Personal Loan Calculators

See what your monthly repayments might look like and how much you might pay overall with our free UK loan calculator. Try the personal loan calculator to get an estimate of potential loan costs, including monthly repayments, total interest, and how much you may pay overall.

CreditKnowledge is a credit broker, not a lender. You must be 18+ and a UK resident. Credit subject to status and eligibility. The rate you’re offered will depend on your personal circumstances and credit profile.

How Our Loan Calculator Works

Try the personal loan calculator to get an estimate of potential loan costs, including monthly repayments, total interest, and how much you may pay overall.
Our loan repayment calculator helps you estimate how much you could borrow and what your monthly repayments might be, based on:
  • The amount you wish to borrow
  • How much you can afford to pay each month
  • The length of the loan term
  • The APR

Understanding Your Loan Repayments, APR, and Costs

Our loan repayment calculator is designed to give you a clear estimate of your monthly loan repayments and the overall cost of borrowing, helping you plan your finances with confidence.

Understanding APR (Annual Percentage Rate)

The APR shows the total cost of a loan over a year, including interest and any applicable fees. It's expressed as a percentage so you can easily compare different loan options. The representative APR is an example rate andthe actual rate you're offered may vary based on your individual circumstances.

How monthly loan repayments are calculated

Your monthly loan repayments are calculated using the loan amount, repayment term, and APR. The interest is applied to the amount borrowed and spread across the full term of the loan. Choosing a longer repayment period may lower your monthly repayments, but it can increase the total amount repayable.

What your loan calculator results mean

The results from the loan repayment calculator provide an estimate of:

  • Your monthly repayments
  • The total amount repayable
  • The total cost of borrowing

Example

To illustrate, borrowing £10,000 over 5 years at an APR of 7.9% could result in monthly repayments of around £200. Over the full term, the total amount repayable would be approximately £12,100, meaning the estimated cost of borrowing would be around £2,100.

Please note this example is for illustrative purposes only. The actual loan amount, APR, and repayments you may be offered will depend on your personal circumstances. Always ensure that any loan is affordable based on your financial situation.

How Can I Reduce the Cost of a Loan?

A few changes could help to lower the total cost of your loan.
  • Make early repayments: If you are in a position to do so without putting yourself in financial hardship, consider repaying your loan earlier than outlined by your loan provider. This can help you to save on the total interest paid. However, keep in mind that not all lenders allow early repayment, and you could possibly have to pay a fee, so always check with your lender.
  • Apply for a shorter loan term: Repaying your loan quicker often means you’ll have lower interest rates. This also means that your monthly repayments will be higher than if you were to choose longer-term loans, but the overall cost will be less. Consider if higher repayments fit within your monthly budget before applying for a shorter-term loan.
  • Compare loan rates: Different loan providers will offer different APRs - some will be more competitive than others. Compare loans through CreditKnowledge and find low rates that suit your budget and financial circumstances.

How Long Should a Loan Term Be?

Your ideal loan term will depend on your monthly budget and how quickly you want to clear the debt. Shorter-term loans can be more cost-effective overall, but the payments may feel less manageable. Longer terms might spread out the cost and give you lower repayments, but you’ll usually be paying more interest over time. Using our calculator can help you to build a better understanding of what your options are, so you can find a balance that works for you.
Please note that not all applicants will qualify for a loan. We provide a free loan comparison service and act as a credit broker, not a lender. We may receive commission or other fees from lenders if you take out a product through our service. Some lenders will only consider applicants who are UK homeowners, and not all lenders offer the full range of loan amounts or terms shown. If you consolidate your existing borrowing, you may be extending the term and increasing the total amount you repay.
You can check your eligibility with no impact to your score. Only once you decide to proceed with a specific finance option will a hard credit check be conducted, which may affect your credit score.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk