Finance Runs in browser Updated 30 Mar 2026

Loan Calculator

Calculate loan repayments, compare rates, and see how extra payments save time and money.

Loan details

Loan amount

Annual interest rate (%)

Loan term

Monthly payment£303.43

Total repayment£18,205.71

Total interest£3,205.71

Early repayment

What if you pay extra each month?

Extra monthly payment

New payoff time—

Time saved—

Interest saved—

Compare another option

Enter a different rate or term to compare side by side.

Alternative rate (%)

Alternative term (months)

Enter a loan amount, interest rate, and term to calculate your repayments.

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How to use Loan Calculator

Enter your loan details

Type the loan amount, annual interest rate, and term. Toggle between months and years for the term input.
Review repayment figures

See your monthly payment (EMI), total repayment, and total interest calculated instantly.
Model early repayment

Enter an extra monthly payment amount to see how many months you save and how much less interest you pay.
Compare two loan options

Enter a different interest rate or term in the comparison panel to see both loans side by side.
Review the amortisation table

Scroll through the month-by-month breakdown showing how each payment is split between principal and interest.

Loan Calculator FAQ

How is the monthly payment calculated?

The standard EMI (Equated Monthly Instalment) formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.

What is an EMI?

EMI stands for Equated Monthly Instalment — the fixed monthly payment that covers both principal and interest over the loan term. It stays constant throughout a fixed-rate loan.

Does this work for variable-rate loans?

This calculator assumes a fixed interest rate throughout the loan. For variable-rate loans, use the comparison feature to model different rate scenarios and plan for rate changes.

How much can I save with early repayment?

Significant amounts. Paying even £50–£100 extra per month on a large loan can cut years off the term and save thousands in interest. The early repayment section shows the exact impact.

Is there a penalty for early repayment?

Early repayment charges vary by lender and are not factored into this calculator. Check your loan agreement — many personal loans allow overpayments of up to 10% per year without penalty.

What is the difference between APR and the interest rate?

The interest rate is the basic cost of borrowing. APR (Annual Percentage Rate) includes fees and other charges, giving a truer cost comparison. Enter APR when comparing different lenders for a fair comparison.

How does the amortisation table work?

Each row represents one monthly payment. It shows how much goes toward interest (which decreases over time) and how much reduces the principal (which increases over time). Early payments are mostly interest; later payments are mostly principal.

Can I use this for a student loan or mortgage?

For standard repayment student loans and fixed-rate mortgages, yes — the formula is the same. For income-based repayment student loans or interest-only mortgages, the calculation method differs.

Is my data sent anywhere?

No. All loan calculations happen entirely in your browser. Nothing is uploaded, stored, or logged.

Background

Enter a loan amount, interest rate, and term to see your monthly repayment, total cost, and total interest instantly using the standard EMI formula: M = P[r(1+r)^n] / [(1+r)^n - 1]. Toggle between months and years for the term. Use the early repayment section to see exactly how paying extra each month reduces your payoff time and slashes total interest. Compare two different rates or terms side by side to find the better deal — useful when shopping between lenders. A full amortisation table shows every monthly payment broken into principal and interest. Suitable for car loans, personal loans, student loans, and any fixed-rate borrowing. All calculations run in your browser with nothing sent to any server.

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