Loan Calculator Summary
Estimate only. Actual lender terms may vary.
Loan details
| Loan amount | £10,000.00 |
| Annual interest rate | 5% |
| Loan term | 5 years |
| Fees | £0.00 |
| Extra payment | £0.00 |
| Payment frequency | Monthly |
Key results
| Monthly payment | £188.71 |
| Monthly equivalent | £188.71 |
| Total interest | £1,322.74 |
| Total repayment | £11,322.74 |
| Number of payments | 60 |
| Interest share | 11.68% |
| Repayment multiple | 1.13× |
| Interest savings | £0.00 |
| Periods saved | 0 |
Amortization summary
| First payment interest | £41.67 |
| First payment principal | £147.05 |
| Final payment interest | £0.78 |
| Final payment principal | £187.93 |
| Total scheduled payments before fees | £11,322.74 |
Yearly amortization
| Year | Payments | Total paid | Interest | Principal | Ending balance |
|---|---|---|---|---|---|
| Year 1 | 12 | £2,264.55 | £459.00 | £1,805.55 | £8,194.45 |
| Year 2 | 12 | £2,264.55 | £366.62 | £1,897.93 | £6,296.52 |
| Year 3 | 12 | £2,264.55 | £269.52 | £1,995.03 | £4,301.49 |
| Year 4 | 12 | £2,264.55 | £167.45 | £2,097.10 | £2,204.39 |
| Year 5 | 12 | £2,264.55 | £60.16 | £2,204.39 | £0.00 |
This calculator is an educational estimate. Actual loan terms, APR rules, lender fees, prepayment policies, insurance, taxes, and payment timing may change real-world results.
Loan Calculator
Estimate monthly payments, total interest, and repayment totals for a loan.
Loan details
Enter the loan amount, rate, term, payment frequency, fees, and optional extra payment.
Currency
Principal amount borrowed.
Advertised annual interest rate.
Total repayment period.
Optional upfront or finance charges.
Optional extra amount per monthly payment.
Changes payment amount and payment count.
Monthly payment
£188.71
Estimated scheduled payment before optional extra payment.
Total interest
£1,322.74
Estimated interest over the payoff period.
Total repayment
£11,322.74
Principal plus interest and fees.
Number of payments
60
Monthly payments until payoff.
Scheduled payment
£188.71
Base payment plus optional extra payment.
Monthly equivalent
£188.71
Payment converted to a monthly equivalent.
Interest share
11.68%
Interest as a share of total repayment.
Repayment multiple
1.13×
Total repayment divided by principal.
Interest savings
£0.00
Estimated savings from extra payments.
Periods saved
0
Estimated payment periods saved.
Export
Save or share this loan estimate
Copy the summary, download a CSV version, or print a compact loan summary.
Amortization summary
First and final payment breakdown
Full amortization table
Yearly and payment-by-payment breakdown
Review how each payment is split between interest and principal, and how the remaining balance changes over time.
| Year | Payments | Total paid | Interest | Principal | Ending balance |
|---|---|---|---|---|---|
| Year 1 | 12 | £2,264.55 | £459.00 | £1,805.55 | £8,194.45 |
| Year 2 | 12 | £2,264.55 | £366.62 | £1,897.93 | £6,296.52 |
| Year 3 | 12 | £2,264.55 | £269.52 | £1,995.03 | £4,301.49 |
| Year 4 | 12 | £2,264.55 | £167.45 | £2,097.10 | £2,204.39 |
| Year 5 | 12 | £2,264.55 | £60.16 | £2,204.39 | £0.00 |
The amortization table shows principal and interest only. Optional fees are included separately in the total repayment estimate.
Interpretation
What these loan results mean
Payment estimate
Your estimated monthly payment is £188.71 before optional extra payments.
Total repayment
Over the payoff period, the estimated total repayment is £11,322.74 including entered fees.
Interest cost
Total interest is estimated at £1,322.74, or about 11.68% of total repayment.
Extra payment impact
Adding extra principal payments may reduce interest and shorten payoff time when allowed by the lender.
Loan basics
How loan payments work
Principal
Principal is the amount borrowed before interest, fees, or optional extra payments.
Interest rate
The rate determines how much interest accrues on the remaining balance.
Loan term
The term controls how long the loan is repaid and how many scheduled payments are made.
Amortization
Each payment covers interest and principal, with more principal paid later in the schedule.
Formula
Formula explanation
Scheduled payment
Payment = P × r × (1 + r)^n / ((1 + r)^n − 1)P is principal, r is the periodic interest rate, and n is the number of payments.
Total repayment
Total Repayment = Payment × Number of Payments + FeesThis estimates the full scheduled cost of the loan, including entered fees.
Total interest
Total Interest = Total Payments − PrincipalThis estimates how much of the repayment is interest rather than borrowed principal.
Cost drivers
What affects total loan cost
Loan amount
Borrowing more increases both scheduled payments and total interest.
Interest rate
A higher rate increases the cost of borrowing, especially over longer terms.
Repayment term
Longer terms may reduce each payment but usually increase total interest.
Fees
Fees can increase the true cost of the loan even if the interest rate looks low.
Payment frequency
Monthly, biweekly, and weekly payments can change payment size and total payment count.
Extra payments
Extra principal payments can reduce interest and accelerate payoff when permitted.
Comparison
Shorter term vs lower rate
One year shorter
£230.29
A shorter term usually raises the payment but can reduce total interest to £1,054.06.
One point lower rate
£184.17
A lower rate can reduce the payment and estimated total interest to £1,049.91.
Trust
About this estimate
Transparent method
Uses a standard amortizing loan formula so users can understand how scheduled payments are estimated.
Estimate only
Results are estimates. Actual lender calculations, fees, insurance, taxes, and penalties may vary.
Cost-aware view
The dashboard separates scheduled payment, total interest, total repayment, fees, and extra-payment effects.
FAQ
Loan calculator questions
A loan payment is calculated from the loan amount, interest rate, repayment term, and payment frequency using a standard amortization formula.
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Estimate only. This calculator is for general planning and education, not financial, tax, investment, legal, lender, or professional advice. This estimate does not guarantee lender approval, final repayment terms, rates, taxes, insurance, or fees. Verify important decisions with a qualified professional, lender, official source, or relevant institution.
Related reading
Learn the formula, assumptions, examples, or context behind this tool.