What does the Personal Loan Calculator do?

Calculate monthly repayments, total interest and total cost of a personal loan. All calculations are performed in your browser using official UK rates and thresholds.

Does this use current UK interest rates?

You can enter any interest rate to model different scenarios. The Bank of England base rate and FCA guidelines influence typical lending rates available in the UK market.

Should I get professional debt advice?

If you are struggling with debt, free professional advice is available from StepChange (0800 138 1111), Citizens Advice, and the National Debtline (0808 808 4000). This calculator provides estimates only.

Personal Loan Calculator

Calculate monthly repayments, total interest and total cost of a personal loan.

Last updated: April 2026 · Source: FCA — Credit and loans

Loan Amount

APR (%)

Term (months)

Monthly Repayment

£308.31

Borrowed

£10,000.00

Total Interest

£1,099.30

Total Repaid

£11,099.30

Disclaimer

This calculator is provided for informational purposes only and should not be considered as financial or tax advice. All calculations are performed locally in your browser — no personal data is collected or sent to our servers. Rates and thresholds are sourced from HMRC and GOV.UK and are updated for the current tax year. Always verify results with HMRC or consult a qualified professional before making financial decisions.

How It Works

A personal loan is repaid in fixed monthly instalments over an agreed term, typically one to seven years. Each payment covers a portion of the principal plus interest. The interest is usually calculated on the reducing balance, meaning you pay less interest as the outstanding amount shrinks.

Lenders advertise a representative APR, which at least 51% of approved applicants must receive. Your actual rate depends on your credit score, income and the loan amount. Rates tend to be lowest in the £7,500–£15,000 range and higher for smaller or larger sums.

This calculator uses the standard annuity formula to compute your monthly repayment, total interest and overall cost. Adjust the loan amount, term and interest rate to compare different scenarios side by side.

Example: £10,000 loan at 6.9% APR over 5 years

Loan amount: £10,000
Monthly repayment: £197.54
Total repaid over 60 months: £11,852.40
Total interest paid: £1,852.40

Source: FCA — Credit and loans

Frequently Asked Questions

What does the Personal Loan Calculator do?: Calculate monthly repayments, total interest and total cost of a personal loan. All calculations are performed in your browser using official UK rates and thresholds.
Does this use current UK interest rates?: You can enter any interest rate to model different scenarios. The Bank of England base rate and FCA guidelines influence typical lending rates available in the UK market.
Should I get professional debt advice?: If you are struggling with debt, free professional advice is available from StepChange (0800 138 1111), Citizens Advice, and the National Debtline (0808 808 4000). This calculator provides estimates only.