Total paid over term
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Enter your loan amount, interest rate and term to see the monthly payment — on capital repayment or interest-only — plus the total cost over the term and the split between capital and interest. The calculator gives you the working figures for any deal you are weighing.
For contractors, the monthly payment is the bridge between day rate and property budget: it converts the borrowing capacity our borrowing calculator estimates into the commitment your contract income will actually service.
Capital repayment payments amortise the loan to zero over the term — each payment covering that month's interest plus a slice of capital, with the capital slice growing as the balance falls. Interest-only payments cover the interest alone, leaving the balance intact for repayment by another route at term end.
The rate you enter should be the deal's actual rate — and remember that fixed periods end: stress the payment at a higher follow-on rate to see the exposure when the fix expires, which is exactly what lender affordability tests do.
Lenders test the payment against your assessed income at stressed rates — so a payment comfortable at the deal rate may still constrain the maximum loan at the stress rate. Fees matter too: a lower rate with a large arrangement fee can cost more over a short fixed period than a higher fee-free rate, which is why the total-cost figure deserves more attention than the headline rate.
For the contractor-specific layer — how your day rate becomes the assessed income behind these payments — our day rate contractors page and borrowing calculator carry the detail.
