Start from your budget
Work out what's left each month after your essential spending, existing debts and savings, and choose a repayment you could keep up even if costs rise.
The calculator turns that payment into the amount it would repay at your rate and term.
Worked example
£300 a month at 7% over 5 years would repay a loan of about £15,150.60, with £2,849.40 of interest. Over 3 years, the same payment repays about £9,715.94, with £1,084.06 of interest.
Before you borrow
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
A longer term lets you borrow more for the same payment, but you pay more interest overall.
Inputs for the loan affordability calculator
Monthly payment you can afford
The repayment that fits comfortably in your budget.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'll repay over. A longer term means paying interest for longer.
CALCULATOR QUESTIONS
Loan affordability calculator questions
How much loan can I afford?
Enter the monthly payment that fits your budget above. For example, £300 a month at 7% over 5 years repays about £15,150.60.
Does a longer term let me borrow more?
Yes, for the same payment, but you'll pay more interest.
How do I work out an affordable payment?
Take your monthly income after tax, subtract essential spending, debts and savings, and leave a buffer for unexpected costs.
Is this what a lender will offer?
Not necessarily. Lenders make their own checks.