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Personal loan calculator 2022
Find out how much you'll repay every month and the total cost of a personal loan.
How much will I pay each month?
Your estimated monthly payment depends on a few key factors, including the amount you want to borrow, the interest rate and the duration of the loan. You can enter these into the calculator below to calculate the monthly repayments and the total cost.
Monthly repayments calculator
Calculate how much you could expect to pay each month
For the purposes of this calculator, we’ve made a few assumptions – such as a fixed rate of interest. We’ve also assumed that there are no set-up fees associated with the product, which tends to hold true in the majority of cases (you’ll want to double-this is the case for the loan that you’re considering). We’ve also assumed that the monthly repayments will be equal (give or take a few pence) – it’s not unheard of for lenders to structure loans with decreasing repayment amounts, or with repayment holidays (where the borrower makes no repayments for, say, the first two months of the loan, for example).
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With no guarantor
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What to keep in mind
Before applying for a personal loan, it’s important to know how much you’ll be expected to pay each month – keeping the total cost down and the monthly repayments affordable will normally be what dictates the length of your loan.
Ultimately you need to be sure that your monthly repayments are affordable, taking into account your income and expenditure. If you’ve done your homework and you’re confident that a particular sum each month would be comfortably manageable, then there’s a fair chance that a lender assessing your application would come to the same conclusion.
Some important terms you should know
- APR. The Annual Percentage Rate (APR) is designed to be a benchmark for consumers, providing an annual summary of the cost of a loan. As well as the interest, the APR also takes into account any compulsory charges – like an “admin” or “set-up” fee (if there is one). However, crucially, lenders only have to award the advertised APR to 51% of those who take out the loan – the other 49% could be offered a different (higher) rate, at the lender’s discretion. That’s why it’s often referred to as the representative APR.
- Capital. Also referred to as the “principal” or “loan amount”, this is the original amount borrowed.
- Default. Defaulting on a loan means failing to make a pre-agreed repayment at the specified time. This will typically result in the borrower being charged a penalty plus damage to the borrower’s credit record.
- Draw down. Drawing down simply refers to the transfer of funds to the borrower at the start of a loan.
- Eligibility criteria. A list of conditions that a borrower must meet in order to be considered for a loan. These vary from lender to lender.
- Fixed rate. A fixed rate will not change for an agreed amount of time, even if market conditions mean that bank interest rates generally are increasing or decreasing. A fixed rate can be a popular option for some borrowers, and it allows them to budget with more certainty – knowing in advance the exact cost of a loan and the exact figure for each instalment.
- Guarantor. An individual who promises to repay a loan in the event that the borrower does not. Typically a friend or relative of the borrower.
- Instalment. A repayment towards an outstanding loan. This will normally consist partly of interest accrued so far, and partly of a proportion of the original sum borrowed.
- Interest rate. The interest rate is a charge for borrowing, and is a percentage of the amount of credit.
- Loan term. The amount of time over which a loan is to be repaid.
- Principal. Also referred to as the “capital” or “loan amount”, this is the original amount borrowed.
- Repayment holiday. An agreed period (normally either one or two months) where the borrower will not make repayments. The debt continues to accrue interest during this period, so taking a repayment holiday will generally increase the total cost of borrowing (and the loan term). Repayment holidays are typically offered to borrowers at the start of a loan, or at a specified frequency – for example one per year.
- Unsecured. An unsecured loan does not use an asset, such as a property or vehicle, as collateral for the loan.
- Variable rate. A variable rate is the opposite of a fixed rate, and can increase or decrease over time at the lender’s discretion. Typically, variations occur as market conditions generally shift – for example in increase or decrease in the Bank of England base rate.
Try our lender-specific calculators
Got a specific brand in mind? Use the links below to see how much your loan could cost with that particular lender.
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