Personal Loan Calculator UK
This personal loan calculator shows your monthly repayment and the total cost of borrowing. For example, £10,000 over 5 years at 6.9% APR costs £196.56 a month, and you repay £11,793.43 in total, which is £1,793.43 of interest. Compare different terms to find a payment you can afford.
- £10,000 over 5 years at 6.9%£196.56/month
- Representative APRat least 51% get it
- Cooling-off period14 days
Updated November 2026 · Standard loan formula, APR-based
Calculate your loan repayments
Your result
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How loan repayments are calculated
Fixed-rate personal loans use the amortisation formula payment = L × r ÷ (1 − (1 + r)−n), where L is the amount borrowed, r the monthly rate and n the number of months. Under UK consumer credit rules the APR is an annual rate that includes interest and compulsory fees, so the monthly rate is (1 + APR)1/12 − 1. At 6.9% APR that is 0.558% a month.
Personal loan repayment examples
| Loan | Term | Monthly payment | Total interest |
|---|---|---|---|
| £3,000 | 24 months | £137.71 | £305 |
| £5,000 | 36 months | £160.11 | £764 |
| £10,000 | 60 months | £196.56 | £1,793 |
| £15,000 | 60 months | £292.19 | £2,531 |
| £25,000 | 84 months | £373.55 | £6,378 |
Shorter or longer term? £10,000 at 6.9% APR
| Term | Monthly payment | Total interest |
|---|---|---|
| 24 months | £446.33 | £712 |
| 36 months | £307.36 | £1,065 |
| 48 months | £238.03 | £1,425 |
| 60 months | £196.56 | £1,793 |
| 84 months | £149.42 | £2,551 |
Stretching the loan from 3 to 7 years cuts the monthly payment by about half but more than doubles the interest.
Representative APR and your actual rate
- The advertised representative APR only has to be offered to at least 51% of successful applicants. Others may be offered a higher rate.
- Use an eligibility checker with a soft search before applying, so a full credit check does not show on your file unless you go ahead.
- You have 14 days to withdraw from a regulated loan agreement, and you can repay early at any time. The lender may charge up to 1% of the amount repaid early (0.5% if less than a year remains).
- Only borrow from lenders authorised by the Financial Conduct Authority. You can check any firm on the FCA register.
Frequently asked questions
How much is a £10,000 loan over 5 years?
At 6.9% APR, £10,000 over 60 months costs £196.56 a month, £11,793.43 in total.
How much is a £5,000 loan over 3 years?
At 9.9% APR, £5,000 over 36 months costs £160.11 a month, with £764.02 of interest.
What does representative APR mean?
It is the rate at least 51% of successful applicants receive. Your own rate depends on your credit record and can be higher.
Is it cheaper to borrow over a shorter term?
Yes. You pay interest for fewer months, so the total cost is lower, although each monthly payment is higher.
Can I pay off a personal loan early?
Yes. You have a legal right to settle early. The lender can charge a fee capped at 1% of the amount repaid, or 0.5% if under a year is left.
Sources and method
We use official UK guidance and recognised formulas, and test each calculator against worked examples. Results are estimates to help you plan, not professional advice. See how we work.