A personal loan calculator estimates your monthly repayments and the total cost by using the amount borrowed, loan term and interest rate or APR. Borrowing more or choosing a longer term can reduce the monthly payment, but usually increases the overall interest paid. The result is only an illustration: the lender may offer a different rate after checking your application, credit history and affordability, and its representative APR is not guaranteed for every applicant. Compare the total amount repayable, not just the monthly figure, and check the lender is FCA-authorised before applying.