You can use this sample loan calculator to see what your monthly loan repayments could be and if you may be able to afford a loan.
Loan repayment calculator
For this sample loan Calculator you will need to input:
The loan amount you want
The term you want for your loan
The APR you foresee paying for your loan
The calculator results here are based on the representative APR for the amount you enter. Your actual rates and repayments may differ and will be based on your personal circumstances, the loan amount and term.
This Sample loan Calculator is only for guidance and may not truly reflect your mortgage affordability.
How this sample loan calculator Works
This calculator helps you to check your monthly repayments depending on your loan amount and calculates the total amount you end up paying at the end of the term
Input the loan amount next to “Loan Amount” tab in the required currency mentioned in the list
Input the APR which stands for “Annual Percentage rate” and is always in %
The term is the number of years you need the loan, this field is always in years
Monthly Repayment is the automatically calculated amount which one is supposed to repay every month.
Total amount payable is the amount you have paid by end of term which is monthly repayment times term in moths
If you are currently looking to get a loan then you should not rely solely on the numbers from this loan Calculator.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.