | Interest | Balance |
|---|
How Loan Repayments Work
Loan repayments consist of two parts: principal and interest. Early payments contain more interest, while later payments contain more principal.
Key Terms:
- Principal: The amount you borrow
- Interest: The cost of borrowing
- APR: Annual Percentage Rate including fees
- Amortisation: Gradual loan repayment schedule
Payment Frequency Benefits
Monthly Payments:
Standard payment frequency, easier to budget for.
Fortnightly Payments:
26 payments per year = 13 months worth of payments. Can reduce loan term significantly.
Weekly Payments:
52 payments per year. Maximum acceleration of loan repayment.
Extra Payment Benefits
Making extra payments can significantly reduce your loan term and total interest paid.
Example Benefits:
- £100 extra per month on a £250,000 loan
- Can save tens of thousands in interest
- Reduces loan term by several years
- Builds equity faster
Types of Loans
Mortgages:
Typically 15-30 year terms, secured against property.
Personal Loans:
Usually 2-7 year terms, unsecured, higher interest rates.
Car Loans:
Typically 3-7 year terms, secured against the vehicle.