Loan Calculator
Enter a principal amount, annual rate, and term.
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Finance tool
Loan Cost Calculator
Work out the monthly payment, total interest, and total cost of any loan. Enter the amount, annual rate, and a term from 1 to 30 years.
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How To Use This Loan Cost Calculator
Enter the amount you want to borrow, the annual interest rate (APR), and the term in years. The calculator instantly shows your estimated monthly payment, the total amount repaid, and how much of that is interest, so you can see the true cost of a loan before you apply.
What This Tool Is For
Use it for quick planning on personal loans, car finance, home-improvement loans, and debt consolidation. Compare how different amounts, rates, and terms change your monthly payment and total interest, then take the figures to a lender to confirm an exact quote.
Example Loan Repayments Over 5 Years
These examples show the estimated monthly payment and total cost for common loan amounts on a 5-year (60-month) term at a representative 6.5% APR. Your own rate will change these figures, so enter it above for an exact estimate.
| Loan amount | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| £20,000 | £391.32 | £3,479 | £23,479 |
| £22,000 | £430.46 | £3,827 | £25,827 |
| £23,000 | £450.02 | £4,001 | £27,001 |
| £25,000 | £489.16 | £4,349 | £29,349 |
| £29,000 | £567.42 | £5,045 | £34,045 |
Figures are estimates for planning only and assume a fixed rate with equal monthly payments and no fees.
How The Monthly Payment Is Calculated
The calculator uses the standard amortising-loan formula. Each month you pay interest on the remaining balance plus a slice of the principal, so the payment stays level while the interest portion shrinks over time. The monthly payment is the principal multiplied by the monthly interest rate, divided by one minus one-plus-the-monthly-rate raised to the power of minus the number of months, where the monthly rate is the annual rate divided by 12.
Why This Tool Is Useful
The loan cost calculator turns three simple inputs (amount, rate, and term) into the numbers that actually matter: what you pay each month and how much the loan costs in total. Seeing the total interest alongside the monthly payment helps you avoid focusing only on an affordable-looking monthly figure.
Accuracy And Privacy
This is an informational estimate and does not include arrangement fees, insurance, taxes, or lender-specific rules, so your real quote may differ. All calculations run in your browser, so nothing you enter is sent to a server. Confirm exact loan costs with the lender before making a decision.
FAQ
How much is a £22,000 loan over 5 years?
At a representative 6.5% APR, a £22,000 loan over 5 years (60 monthly payments) works out to about £430 per month, or roughly £25,827 in total, of which about £3,827 is interest. Enter your own rate above for an exact estimate.
How much would a £29,000 loan cost over 5 years?
At 6.5% APR, a £29,000 loan over 5 years costs about £567 per month, or roughly £34,045 in total — around £5,045 of that is interest. A shorter term raises the monthly payment but lowers the total interest.
How is the monthly loan payment calculated?
It uses the standard amortising-loan formula: a level payment that each month covers interest on the remaining balance plus part of the principal. The monthly rate is the annual rate divided by 12.
Is this financial advice?
No. This is an estimate for general planning and should be verified with a lender.
Does it include fees?
No. It uses principal, interest rate, and term only, so arrangement fees and insurance are not included.