UK Loan Repayment Calculator
See your monthly loan repayment, total interest and payoff date, and how much interest a monthly overpayment could save. Uses UK-style APR.
- Total interest
- £0
- Total repaid
- £0
- Paid off in
- –
- Interest saved by overpaying
- £0
| Year | Interest paid | Capital repaid | Balance at year end |
|---|
How the monthly payment is worked out
For a standard fixed-rate loan with equal monthly payments, the payment is set so that the balance reaches exactly zero at the end of the term. Interest each month is charged on the remaining balance, so early payments are mostly interest and later payments are mostly capital.
This calculator converts the APR you enter into an equivalent monthly rate, (1 + APR)^(1/12) - 1, because a UK APR is an effective annual rate. It then applies the standard amortisation formula to find the payment, and builds the year-by-year table by simulating each month.
Using the overpayment box
Enter an extra monthly amount to see how much sooner the loan clears and how much interest you avoid. The table at the bottom updates to the shorter schedule.
Things this calculator does not include
- Arrangement, broker or late-payment fees.
- Payment holidays or variable-rate changes.
- Credit card, overdraft or buy-now-pay-later style interest.
- Early repayment charges, which depend on your loan agreement.
Tips for comparing loans
- Compare the total amount repayable, not just the monthly payment. A longer term lowers the payment but usually raises total interest.
- Compare APRs on loans of the same amount and term.
- Check whether the quoted rate is guaranteed or only representative.
- Use the Money Helper loan guidance for free, impartial advice on borrowing and debt.
Frequently asked questions
What does APR mean on a UK loan?
APR is the annual percentage rate: the yearly cost of borrowing including interest and mandatory fees, expressed as an effective annual rate. Advertised 'representative' APRs only have to be offered to at least 51% of successful applicants, so your own rate may be higher.
Why is my lender's monthly payment slightly different?
Lenders may use a different monthly rate convention, add fees, or round payments. This calculator converts the APR to an equivalent monthly rate and assumes equal payments and no fees.
Is it worth overpaying a loan?
Overpaying reduces the balance sooner, so you pay less interest. Before you do, check your agreement for early repayment charges and compare the interest rate with what you could earn or save elsewhere.
Does the total interest include fees?
No. Arrangement fees, broker fees and insurance are not included. Add them separately when comparing offers.
These results are estimates for general information only and are not financial or tax advice. See our disclaimer.