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Loan calculator

Calculate the cost of a personal loan

published: 25 January 2023
Read time: 5 minutes

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

Loan calculator

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

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Your monthly repayment will be

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

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You could afford to borrow up to

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

Oops! That doesn't look quite right - can you check and enter again?

Calculate and compare loans: Find out how

How do I use the loan repayment calculator?

Whether you’re looking at home improvements, buying a new car or consolidating your debts, our loan calculator can give you an idea of how much a personal loan is going to cost. It’s simple to use.

If you know how much you want to borrow:

  1. Select ‘Calculate monthly repayments’

  2. Enter the amount, how long you want to pay it back, and at what interest rate

  3. Hit ‘Calculate’

To see how much you can borrow based on what you can afford in monthly loan repayments:

  1. Select ‘What can I afford?’

  2. Enter the monthly repayment you can afford to make, the length of time you can afford to pay that amount, and at what interest rate

  3. Hit ‘Calculate’

By selecting different annual interest rates (APRs), you can see how your monthly loan repayments and total loan cost will change. Remember, the calculator shows you an example rather than the exact cost of an available deal.

What does APR mean?

The term 'APR' stands for Annual Percentage Rate. It refers to the yearly interest rate you pay on a loan or credit card. But it also includes any fees or charges that apply.

Consequently, when you see an APR in an advert or comparison table, it's giving you a more complete, fuller picture of what you'll pay when you borrow money.

However, it's worth noting that you may not always qualify for the advertised APR. In practice, the rate you receive depends on your credit score.

Keen to find out more? Read our guide to APRs on credit cards.

How are loan payments calculated?

Monthly loan repayments can be calculated by dividing the total loan and interest by the number of months it will take to pay off.

Our loan calculator shows you how much a loan will cost you each month, and how much interest you’ll pay overall.

How long should my loan term be?

If you're keen to keep your total costs down, it's a good idea to choose a shorter term. But be aware: the shorter the loan term, the more you'll have to pay back each month.

As a rule of thumb, you should choose the shortest loan term you feel you can comfortably afford.

Whether that's 12 months or 60 months is a decision you should only make once you carefully weighed your income and outgoings.

Our expert says...

“Our loan calculator is a quick and easy way to work out how much potential borrowing will cost, giving you a helpful steer when working out how big a loan to apply for.

"Only use it as a guide though because it doesn’t factor in all your personal financial circumstances.

"Just because an advertised interest rate on a loan might seem competitive, it will depend on the lender whether you’re approved.” 

Compare loans with MoneySuperMarket

Our loans search tool uses information about your income and requirements to find personal loan quotes from our panel of lenders.

If you’re a homeowner, it can also show you secured loan deals. To find out more about how to apply for a loan read our step-by-step guide.

Remember: the loan rates you see will only include loans you’re likely to be offered and will be based on a 'soft' or simple credit check which won't show up on your credit file or affect your credit score.

The loan amount, rate and duration you are offered may differ because they are based on a more detailed investigation of your credit history and financial situation.

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 one and 25 years. The APR - interest rate - you’ll be charged depends on your personal circumstances and credit score, and will usually be between 2.8% and 99.9%.