What affects your rate
Secured loan rates depend on your credit history, how much equity you have in your home and how much you borrow. Many are variable, so the rate can change during the term. This calculator assumes one rate throughout.
Interest is worked out each month on the balance you still owe, at one twelfth of the annual rate. Early payments are mostly interest; as the balance falls, more of each payment repays the loan.
Worked example
Borrowing £30,000 at 8% over 10 years costs £13,677.93 in interest. At 12%, it would be £21,649.54.
Before you borrow
Your home may be repossessed if you don't keep up repayments on a loan secured on it. Compare the total cost with other options.
Inputs for the secured loan interest rates UK calculator
Amount to borrow
The amount you want to borrow.
Interest rate (per year)
The annual interest rate on your secured 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
Secured loan interest rate calculator UK questions
Are secured loan rates fixed?
Some are fixed but many are variable, so check your offer.
How much interest is on a £30,000 secured loan?
At 8% over 10 years, £13,677.93.
Why do I pay more interest at the start?
Interest is charged on the balance you owe, which is highest at the start. As you repay, it falls and so does the interest.
What's the risk?
Your home may be repossessed if you don't keep up repayments.