About the Loan Calculator converter
Before you sign a credit agreement, you should know exactly what it will cost, both per month and in total. This calculator estimates the monthly repayment and total interest for a fixed-rate personal loan so you can compare offers on equal footing.
What the numbers mean
APR (Annual Percentage Rate) is the headline cost of borrowing including standard fees. The monthly repayment is the fixed amount that clears both interest and principal over the term. Total interest is what you pay on top of the amount borrowed across the full term.
How term length changes the cost
A longer term lowers your monthly payment but raises the total interest, sometimes dramatically. Borrowing £10,000 at 8% over 3 years costs roughly £1,290 in interest; the same loan over 7 years costs closer to £3,200. Choose the shortest term you can comfortably afford.
This is an estimate, not a quote
Real lenders may add arrangement fees, early repayment charges, or PPI-style add-ons, and your actual rate depends on a credit check. Always read the pre-contract information (SECCI in the UK) before you sign.
Frequently asked questions
- Is a lower APR always cheaper?
- Usually, but not if the low-APR loan has a much longer term or big upfront fees. Compare total repayable, not just APR.
- Should I overpay my loan?
- If your agreement allows overpayments without penalty, yes, most loans let you clear early and save interest. Check the terms first.