Personal loan calculator

This simple personal loan calculator lets you enter the details of a personal loan and calculate the amount that you will have to pay back. You can use it to work out how much your monthly repayments will be, including if you take a payment holiday during the term of the loan.

Here's how to use it

Want to get started? Then jump straight to the tool.

The personal loan calculator lets you choose how long you want to take to pay off a loan and it will calculate how much your monthly repayment will be. If you think the repayment is too much for your budget you can simply enter a longer term and recalculate.

Here are step by step instructions:

1. Enter how much you want to borrow
2. Select how many years and months it will take to repay the loan
3. Select the interest rate (APR) of the loan
4. Select whether you want to include a payment holiday
5. Enter how long the payment holiday will last (in months)
6. Click 'Calculate'

The personal loan calculator will display the total repayment, the required monthly repayment, and the total credit repayment.

The payment holiday option lets you take a break from your loan repayments when you know money will be tight. For instance some lenders allow you to take up to 2 months break which could be really useful over Christmas and summer holidays. If you opt for this, the remaining repayments for the year will be spread over the remaining 10 months instead of 12.

All in all, this is a great tool for working out how much you can comfortably afford on a personal loan repayment and also how you can budget to pay off the loan as quickly as possible. It also gives you a great summary of how much interest you can save by making changes to the length of the loan or the payment holiday period.

Once you play around with interest rates and the loan terms you will quickly discover the best personal loan options for you.

Personal loan calculator

Remember, the loan calculator above is for illustrative purposes only. Your bank or loan provider may use slightly different calculations to work out the interest paid and so the actual figures may differ slightly.