Simply Calculated

£196.56 a month

Workings

Loan repayment calculator

What a fixed-rate personal loan costs each month and in total, and what overpaying or settling early would save. We’ve filled in an example: change it to yours.

APR as the FCA defines itLast checked 6 October 2026

Monthly payment

£196.56

You’d pay £196.56 a month for 5 years: £11,793.60 in total, including £1,793.60 of interest.

Total payable
£11,793.60
Interest
£1,793.60
Payments
60 (5 years)

An estimate: lenders charge interest daily, so real figures can differ by a few pounds.

Your loan

What you’re borrowing
Advertised (representative) APRs only have to be offered to 51% of successful applicants. The rate you’re offered depends on your circumstances and may be higher.
60 months is 5 years

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What people ask next

Workings

Amount borrowed£10,000.00
APR[1]The yearly rate on your quote or agreement6.9%
Monthly rate[1](1 + 6.9%)^(1/12) − 1, which is how the APR is defined0.5576%
Number of payments5 years60
Monthly payment£10,000.00 × monthly rate ÷ (1 − (1 + monthly rate)^−60), rounded to the penny£196.56
Total payable60 × £196.56, the way lenders quote it£11,793.60
InterestTotal payable less the £10,000.00 borrowed£1,793.60

Interest is worked out on what you owe each month and rounded to the penny, so in the schedule the last payment is £196.39 and the interest comes to £1,793.43.

Repayment schedule

YearYearPaidInterestBalance at end
Year 1Payments 1–12£2,358.72£616.30£8,257.58
Year 2Payments 13–24£2,358.72£496.09£6,394.95
Year 3Payments 25–36£2,358.72£367.57£4,403.80
Year 4Payments 37–48£2,358.72£230.18£2,275.26
Year 5Payments 49–60£2,358.55£83.29£0.00
Total£11,793.43£1,793.43£0.00

Interest is charged on what you owe each month and rounded to the penny. Your lender charges interest daily, so its figures can differ by a few pounds.

Not covered: daily interest and day counts, fees, payment holidays, variable rates, loans secured on property, loans taken out before February 2011, and arrears.

Buying a car on finance? The PCP car finance calculator covers the final payment, handing the car back and settling early.

How your monthly payment is worked out

The APR is a yearly rate, but you pay monthly. We turn it into a monthly rate the way the FCA’s rules define the APR: 1 plus the APR, to the power of 1/12, minus 1. At 6.9% APR that’s 0.5576% a month, a little less than 6.9 ÷ 12. The payment is the fixed amount that clears the loan over your term, and lenders quote the total as the number of months times the payment. APR explained.

monthly rate = (1 + APR)^(1/12) − 1

An advertised rate is a representative APR: the lender only has to give it to 51% of the people it accepts. The rate you’re offered depends on your circumstances and may be higher, so use the APR on your own quote.

Overpaying: a shorter term or lower payments

You have the right to repay part of a loan early at any time (Consumer Credit Act, section 94). An overpayment comes straight off what you owe, so less interest builds up from then on. Keep paying the same amount and you finish sooner; ask for a lower payment and the lender spreads what’s left over the months that remain. Finishing sooner saves more interest. Overpaying a loan.

If you repay more than £8,000 early in any 12 months, the lender can claim compensation: up to 1% of the amount repaid early, or 0.5% if a year or less is left, and never more than the interest you would have paid (section 95A).

Settling early

To clear the whole loan, ask your lender for a settlement figure. It’s worked out for 28 days after you ask, and on a loan of more than 12 months the lender can add up to a month more, so our estimate adds 58 days of interest (28 days for shorter loans). You don’t pay the rest of the interest you would have paid. How early loan settlement works. If repayments are hard to manage, MoneyHelper has free, confidential help.