loan calculator

Thinking of borrowing some money? Want to get an idea of the cost? Take a look at our loan calculator to find out:

• Your likely monthly payments
• Total interest you will have to pay
• The total amount you will have to repay the lender

Loans are repaid in monthly instalments over an agreed period. The longer the repayment period, the more interest you will pay.

Flexible loans, which let you pay back the money whenever you want, are becoming more common but the interest rate charges are often higher.

The most important thing is to make sure you know exactly what the monthly payments will be, how much you will pay back in total and whether realistically you can afford it.

This loan calculator will calculate either on an APR (Annual Percentage Rate) basis or a simple interest rate basis. APR rates include all additional costs associated with the loan as applied by the lender whereas a simple interest rate is likely to have additional costs attached that are not shown in the rates advertised.

Play around with the figures. Notice how by increasing the Length of Loan the Monthly Payments reduce but the Total Interest and Total Balance Paid increase.

IMPORTANT NOTE: calculations are for indication only.

The amounts shown will vary depending upon the provider and the interest rates and additional costs they may add. Always refer to a qualified, unbiased adviser before making any financial commitment.