Loan Repayment Calculator UK
Work out monthly loan repayments in the UK. Enter the amount borrowed, APR and term to see your monthly payment, total interest and total amount repayable.
Last updated 21 June 2026 · Written and reviewed by Mustafa Bilgic
Loan repayment calculator
Monthly payment + total cost.
Estimate only — figures use the latest published UK rates. Always confirm on GOV.UK.
Working out your loan repayments
Any repayment loan — personal loan, car loan, home-improvement loan or debt consolidation — is paid back in equal monthly instalments over a fixed term. This calculator works out that monthly payment, the total interest you will pay and the total amount repayable. The key inputs are the amount borrowed, the interest rate (APR) and how many years you take to repay.
Borrow £15,000 at 6.9% APR over 3 years and you pay about £462 a month, repaying roughly £16,640 in total — around £1,640 in interest.
How the figures are calculated
The tool uses the standard amortising formula. It turns the APR into a monthly rate and spreads the loan across the months so every payment is identical. Early on, more of each payment goes on interest; later, more goes on the balance, until the loan reaches zero. A longer term means lower monthly payments but more total interest; a shorter term costs more per month but less overall.
Term length and total cost
| £15,000 at 6.9% | Monthly | Total interest |
|---|---|---|
| Over 2 years | ~£671 | ~£1,096 |
| Over 3 years | ~£462 | ~£1,640 |
| Over 5 years | ~£296 | ~£2,766 |
Illustration only — your actual rate depends on the lender and your credit profile.
Borrowing wisely
Always compare the total amount repayable, not just the monthly figure, and check for early-repayment charges. For a named product, try our personal loan calculator or car finance calculator. Build the repayment into your budget, and if you are consolidating debts, compare it with a lower-rate credit card payoff. Free debt advice is available from Citizens Advice.
Frequently asked questions
How are loan repayments calculated?
Repayments use an amortising formula that spreads the loan and interest evenly across the term, so every monthly payment is the same. Early payments are weighted towards interest, and later payments towards clearing the balance.
Is it better to take a shorter or longer loan term?
A shorter term has higher monthly payments but lower total interest, while a longer term lowers the monthly payment but costs more overall. Choose the shortest term you can comfortably afford.
What is APR on a loan?
APR (Annual Percentage Rate) is the yearly cost of borrowing, including interest and any compulsory fees. It is the fairest figure for comparing loans, because it standardises different rates and charges.
Does this calculator check my credit?
No. It is an illustrative tool that does not run a credit check or contact any lender, so using it has no effect on your credit file. Only a formal application affects your credit score.
Can I pay off my loan early?
Usually yes, though some lenders charge an early-repayment fee, often up to about two months' interest. Even with a fee, repaying early frequently saves money overall by cutting future interest.