Loan Early Repayment Calculator
Work out whether settling your personal loan early is worth it once the Early Repayment Charge is taken into account — or how much extra monthly payments would save you instead.
Estimate only. This is an estimate — representative figures, not financial advice. Your lender's actual settlement figure, Early Repayment Charge and interest calculation may differ. Struggling with loan repayments? Free, independent help is available from MoneyHelper, StepChange or National Debtline.
Enter your loan details
Whether it's worth settling early, or how much extra payments would save, appears here as you type.
How early repayment savings are calculated
Your loan's current monthly payment and the interest still to come are worked out the same way the loan itself was set up — a fixed payment that clears the balance plus interest over the remaining term. Settling in full stops that interest dead, but many lenders can charge an Early Repayment Charge — modelled here as a number of months' interest on your current balance, per the Consumer Credit (Early Settlement) Regulations 2004. Paying extra each month instead keeps the loan running but simulates it month by month: interest accrues on the shrinking balance, your bigger payment chips away faster, and the loan clears sooner with less interest paid overall — with no early repayment charge to worry about, since you're not settling.