Loan Repayment Calculator (UK Personal Loan)
See what a loan costs each month and in total, and how a longer or shorter term changes it.
| Amount borrowed | £10,000 |
|---|---|
| Total interest | £1,600 |
| Total you repay | £11,600 |
| Term | Monthly payment | Total interest |
|---|---|---|
| 48 months | £234.85 | £1,273 |
| 60 months | £193.33 | £1,600 |
| 72 months | £165.73 | £1,932 |
| 84 months | £146.09 | £2,271 |
Uses the interest rate you enter, charged monthly on the reducing balance. A lender’s APR also includes fees, so compare APRs when you shop around.
How loan repayments are worked out
With a typical personal loan you pay the same amount every month. Each payment covers that month’s interest plus some of the amount you borrowed, so the balance falls until it reaches zero at the end of the term.
Example: borrowing £10,000 at 6% over 60 months costs £193.33 a month and £1,600 in total interest.
Longer term, lower payment, higher cost
Stretching a loan over more months lowers the monthly payment but increases the total interest, because you owe money for longer. Choose the shortest term you can comfortably afford.
Interest rate or APR?
The calculator uses the interest rate you enter. A lender’s APR (annual percentage rate) also includes compulsory fees, so it is the better figure for comparing loans. Representative APRs only have to be offered to at least 51% of successful applicants, so your own rate may be higher.
Before you borrow
- Check whether the loan has an early repayment charge.
- Compare the total amount payable, not just the monthly payment.
- Use a lender’s eligibility checker, which does not affect your credit score.
Frequently asked questions
How much is a £10,000 loan per month?
Over five years at 6%, a £10,000 loan costs about £193.33 a month. Over three years the payment rises to £304.22 but you pay less interest.
Is it cheaper to borrow for less time?
Yes. A shorter term means higher monthly payments but less interest overall.
What is a good interest rate for a loan?
It depends on the amount, the term and your credit history. Compare APRs from several lenders using eligibility checkers.
Can I pay a loan off early?
Usually yes, but lenders can charge a limited early repayment fee. Ask for a settlement figure before you pay.
More from UK Answers
Figures are for the 2026/27 tax year from official sources and are estimates for guidance only, not financial or legal advice. Printed from ukanswers.co.uk.