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Loan Repayment Calculator
Free loan repayment calculator for personal loans, business loans, and mortgages. Enter your loan amount, interest rate, and term to get your monthly payment, total cost, full amortisation table, and the impact of extra monthly payments. Supports equal instalments, interest-only, and reducing balance repayment types.
See the impact of overpaying each month
Monthly Payment
£306.49
Total Interest
£1,033.64
Total Cost
£11,033.64
Payoff Time
3 years
Repayment Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | £306.49 | £252.32 | £54.17 | £9,747.68 |
| 2 | £306.49 | £253.69 | £52.80 | £9,493.99 |
| 3 | £306.49 | £255.06 | £51.43 | £9,238.92 |
| 4 | £306.49 | £256.45 | £50.04 | £8,982.48 |
| 5 | £306.49 | £257.83 | £48.66 | £8,724.64 |
| 6 | £306.49 | £259.23 | £47.26 | £8,465.41 |
| 7 | £306.49 | £260.64 | £45.85 | £8,204.77 |
| 8 | £306.49 | £262.05 | £44.44 | £7,942.73 |
| 9 | £306.49 | £263.47 | £43.02 | £7,679.26 |
| 10 | £306.49 | £264.89 | £41.60 | £7,414.37 |
| 11 | £306.49 | £266.33 | £40.16 | £7,148.04 |
| 12 | £306.49 | £267.77 | £38.72 | £6,880.27 |
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Frequently Asked Questions
How is a monthly loan payment calculated?
For equal instalment loans (the standard type), use the formula: M = P[r(1+r)^n] / [(1+r)^n-1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. Our calculator handles this automatically and shows a full amortisation schedule.
What is the difference between equal instalments and reducing balance?
Equal instalments (standard amortisation) mean you pay the same amount each month, but the split between principal and interest shifts over time. Reducing balance means you pay a fixed principal amount each month, with interest calculated on the remaining balance, so payments decrease over time.
Does paying extra on my loan really make a difference?
Significantly. Even an extra £50–£100 per month on a typical personal loan can save hundreds in interest and cut months off the repayment term. Use the "extra monthly payment" field to see the exact impact for your loan.
What is a loan amortisation schedule?
An amortisation schedule is a full table showing each payment, broken down into principal and interest, along with the remaining balance. In early payments, most of your payment goes to interest. In later payments, most goes to principal. Our calculator generates this full schedule for your loan.
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