Loan Amortization Calculator
Calculate your monthly repayment, total interest, and a full year-by-year amortization schedule. For personal loans, car finance and debt consolidation. See how extra payments reduce your term and total cost.
Smart Tips
Your review date is 18 July 2027
This is a good point to shop around and compare deals — you may be able to switch to a better rate or renegotiate, especially if you're currently on a lender's Standard Variable Rate.
MoneyHelper: Personal loans (opens in new tab)You have a legal right to settle early
Under the Consumer Credit Act, you can repay a regulated loan early at any time. The lender may charge an early settlement rebate-adjusted fee, capped at a maximum of 1-2 months' interest depending on the remaining term.
Citizens Advice: Paying off a credit agreement early (opens in new tab)Frequently asked questions
- How is a loan amortization schedule calculated?
- Each monthly payment is split between interest and principal. Interest is calculated on the outstanding balance at the current rate, and the remainder of the payment reduces the principal. Early in the loan, more of each payment goes to interest; later, more goes to principal.
- What is APR and why does it matter?
- APR (Annual Percentage Rate) is the representative cost of borrowing including interest and most fees, expressed as a yearly rate. Comparing APRs rather than headline interest rates gives a fairer comparison between loan offers.
- Can I pay off a personal loan early in the UK?
- Yes. Under the Consumer Credit Act, you have a legal right to settle a regulated loan early at any time. Lenders can charge an early settlement fee, capped at a maximum of 1-2 months' interest depending on the remaining term.
- How much can extra payments save on a loan?
- Extra monthly payments reduce the principal faster, which reduces the interest charged on the remaining balance. Even a modest extra payment can cut months off the term and save a meaningful amount in total interest, especially earlier in the loan.