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Loan Repayment Calculator

Calculate monthly payments, total interest and a full amortisation schedule for personal and other conventional fixed-rate loans. Works with any display currency.

Financing a vehicle purchase? Use the dedicated Auto Loan Calculator to model vehicle price, deposit/down payment, trade-in credit and financed taxes or fees before calculating the payment.
Changing currency changes the unit and formatting only; it does not convert the amounts.
Enter the annual interest rate applied to the loan balance. This model treats it as a nominal annual rate and divides it by 12 to obtain the monthly rate. APR is a broader borrowing-cost measure that can include fees or other charges, which this calculator does not model separately.
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About this tool

What it does

Calculates monthly repayments, total cost of borrowing, total interest charged and a full month-by-month amortisation schedule for conventional fixed-rate personal, business and other generic loans.

Who it's for

Anyone comparing conventional fixed-rate loan offers, budgeting for a personal loan, or checking how principal, rate and term affect monthly repayments and total interest.

Your privacy

All calculations happen in your browser. No financial figures are transmitted to any server or stored anywhere. Completely private.

How the loan repayment calculation works

ToolBullet models a fixed-rate, fully amortising loan with equal monthly principal-and-interest payments. It treats the annual interest rate you enter as a nominal annual rate for this model and divides it by 12 to obtain the monthly periodic rate.

Monthly payment = P × i ÷ [1 − (1 + i)−n]

P = amount borrowed; i = annual interest rate ÷ 12 ÷ 100; n = number of monthly payments. At a 0% rate, the payment is P ÷ n.

Each month, interest is calculated from the opening balance. The remainder of that month's payment reduces principal. The final payment is capped at the remaining balance plus that month's interest.

Worked example

Borrowing £10,000 at an 8.00% annual interest rate for 3 years produces an estimated monthly payment of £313.36. The calculator estimates £11,281.09 repaid in total, including £1,281.09 of interest. In the first month, about £66.67 is interest and £246.70 reduces the principal.

Assumptions and limits

This model assumes a fixed annual interest rate, 12 monthly periods per year and equal end-of-month payments, with no rate changes. It does not separately model lender fees, insurance, penalties, payment holidays, overpayments, interest-only periods, balloon payments or jurisdiction-specific credit rules. Changing the currency changes formatting only; it does not convert amounts. Calculations remain unrounded internally, so adding individually displayed rounded schedule rows can differ slightly from the separately rounded overall total.

Sources and review

Method reviewed 15 September 2026 by the ToolBullet Editorial Team. Consumer Financial Protection Bureau: amortisation and principal-versus-interest behaviour; Consumer Financial Protection Bureau: interest rate versus APR; FCA Handbook CONC App 1.2.6: APR calculation methodology.

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Frequently asked questions

Enter the amount borrowed, annual rate and term. The calculator estimates equal end-of-month payments for a fixed-rate, fully amortising loan and shows the payment, total repaid, interest and a monthly schedule.
The interest rate is the rate used to accrue interest on the balance. APR can also reflect mandatory fees and other borrowing costs. This calculator uses the entered percentage as the rate in its payment formula and does not separately add fees.
At 0%, the amount borrowed is divided equally by the number of months. Total interest is zero and total repaid equals the principal.
It models conventional fixed-rate loans repaid by equal monthly instalments. It does not model variable rates, balloon payments, income-contingent student loans, interest-only periods, fees or payment holidays.
Years are converted to months by multiplying by 12. Decimal years are accepted only when they convert to a whole number of months, such as 1.5 years = 18 months. A term entered in months must be a whole number.
No. The schedule assumes the same contractual payment every month. Mid-term overpayments can change the payoff date, interest and sometimes future required payments, so use the lender’s rules or a dedicated overpayment calculation.
Compare the same amount and term, then review the lender’s APR, interest rate, monthly payment, total amount payable, fees, early-repayment terms and whether the rate can change.
Yes. The amortisation arithmetic is currency-neutral. Changing the currency selector changes labels and formatting only; it does not convert the entered amounts or account for local lending rules.
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