Hundred SummersLoan repayment calculator: the monthly payment and the true cost
The monthly payment, the total you repay and the interest on a personal or car loan, from its APR and term, and what paying a little extra each month saves. Your figures never leave your browser.
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Worked example
Computed when this page was built by the same engine that runs the calculator above, so the figures below and the live tool can never disagree. Change any input above to see your own.
| Inputs | |
|---|---|
| Amount borrowed | £10,000 |
| APR | 7.9% |
| Term | 60 months |
| Extra paid each month | £50 |
| Results | |
|---|---|
| Monthly payment | £200.99 |
| Total repaid | £12,059 |
| Total interest | £2,059 |
| With £50 more a month | 13 months sooner, £491 less interest |
The next question
Does the payment fit what is left each month? →Household budget calculator
Or answer it with everything else: the full Hundred Summers plan connects your pay, pensions, savings, property, tax and spending year by year, and stress-tests them across 500 simulated market histories.
The APR and the term
The APR is the yearly cost of the loan including compulsory fees, expressed as an annual rate; the calculator turns it into the monthly rate it implies. Lenders advertise a representative APR that at least half of successful applicants get, so the rate you are offered can be higher. The term trades the size of each payment against the total: a longer loan has smaller payments and more interest.
Before you borrow
A loan is cheapest when it replaces something dearer, such as a credit card or overdraft, and the old balances stay cleared: the debt payoff calculator orders what you already owe. For a car, compare the loan with paying from savings at the rate those savings earn. The household budget calculator shows whether the payment fits what is left each month, and the mortgage repayment calculator covers borrowing against a home.
Sources
- FCA Handbook, Glossary: annual percentage rate of charge.
- FCA Handbook, CONC Appendix 1: total charge for credit rules (App 1.2 for unsecured loans).