Loan Details
Amortization Schedule
| Payment | Monthly Payment | Principal | Interest | Balance |
|---|
Results are estimates only and do not constitute financial advice or a formal credit offer. Actual rates, fees, approval decisions, and repayment terms may vary depending on lender policies, affordability checks, and credit history. Always borrow responsibly.
Enter how much you want to borrow, the APR and the term, and the calculator shows the monthly repayment, the total you’ll pay back and how much of that is interest. Add an extra monthly payment to see how much sooner you’d clear it. The schedule above breaks down every payment into interest and capital.
It’s worth running this before you apply. A loan that looks affordable at £200 a month can still cost far more than you expected over five or seven years, and the calculator makes that obvious.
Typical repayments at 7% APR
Your actual rate depends on your credit history and the lender, so treat these as a guide and put your own quote in above.
| Loan | Term | Monthly repayment | Total interest |
|---|---|---|---|
| £5,000 | 3 years | £153.89 | £540.20 |
| £5,000 | 5 years | £98.50 | £909.97 |
| £10,000 | 3 years | £307.79 | £1,080.40 |
| £10,000 | 5 years | £197.00 | £1,819.94 |
| £15,000 | 5 years | £295.50 | £2,729.92 |
| £20,000 | 5 years | £394.00 | £3,639.89 |
Compare the two £10,000 rows. Stretching the loan from three years to five cuts the monthly payment by about £110 but adds almost £740 in interest. A longer term is cheaper each month and more expensive overall.
Some worked examples
£10,000 at 6.5% over five years: £194.79 a month, £11,687.50 in total, so £1,687.50 of interest.
£25,000 at 8.9% over seven years: £396.62 a month, £33,316.15 in total. The interest, £8,316.15, is a third of the amount borrowed.
£15,000 at 7.9% over five years, the calculator’s default: £301.48 a month and £3,088.78 of interest. Pay an extra £100 a month and the loan is cleared in 43 months instead of 60, with about £2,180 of interest, a saving of roughly £900. Check whether your lender charges for paying early first; on most UK personal loans any charge is small and limited by law.
How the repayment is calculated
It uses the standard formula for a fixed-rate loan, M = P × r(1 + r)n ÷ [(1 + r)n − 1], where P is the amount borrowed, n the number of monthly payments and r the monthly rate. The calculator converts the APR to a monthly rate using (1 + APR)1/12 − 1 rather than simply dividing by 12, which matches how UK lenders quote APR. The payment stays the same each month, but early on more of it goes on interest; by the end it’s almost all capital.
APR and representative APR
APR is the yearly cost of borrowing, including interest and any compulsory fees, which is why it’s the figure to compare between lenders. The rate you see advertised is a representative APR: at least 51% of accepted applicants must get it, but the rest can be offered more. Use an eligibility checker with a soft search to see your likely rate before applying properly. Loans of around £7,500 to £15,000 often get the lowest rates.
Using a loan to buy a car
The repayments work the same way; just enter what you need to borrow after any deposit or part-exchange. Dealer finance is different. With hire purchase you usually pay a deposit and own the car after the last payment. With PCP the monthly payments are lower, but there’s a large optional “balloon” payment at the end if you want to keep the car. Compare the total cost, not just the monthly figure.
Debt consolidation loans
Swapping several debts for one loan can make life simpler and sometimes cheaper. To check, compare the total interest on the new loan here with what you’d pay clearing your current debts, using the Debt Repayment Calculator or Credit Card Repayment Calculator. A lower monthly payment over a longer term can still cost more in total, and it only helps if the old cards don’t get used again.
Questions people ask
What is the monthly payment on a £10,000 loan over 5 years?
At 7% APR, about £197.00 a month, with total interest of about £1,819.94.
How much are the repayments on a £5,000 loan?
At 7% APR, about £153.89 a month over 3 years or £98.50 a month over 5 years.
What are the repayments on £20,000 over 5 years?
At 7% APR, about £394.00 a month, with total interest of about £3,639.89.
What is representative APR?
The rate at least 51% of accepted applicants must receive. You may be offered a higher rate depending on your credit history.
Does using this calculator affect my credit score?
No. It doesn’t involve a credit check of any kind.
Related: Credit Card Repayment Calculator · Debt Repayment Calculator · Mortgage Calculator