Loan Calculator

This calculator calculates loan repayments and and interest payments on loans.

Loan Repayment Calculator
What?Repayment Term
1 Year
12 months
2 Years
24 months
3 Years
36 months
4 Years
48 months
5 Year
60 months
10 Years
120 months

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Loan Calculations and Personal Loan Considerations

If you are thinking of taking out a personal loan (secured loan or unsercured loan) it is important that you:

  1. Use the interest calculator to provide an illustration of monthly loan repayment amounts for different terms and interest rates
  2. Review the personal loan borrowing considerations before commiting to a loan agreement
  3. Email the Loan Calculation to yourself. Take a few days and mull over whether you really want to commit to that monthly interest repayment before you commit to the loan.

Use the free online loan calculator to calculate your monthly interest repayments, compare loan repayments over different periods and define what is the most affordable option for your financial situation. The loan calculator will provide your a monthly interest repayment over 1 year,2 years,3 years,4 years,5 years, 10 years and compare them to a monthly repayment period of your choosing (so you can create your own personal loan illustration).

Considerations before taking out a Personal Loan

  • Affordability: Be sure you can really afford to make the loan repayments. Only you really know if you can afford a loan or not and taking out loans which you will struggle to repay will only cause you financial hardship and pain in the future. Remember,
  • Secured Loans: READ THE SMALL PRINT: Your home may be repossessed if you do not keep up your loan repayments (applies to any loan or debt secured on your home).
  • Shop around: It always pays to shop around and see what deals are available. Most banks and building societies run promotions at various points of the year. Never assume that one lender is better than the other, look for the good deals as they could save you a lot of money.
  • Check the Interest Rate: The most common mistake that lenders make is not fully reading and understanding their loan interest rates. Make sure that the catchy low interest rate is the one you are getting. Most lenders advertise at low interest rates to get you in the door but you are likely to find that achieving the low rates means borrowing large amounts over long terms, this will mean you repay much more money! Don't be tempted!
  • Borrow Little, Repay Quickly: The best loan is one repaid quickly. A quick repayment means less interest paid and less stress about your debt.
  • Pay Day Loans: Pay day loans are brilliant if you want to destroy your financial credibility, get yourself into spiraling debt and have years of stress and anxiety over your finances. DO NOT use Pay Day lenders. They do not care about you or your finances and will destroy your life simply to make money. At iCalculator, we seriously hope that the government takes measures to outlaw these morally and ethically corrupt businesses.
  • Don't Lend at All! It's difficult to avoid taking loans in modern society. Modern life is about consumerism and spending. Our grandparents survived and had healthy life's my getting by and enjoying the rare treats. There is a lot to be said for living a simpler life without financial stress. If you can, save. Make that reward or treat worthwhile my making your money work for YOU and not for someone else.
  • Personal Loan or Car Loan? Personal loans normally offer better interest rates than car loans but your really should shop around. Second hand dealerships normally offer ridiculous APR rates and will push you to take the loan, often showing a lower APR that you will receive. Used car loans typically provide large commissions for used car dealerships and will rarely offer a better interest rate that a personal loan. If you are looking to buy a new car, shop around and be patient. Almost every dealership offers a 0% finance deal at some point in the year. You can get your dream car and a dream interest rate if you are patient and buy wisely.