Loan calculator

MoneySuperMarket's loan calculator is designed to give you an idea how much a personal loan is going to cost.

Your monthly repayment will be

The total amount repayable will be , therefore the loan will cost you

You could afford to borrow up to

The total amount repayable will be , therefore the loan will cost you

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Calculate and compare loans: Find out how

Loan calculator guide

Secured loans: Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it.

We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 2.8% and 99.9%.

This is a representative example of what it may cost: 5.5% APR Representative based on a loan of £10,000 repayable over 60 months at an interest rate of 5.5% pa (fixed). Monthly repayment of £190.39. Total amount payable £11,423.40.

How much can you borrow with a personal loan?

The personal loan amount you qualify for will be influenced by your current financial situation and your credit history.

A provider will need to make sure you can afford to pay back the loan based on your income and existing financial commitments. They’ll also check your credit score and credit report to see if you have a good history of paying back money you’ve borrowed in the past.

This will then help the provider decide how much they’re prepared to let you borrow, how long you have to pay the loan back and the interest rate you’re charged.

Personal loans (or unsecured loans) are available from £1,000 to £25,000. If you want to borrow more than this then you will most likely need to think about a secured loan.

A secured loan requires you to put up a high value item, such as your home, as security, so if you couldn’t repay your loan, the lender would have an alternative way to get the money lent to you back.  Personal loans don’t require this.

According to MoneySuperMarket data 45-64 year-olds look to borrow the most with a personal loan at £12,342.

Personal loan averages by age group

The average personal loan amount taken out by age group, according to MoneySuperMarket data from January – October 2018.

How do you calculate payments on a loan?

Your loan amount will also have an annual interest rate added to it. You’ll be able to see the total amount of interest you’ll pay back over the whole loan term by looking at the total cost of credit.

The yearly interest will be divided by 12 and added to your monthly repayments to spread out the cost. Your monthly loan repayments are worked out by dividing the total loan and interest amount you borrow by the number of months the loan will take you to pay back.

The loan calculator can help you get more of an idea of how much a loan will cost you in monthly repayments and total interest.

How to use the loan calculator

If you know how much you want to borrow for your loan, select ‘Calculate monthly repayments’ and enter the amount. You’ll then need to decide how long you want to financially commit to paying the loan back.

We have found that 70% of people looking to take out a personal loan on MoneySuperMarket wanted to pay it back within one to five years of borrowing.

If you don’t know how much you want to borrow, but you know how much you could afford in monthly loan repayments based on your current situation, select ‘What can I afford?’.

You can then enter the monthly repayment amount you can afford to make, and how long you could afford to be paying that back for.

You’ll then be able to select annual interest rates (APRs) to see how they would affect your monthly loan repayments and total loan cost.

It’s important to remember that the calculator gives you examples of how much a loan would cost you with that loan amount, term and interest rate – but the loan deals you find will most likely be different.

The calculator can help you know what to look for when you’re then searching for loan deals so you find the right borrowing deal for you. 

Loan terms

Most consumers searching for a personal loan are looking to pay it off after one to five years, according to MoneySuperMarket data from January – October 2018.

Comparing loans

When you click through to ‘Compare deals’ you’ll see our loans search tool. You’ll be able to enter information about your income to then see personal loan quotes for the amount, term and interest rate that you’re likely to be able to afford.

We also ask you if you’re a homeowner so we can show you secured loan deals that tend to have a higher likelihood of acceptance if you are finding it difficult to get an unsecured loan.  

It’s important to remember that the loan rates you see will be based on a soft check and only show you loans you’re likely to be accepted for.

The loan amount, rate and duration you may then be offered if you are accepted when you apply through a provider can be different to the loans you saw because they’ll be based on your credit report and financial situation.