Monthly payment, total interest and total repaid, to the penny, with the workings.
Monthly payment
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Enter the amount, the rate and the term to see the monthly payment.
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Enter the amount you want to borrow, the rate and the term. You get the monthly repayment, the number of payments, the total interest and the total you repay, to the penny. It works for any loan repaid in equal monthly instalments, such as a personal loan, a car loan or a repayment mortgage, before any insurance.
UK loan adverts and quotes give the APR, which includes the interest and any compulsory fees. Choose ‘APR’ and the monthly rate is the one that compounds to that APR over 12 months. If you have the nominal interest rate instead, choose ‘Nominal’: the monthly rate is then the annual rate divided by 12.
In years or months, up to 50 years. There is one payment a month, so 5 years is 60 payments.
Each month’s interest is rounded to the nearest penny, and the final payment clears what is left, so it can differ by a few pence. Copy the workings, export them as a CSV file or save them to Priostack.
Monthly payment: M = C × i ÷ (1 − (1 + i)^−n), where C is the amount borrowed, i the monthly rate and n the number of payments.
Monthly rate from an APR: i = (1 + APR)^(1/12) − 1.
Monthly rate from a nominal annual rate r: i = r ÷ 12.
At 0%: M = C ÷ n.
Each month’s interest = balance × i, rounded to the penny; the rest of the payment repays the loan.
The monthly rate equivalent to 6.5% APR is about 0.526169%, so you pay £194.79 a month for 59 months, then a final payment of £194.95. You repay £11,687.56 in total, of which £1,687.56 is interest. If 6.5% were the nominal rate instead, the payment would be £195.66, because a nominal 6.5% charged monthly is an APR of 6.697%.
The interest rate, or nominal rate, sets the interest only. The APR is a standard yearly measure of the whole cost of credit: the interest plus fees, charges and compulsory costs, worked out by the method in the FCA Handbook. With no fees, a nominal rate of 6.5% is an APR of 6.697%, because interest is added every month.
No. The APR is a yearly rate, so a longer loan at a lower APR can cost more in total. £10,000 at 6% APR over 6 years costs £1,878.51 in interest; at 7% APR over 3 years it costs £1,080.39. An FCA study published in April 2026 found that many people pick the lower APR whatever the term, so compare the total repaid as well.
There is no general cap. Parliament required the FCA to cap the cost of high-cost short-term credit, such as payday loans, and a court can step in when a credit agreement makes the relationship unfair to the borrower. This calculator does not check the payday-loan cap. The French usury ceiling on the French version of this page does not apply in the UK.
Each payment is rounded to the penny, and so is each month’s interest. The small differences add up and the final payment settles them: £1,000 over 3 months at 0% is two payments of £333.33 and a final one of £333.34. Your lender may round differently or work out interest daily, so its figures can be a few pence apart.
With the nominal rate, no: add any monthly insurance yourself, and fees paid up front are not in the payment. With the APR, fees are spread over the term as if they were interest, which gives an estimate. The repayment figures in your credit agreement are the ones that count.
This calculator gives general information, not legal, tax, financial or accounting advice. The figures in your credit agreement are the ones your lender is bound by: if in doubt, ask the lender.
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