Personal Loan Calculator

Use this calculator to work out your monthly loan repayments or find out how much you could afford to borrow based on your monthly budget.

How does the loan repayment calculator work?

What This Calculator Does
Shows how much you can borrow Calculates your monthly payments Displays total repayment amount Helps you understand the true cost of borrowing

Information You Need to Provide
Loan amount (how much you want to borrow) Monthly payment amount (what you can afford) Loan term (how many years) APR (interest rate percentage)

Option 1: Calculate Monthly Repayments
Select "Calculate monthly repayments" Enter loan amount Enter loan term (years) Enter interest rate (APR) Click "Calculate"
Example: Borrowing £12,000 over 5 years at 7% APR: Monthly payment: £236.40 Total repayable: £14,182.93 Cost of loan: £2,183.93

Option 1: Calculate Monthly Repayments

Example:

Borrowing £12,000 over 5 years at 7% APR:

Option 2: What Can I Afford?
Select "What can I afford?" Enter monthly payment amount Enter loan term (years) Enter interest rate (APR) Click "Calculate"
Example: If you can pay £250 monthly for 5 years at 7% APR: You can borrow: £12,690.42 Total repayable: £15,000 Cost of loan: £2,309.58

Option 2: What Can I Afford?

Example:

If you can pay £250 monthly for 5 years at 7% APR:

Tip:

Try different APR values to see how they affect your payments and total cost.

APR Explained
APR = Annual Percentage Rate The yearly interest rate on your loan Includes both interest and any mandatory fees Gives you the total yearly cost of borrowing The APR you actually get depends on your credit score

Payment Calculation
Total loan amount + total interest ÷ Number of months in loan term = Your monthly payment

Example: Borrowing £10,000 at 7% interest with different loan terms:

Loan Term (Years)	Monthly Repayment (£)	Total Amount Repayable (£)	Loan Cost (£)
3	307.79	11,080.40	1,080.40
5	197	11,819.94	1,819.94
7	149.88	12,589	2,589.74

Key Factors	How It Affects Your Loan
Loan Term	Longer term = Lower monthly payments Shorter term = Higher monthly payments
APR	Higher APR = Higher monthly payments Lower APR = Lower monthly payments Your personal APR depends on your credit score
Credit Score	Better credit score = Lower APR offered Poor credit score = Higher APR offered

Money-Saving Tips
Choose a shorter loan term - You'll pay less interest overall, even though monthly payments will be higher Look for the lowest APR - Shop around to find the best interest rates available to you Watch out for extra fees - Check for early repayment fees, arrangement fees, or other hidden charges Make overpayments - If your loan allows it, paying extra when you can will reduce the total interest

Loan Type	Key Information
Personal Loans	Usually up to £50,000 No collateral required Based on your credit score and income
Secured Loans	Higher amounts available Requires property as collateral Warning: Your home may be at risk if you don't keep up repayments

Important:

Always make sure you can afford the repayments before taking out any loan.