Loan Repayment Calculator

A personal loan is amortising: a fixed monthly payment is set so the balance reaches zero by the end of the term. Each payment covers the month’s interest on the remaining balance first, with the rest reducing what you owe — so early payments are mostly interest and later ones mostly principal.

APR (Annual Percentage Rate) bundles the interest rate together with any compulsory fees into a single yearly figure, so it’s the fairest way to compare loans. The “representative APR” is what at least 51% of accepted applicants get — the rate you’re actually offered can be higher.

A longer term lowers the monthly payment but increases the total interest you pay, because you owe the money for longer. A shorter term costs more each month but far less overall. Use the year-by-year breakdown to see the trade-off.

Usually yes. Under UK rules you can settle a regulated loan early and only pay interest up to roughly 28–58 days after you tell the lender, though some agreements add an early repayment charge. Overpaying reduces the balance and the total interest — always check your agreement first.

No. This is just a maths tool — nothing is sent to a lender and there is no credit check. A real application involves a credit search, but many lenders offer a soft-search “eligibility check” that shows your likely rate without affecting your score.