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Calculate your monthly payments, total interest and full repayment schedule for any loan.
Enter your loan details and hit
Calculate loan
Our free loan calculator lets you calculate monthly repayments, total interest and a full repayment schedule for any type of loan — personal loans, car finance, student loans, business loans and more. Simply enter the loan amount, interest rate and term length in years or months. Toggle between GBP and USD for UK or US loans.
Loan repayments are calculated using the standard amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n - 1] — where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Each payment covers interest on the remaining balance plus a portion of the principal.
A personal loan is an unsecured loan from a bank or lender that can be used for almost any purpose — debt consolidation, home improvements, a car or a holiday. Typical rates range from 5% to 30% APR depending on your credit score.
APR (Annual Percentage Rate) represents the true cost of borrowing including interest and fees, expressed as a yearly percentage. It's the figure you should compare when choosing between loan offers, not just the headline interest rate.
Most UK lenders offer personal loans from £1,000 to £25,000, while some specialist lenders go up to £50,000. The amount you can borrow depends on your income, credit score and existing debt levels.
A secured loan uses an asset (like your home) as collateral, allowing larger amounts and lower rates but risking the asset if you default. An unsecured personal loan has no collateral but typically has higher interest rates.
Make a larger initial payment, choose a shorter term, make overpayments where allowed, or remortgage to consolidate debt at a lower rate. Even small overpayments early in the loan term significantly reduce total interest.
In the UK, anything below 10% APR is considered a competitive personal loan rate. Rates below 6% are excellent and typically only available to those with strong credit. Rates above 20% are expensive and should be avoided if possible.