Your loan
Repayment method
£
%
Fixed monthly payment
Monthly payment by method
With a fixed monthly payment (annuity) you pay the same total amount every month: mostly interest at first, mostly capital later. With fixed capital repayment you repay the same amount of capital every month: the payment starts higher, then decreases, and you pay less interest overall.
Check your input: enter a loan amount, interest rate and term to calculate the schedule.
Interest and capital at a glance
Early in the term your payment is mostly interest, because the outstanding balance is largest then. As you repay the loan, the interest share shrinks and the capital share grows.
What do you pay in total?
Interest and capital per year
Outstanding balance and capital repaid
Amortisation table
Amounts are rounded. The final payment is adjusted so the outstanding balance ends at exactly £0.
How it works and key terms
With a fixed monthly payment (annuity) you pay the same total every month; the split between interest and capital shifts over the term. With fixed capital repayment you repay the same amount of capital every month; the payment starts higher but decreases, and you pay less interest overall.
Interest is charged on the outstanding balance. At the start that balance is largest, so the interest share of your payment is highest. Every repayment reduces the balance, so the interest share falls month after month.
- Payment: the total amount you pay that period.
- Interest: what the lender charges on the outstanding balance.
- Capital: the part that repays the loan itself.
- Balance: what is still owed after the payment.
The schedule uses a fixed monthly rate (annual rate divided by 12) and does not include fees, insurance or rate changes. The result is indicative; your lender’s offer may differ.