Loan repayment calculator
See the monthly repayment, total interest and total cost of a personal or business loan.
Your estimate
Monthly repayment
£0
- Total repaid over the term
- £0
- Total interest (cost of credit)
- £0
Estimate only, assumes a fixed interest rate for the whole term with no fees or early repayment. Actual lender offers may differ.
In plain English
The terms, explained
New to this? Here’s what the words on this page actually mean.
- Principal
- The amount you actually borrow, before any interest is added.
- Interest rate
- The annual cost of borrowing, charged on the amount you still owe.
- Term
- How long you have to repay the loan, personal and business loans are often 1 to 7 years.
- Total cost of credit
- The total interest you’ll pay over the whole term, on top of what you borrowed.
FAQ
Loan repayment calculator, your questions answered
How do I work out my loan repayments?
Enter the amount borrowed, the interest rate and the term above. We use the standard amortising-loan formula, the same one lenders use, to spread capital and interest evenly across every monthly payment.
What’s the difference between the interest rate and the APR?
The interest rate is the annual cost of the loan itself. The APR also folds in any fees, giving a fuller “true cost” figure, which is why the APR is usually a little higher. Use our APR calculator if you know the fees and repayment.
Is a business loan interest tax-deductible?
Yes, interest on a loan used for business purposes is normally an allowable expense, reducing your taxable profit. The capital repayment itself isn’t deductible, only the interest element.
Should I take a business loan or use a director’s loan/dividends instead?
It depends on your cash flow, personal tax position and what the funding is for. We compare external finance against taking money out of the company and show you the after-tax cost of each.
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