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Loan repayment calculator
The monthly payment, total interest and payoff date on a personal loan, and what a regular overpayment knocks off both.
The APR on a lender’s advert is a “representative” rate: only 51% of accepted applicants have to get it, so the rate you are actually offered can be higher. Run the numbers again with your real offer before signing.
Monthly payment
£197.54
Paid off in June 2031 on the contractual schedule
- Total repaid£11,852
- Total interest£1,852
Juggling several debts at once? The debt payoff planner orders them so the same budget clears everything faster.
Common questions
- How does loan interest work compared with a credit card?
- A personal loan is amortised: the payment is fixed and each month part of it covers interest on the remaining balance while the rest repays the loan, so early payments are interest-heavy and later ones mostly principal. A credit card is revolving credit with no fixed end date; interest compounds on whatever you carry, and paying only the minimum can stretch a balance out for decades. The certainty of a fixed payment and a fixed payoff date is the loan's main advantage.
- Can I pay off a personal loan early?
- Yes. Loans regulated under the Consumer Credit Act give you the right to settle early, in full or in part, with a rebate of future interest. The catch is in the rebate calculation: the rules let the lender set the settlement date up to 28 days after your notice, plus a further month on loans running over a year, so you can be charged up to around 58 days of extra interest. Ask for a settlement figure first; it is rarely exactly the remaining balance.
- Is a loan or a 0% purchase card better for a big purchase?
- If you qualify for a 0% purchase card and can clear the balance inside the promotional window, the card is cheaper, since there is no interest at all. The loan wins when the amount is too big to clear in time, when you want the discipline of a fixed payment, or when the card's go-to rate after the promotion would sting. The trap with 0% cards is paying the minimum and still owing a chunk when the high rate kicks in.
- Does overpaying a loan beat putting the money in savings?
- Compare the loan APR with the after-tax interest rate on your savings. Overpaying a 7% loan is equivalent to earning a guaranteed, tax-free 7% on that money, which savings accounts rarely match. The exceptions: keep an emergency fund first (overpayments usually cannot be withdrawn), and a 0% or very cheap loan can be worth keeping while your cash earns more elsewhere.
- Why is the rate I am offered higher than the advertised APR?
- The advertised figure is a representative APR. Under FCA rules it only has to be the rate at least 51% of people accepted through that advert are expected to get; the other 49% can be offered more, based on credit score, loan size and term. The rate is only real once you have a personalised quote, ideally from a soft-search eligibility check that does not mark your credit file.
If the loan sits alongside card balances or other debts, the debt payoff planner works out which to clear first, and the credit card minimum payment calculator shows why minimums alone barely dent a card. Wondering whether the overpayment money would do more in savings? The compound interest calculator gives the other side of that comparison.