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Loan repayment calculator

Loan repayment calculator

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Last updated: 26 January 2022

Using a loan calculator is an effective way to ensure, before you apply, that you can afford to pay back a loan, in turn protecting your credit score and avoiding falling into debt. 

What is a loan repayment calculator?

When looking at loans, it’s not always clear exactly what the final cost will be. That’s because loan costs depend on the rate of interest as well as the term. Even if one of these variables is low, that doesn’t necessarily mean your loan will be cheap.

A loan repayment calculator allows you to work out exactly how much you’ll repay, making it easier to know if a deal is good value when you compare loans.

However, the calculator works on the premise that you don’t miss any repayments or make any over or underpayments; it also assumes you have a constant, rather than variable, rate of interest.

At usave our calculator searches the market for loan products available to you, based on the information you provide us. This way you will know for sure:

  1. The different personal loans that you can access
  2. How much loan payments will be per month, and across the term of the loan
  3. The interest rates available to you

All of the above depends on your personal circumstances and your credit history. Using our loan repayment calculator will not affect your credit rating though, and is completely free to use.

Click the button below to find out how much you can borrow.

See what loan rates are available at the moment

Privacy notice information
Use our comparison engine with soft eligibility checker to see what your loan options are without affecting your credit rating

Should I use a personal loan calculator?

Personal loans, sometimes also referred to as unsecured loans, usually come with a fixed rate of interest for the loan term. You’ll have a set repayment plan so you know exactly how much you need to repay each month.

However, missing a payment not only prolongs your loan term and increases the cost of your loan overall, but in most cases also carries a penalty fee. Moreover, doing so will negatively affect your credit score.

Using a personal loan calculator allows you to see exactly what your monthly loan repayments will be as well as the interest rates available to you.

Whether it be a loan for a holiday or a home improvement loan, you can then factor in the cost of repayments over time and gauge whether you will be able to afford the monthly costs associated with the loan.

The loan repayment calculator we use at usave only shows you the loan products available to you based on your personal financial circumstances, so you wont be misled into considering an interest rate or level of loan payment that you cannot afford.

How much will my loan cost?

Your loan cost is usually based on three factors:

  • The sum you want to borrow
  • The loan term
  • The rate of interest

When you input your details into our loan repayment calculator, you will be provided with information of the loans available to you, how much interest you will have to pay over the course of the loan, and how much monthly repayments will amount to.

How to use our calculator

Our free-to-use loan calculator is a simple way to ascertain what your loan will cost.

  1. Click "Compare loans" below.
  2. Input details of how much you are looking to borrow, the purpose of your loan, and over what period of time you would be looking to repay the loan.
  3. Input your personal details - this might take a couple of minutes to do, but will allow us to search the market for loan products available to you based on your financial circumstances.
  4. Result - after our calculator does all the hard work you will be presented with a list of different loans available to you, how much they cost in total and per month, and the interest rates available.

Doing this wont impact your credit score, and will give you an accurate view of what loans you will be able to apply for.

See what loan rates are available at the moment

Privacy notice information
Use our comparison engine with soft eligibility checker to see what your loan options are without affecting your credit rating

Other loan costs to consider

In addition to your loan cost, there are often hidden charges associated with borrowing money this way.

You might be charged a loan arrangement fee. Not all lenders do, so be sure you look out for hidden administrative costs when you compare loans.

As mentioned, missing a repayment increases your loan cost overall and usually carries penalty fees. Be sure to check what these might be.

Last – and this may surprise you – you can be charged for wanting to pay back your loan early. Companies loan money on the agreement they’ll make profit from interest charged over a set term, so some lenders may not even allow early repayment.

What these additional charges are should be specifically outlined in a deal’s terms and conditions, so be sure to always check these when you run a loan comparison.  


We are an independent and impartial price comparison website.


Our services are 100% free to use.

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Michael Quinn

Author: Michael Quinn

Michael is a dedicated author helping usave to write guides, blogs and news for the last four years. When not writing articles, you can usually find him at wine tasting events or having a political debate on the night tube.

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