Loan Calculator

A loan calculator works out the monthly repayment, total interest paid and total cost of any fixed-rate loan over its term. Personal loans in the UK 2025 typically run from £1,000 to £25,000 over 1-7 years at APRs between 5% and 15%, depending on credit score, amount and term. The two main types are unsecured personal loans (no collateral, higher APR, faster approval) and secured loans against property (lower APR, slower approval, real risk of repossession). The calculator handles either as long as the rate is fixed and payments are equal monthly instalments — by far the most common UK product. Under UK consumer credit rules, every regulated lender must quote a Representative APR — the rate that at least 51% of accepted applicants will pay. Your actual offer can be higher (so-called "rate-for-risk" pricing). The calculator uses the rate you enter, not the headline APR, so you can model your exact quote. The total amount payable includes interest only — credit insurance, arrangement fees and early repayment charges are extra and vary by lender. Most personal loans in the UK now allow overpayment without penalty up to one monthly payment per year under Section 94 of the Consumer Credit Act, but full early repayment can incur up to 58 days’ interest. Useful for car finance comparison (HP, PCP, PCH lease — see the Car Finance Calculator), home improvement loans, debt consolidation, wedding costs, holiday financing, or any predictable lump-sum borrowing. The repayment amount is calculated using the standard amortisation formula M = P × (r / (1 − (1 + r)^(−n))), where M is monthly payment, P is principal, r is the monthly rate, and n is total months. Each payment includes both interest and capital, with the interest portion declining as the balance amortises. The calculator does not handle variable-rate loans (rare in UK personal lending but common in commercial), interest-only loans, balloon-payment products like PCP (use the Car Finance Calculator), or revolving credit like credit cards (use the Credit Card Payoff Calculator). It also does not include arrangement fees added to the principal — if your offer quotes a fee, add it to the loan amount before calculating. For comparing multiple debts use the Debt Payoff Calculator; for mortgage-specific repayment use the Mortgage Calculator.