Finance Calculator
Enter your loan details → see your monthly payment & total cost instantly
Your monthly loan repayment is calculated using the standard amortisation formula, which spreads your principal and interest evenly across the loan term. The formula is: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the number of months.
For example, a £10,000 loan at 6.5% over 5 years results in a monthly repayment of approximately £195. Over the full term you'd repay around £11,700 — meaning £1,700 goes to interest. A longer term reduces monthly payments but significantly increases total interest paid.
This calculator works for personal loans, car finance, and any fixed-rate instalment loan. For mortgage calculations, see our Mortgage Affordability Calculator. To understand your net salary after deductions, use our Take-Home Pay Calculator.