Loan Repayment Calculator

Kingy · 14 Jun 2011 at 17:20

Evening All,

I'm trying to calculate the interest payable on a loan of various sizes/durations. I've tried Googling for Loan Repayment Calculators, but when I tested the output against an actual product offering, the figures were innaccurate, and this has been the case or every calculator I've tried.

Case in point:-

Let's take £20000 over 60 months at 9.9% as an example. The This Is Money Loan Repayment Calculator (amongst others) suggests a repayment of £423.96/£25,437.45.

M&S offer the same 9.9% loan at £419.80/£25,188.00.

Does anybody know where I might be going wrong here?

Metalface Mark · 14 Jun 2011 at 17:26

You are better going for two loans of 10k, you can get 6.9% at the moment on 10k.

spm_uk · 14 Jun 2011 at 17:41

loan calcs wont include APR.

2 loans = 2 credit checks = not good.

Kingy · 14 Jun 2011 at 17:56

Metalface Mark said:
You are better going for two loans of 10k, you can get 6.9% at the moment on 10k.

It's more a theoretical excercise... I don't need a personal loan, I'm just trying to sketch some numbers...

I've got 30 different capital figures that I'm trying to work out the repayments for, at 2-3 different interest rates. Once I know the repayment for one figure, I can scale from there, I was just trying to avoid scaling from an inaccurate number...