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United Kingdom Loan / EMI Calculator

Work out the monthly repayment on a UK personal loan or car finance agreement in GBP, with the total interest and total cost across the whole term.

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Monthly payment
£400.76
Total interest
£4,045.54
Total paid
£24,045.54

How it works

The United Kingdom edition of the loan calculator. It works out the fixed monthly repayment on an amortising loan — the shape of a UK personal loan, a debt consolidation loan or a car finance agreement repaid in equal instalments. Enter the amount in pounds, the annual interest rate and the term in years, and you get the monthly repayment, the total interest and the total amount repayable. Agreements that finish with one large final payment are a different structure and are not modelled here.

The maths is the standard amortising formula: repayment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), with P the amount borrowed, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly repayments. Interest is charged on the balance still outstanding, so every repayment is identical in size but pays progressively less interest and progressively more capital. A 0% deal reduces to amount ÷ months.

Worked example at a hypothetical 9.9%: borrow £14,000 over 48 months. That is £354.40 a month, £17,011.40 repayable in total and £3,011.40 of interest. Take the same £14,000 over 60 months instead and the monthly figure eases to £296.77 — £57.63 less — while the interest bill rises to £3,806.21, or £794.81 more. The monthly saving is real, but so is the extra year of paying for it.

Two points that matter in the UK. This calculator assumes one rate for the whole term, which fits a fixed-rate personal loan but not a residential mortgage: UK mortgages are normally a two- or five-year fixed deal that reverts to the lender’s standard variable rate afterwards, over a 25 to 35 year term, so most borrowers remortgage at each deal end rather than run one rate to redemption. For that, use the UK mortgage calculator, which explains the reversion properly. Second, remember that a lender will run its own affordability assessment on your income and outgoings — a repayment this tool says is arithmetically fine may still be declined.

On the amount to enter: prices quoted to UK consumers already include VAT at the standard 20% rate where it applies, so the cash price you are financing is the VAT-inclusive figure and you should not add tax on top. Arrangement fees, payment protection products and default charges are excluded from the result, which is principal and interest only. If you might repay early, ask the lender what settling the agreement would actually cost before you assume the interest saving. These are estimates for planning — confirm the figures with your lender or a qualified adviser.

Other regions: United States, Canada, Australia.

Frequently asked questions

Can I use this for a UK mortgage?
Only as a rough sketch. UK mortgages are typically a two- or five-year fixed deal that then reverts to the lender’s standard variable rate across a 25 to 35 year term, so a single rate held for the whole term is not how the debt behaves. The UK mortgage calculator page works through what happens at reversion.
Is the rate I was quoted the same as the APR?
Not necessarily. An APR is designed to express the full cost of credit including compulsory fees, whereas the payment is derived from the interest rate itself. Entering an APR gives a slightly higher, more cautious repayment, which is fine for comparing deals.
Does the amount I enter include VAT?
It should reflect whatever you are actually financing. UK consumer prices are displayed with VAT at 20% already included where it applies, so use the cash price as quoted — do not add VAT again, and do not deduct it.
What does a longer term really cost?
On £14,000 at a hypothetical 9.9%, four years costs £354.40 a month and £3,011.40 in interest; five years costs £296.77 a month and £3,806.21. The lower monthly figure is £57.63 cheaper, but the extra year adds £794.81 to the total.
Will the lender definitely approve a repayment I can afford?
No. Lenders assess affordability against your income, existing commitments and credit history, and they stress-test the outcome rather than accepting the raw arithmetic. Treat the repayment here as a budgeting figure, not a lending decision.
What if I want to repay early?
Early settlement usually reduces the interest you pay, but the exact rebate depends on your agreement, and some agreements add a charge. Ask your lender for a settlement figure rather than assuming you save all the remaining interest shown here.
Is anything I type sent to a server?
No — the calculation runs entirely in your browser, so no figures leave your device.

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