Free Personal Loan Calculator | MoneySuperMarket

Christel Deskins

Loan calculator

Secured loans: Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it.

We compare loans that can be paid back over terms of between one and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 2.8% and 99.9%.

This is a representative example of what it may cost: 5.5% APR Representative based on a loan of £10,000 repayable over 60 months at an interest rate of 5.5% pa (fixed). Monthly repayment of £190.39. Total amount payable £11,423.40.

How do you calculate payments on a loan?

Your monthly loan repayments can be calculated by dividing the total loan and interest amount by the number of months the loan will take you to pay back.

Our loan calculator shows you how much a loan will cost you each month, and how much interest you will pay overall.

Data collected by MoneySuperMarket, accurate as of October 2019

How to use the MoneySuperMarket loan calculator

If you know how much you want to borrow, select ‘Calculate monthly repayments’ and enter the amount. Then choose how long you want to pay it back. This is known as the term.

If you would rather see how much you can borrow based on what you can currently afford in monthly loan repayments, select ‘What can I afford?’. Then enter the monthly repayment you can afford to make, and the length of time you can afford to pay that amount.

You can then select different annual interest rates (APRs) to see how they would affect your monthly loan repayments and total loan cost.

Just remember that the calculator shows you how much a loan would cost you with that loan amount, term and interest rate – rather than the exact cost of an available deal.

People aged 45-64 take out the biggest loans on average

Data collected by MoneySuperMarket, accurate as of October 2019

Comparing loans

Our loans search tool uses information about your income and requirements to find personal loan quotes for the amount, term and interest rate you’re likely to be able to afford.

If you’re a homeowner, it can also show you secured loan deals. These can be a good option if you want to borrow a large amount or are finding it difficult to get an unsecured loan.  

Remember: the loan rates you see will only include loans you’re likely to be offered and will be based on a “soft” or simple check that does not show on your credit report.

The loan amount, rate and duration you are offered by a provider may differ because they are based on a more detailed investigation of your credit history and financial situation.

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