Total amount payable
Everything you pay back over the life of a loan — the clearest single cost number on an offer.
LoanCalc Lab editorial · Last checked
Definition
The total amount payable is everything you repay over the life of a loan: the amount of credit plus the total charge for credit (interest and fees). UK credit adverts that give a representative example must show it, alongside the representative APR, the duration and the amount of each repayment (FCA Handbook — CONC 3.5).
Worked EXAMPLE (checked Oct 2026)
£10,000 over 60 months at 6.98% with no fee: about £197.92 a month, so a total amount payable of about £11,875 EXAMPLE, of which about £1,875 is interest. The same loan over 36 months costs more each month but less in total. Compare terms in thepersonal loan EMI calculator.
Common mistakes
- Choosing the lowest monthly payment without checking the total amount payable.
- Comparing a total from one loan with a monthly figure from another.
- Forgetting that overpaying or settling early changes the total you actually pay.
What it is not
This definition is illustrative and is not a quote or advice. LoanCalc Lab is not a lender. Last checked 14 October 2026.