Loan Calculator
Use this personal loan calculator to work out the monthly repayment, total interest and total cost of a fixed-rate loan, or how much a monthly payment lets you borrow.
Checked 20 October 2026.
Rate type
APR is the yearly cost of the loan including any arrangement fee. Use the interest rate option only if your lender quoted a rate charged monthly.
Monthly payment
£329.22
This is an estimate for a fixed-rate loan. Your lender's figures may differ.
- Total repayable
- £11,851.95
- Total interest
- £1,851.95
- Loan amount
- £10,000.00
- Term
- 36 months
Total repayable is the unrounded monthly payment times the number of months, so it can differ from the rounded payment times months by a few pence.
Year by year
| Year | Interest paid | Balance at end of year |
|---|---|---|
| 1 | £987.16 | £7,036.51 |
| 2 | £631.54 | £3,717.40 |
| 3 | £233.25 | £0.00 |
Show the working
- Monthly rate used: 0.009489 (0.9489% a month). For an APR this is (1 + APR) to the power of 1/12, minus 1. For a rate charged monthly it is the yearly rate divided by 12.
- Monthly payment = amount × monthly rate ÷ (1 − (1 + monthly rate) to the power of minus 36) = £329.22. At 0% it is the amount divided by the months.
- Total repayable = payment × 36 months = £11,851.95. Total interest = £11,851.95 − £10,000.00 = £1,851.95.
- Each month the balance grows by the monthly rate and the payment comes off.
Nothing you enter leaves your device. This is not financial advice or a credit offer. Check the APR, total repayable amount and any charges on your loan agreement before you borrow.
How are loan repayments worked out?
With a typical personal loan the payments are fixed so that the debt is cleared at the end of the term, and each payment covers the interest due plus part of the amount borrowed, according to MoneyHelper.
This loan repayment calculator uses the standard repayment formula. Early payments are mostly interest, so the balance falls slowly at first. For the same idea on a home loan, see the mortgage overpayment calculator.
Monthly payments and interest on a £10,000 loan
| APR | 12 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|
| 5% | £855.57 | £438.22 | £299.21 | £188.20 |
| 10% | £877.16 | £459.46 | £320.65 | £210.36 |
| 15% | £898.14 | £480.40 | £342.06 | £232.98 |
| 20% | £918.57 | £501.04 | £363.39 | £255.96 |
| 25% | £938.46 | £521.37 | £384.62 | £279.17 |
Illustrative rates only, not offers. Fixed rate, equal monthly payments, no fees.
| APR | 12 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|
| 5% | £266.79 | £517.20 | £771.58 | £1,292.24 |
| 10% | £525.87 | £1,027.10 | £1,543.47 | £2,621.35 |
| 15% | £777.72 | £1,529.66 | £2,314.07 | £3,978.97 |
| 20% | £1,022.82 | £2,024.89 | £3,082.03 | £5,357.53 |
| 25% | £1,261.56 | £2,512.84 | £3,846.18 | £6,750.30 |
Illustrative rates only, not offers. Fixed rate, equal monthly payments, no fees.
What is the difference between APR and the interest rate?
APR is the yearly cost of borrowing including arrangement fees, so MoneyHelper says to compare APRs rather than interest rates alone.
This loan interest calculator turns an APR into a monthly rate with (1 + APR)^(1/12) - 1. This method reproduces the monthly payments in the official worked examples in the Consumer Credit (Early Settlement) Regulations 2004 (£134.57 and £139.51).
Will I get the APR that is advertised?
Not necessarily. MoneyHelper says only 51% of people approved for a loan have to get the advertised rate or better, so your rate may be higher and you usually will not know it until you apply.
Use an eligibility checker where one is offered, and put the rate you are actually offered into the calculator.
Can I repay a personal loan early?
You can repay in full or make partial overpayments. MoneyHelper says an early repayment charge usually applies only if you repay more than £8,000 in a year, is typically around one or two months' interest, and is capped at 1% of the amount repaid early if more than a year remains, or 0.5% in the final year.
Ask your lender for a settlement figure. The Consumer Credit (Early Settlement) Regulations 2004 give a rebate on early settlement of a regulated agreement.
Common questions
How much is a £10,000 loan a month?
It depends on the rate and term. At 10% APR over 36 months the payment is £320.65 and the interest is £1,543.47. At 20% APR over 36 months it is £363.39 and £3,082.03. Examples only, not offers.
Does a longer loan term cost more?
Yes. The monthly payment is lower but you pay interest for longer. On £10,000 at 10% APR, 12 months costs £877.16 a month and £525.87 of interest, while 60 months costs £210.36 a month and £2,621.35 of interest.
How much can I borrow for a set monthly payment?
Use the "how much can I borrow" option. For example, £200 a month at 10% APR over 36 months supports a loan of about £6,237.29. Make sure you can afford the payment on top of your existing bills.
Does this work for variable rate loans?
It shows the cost at the rate you enter. MoneyHelper notes some personal loans have variable rates that can go up or down, and advises avoiding them if you can only just afford the starting payments.
Why is my lender's figure slightly different?
The rate you are offered may differ from the advertised one, fees and payment dates vary, and lenders round payments. Use the exact APR, amount and term on your loan offer.
Sources
Checked 20 October 2026:
This is not financial advice or a credit offer. Check the APR, total repayable amount and any charges on your loan agreement before you borrow.
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