What would it cost month by month?
Put in the amount and the rate you have been offered, and this works out the arithmetic. It shows the monthly figure alongside the total and the interest, because the monthly figure on its own is the number that makes expensive borrowing look cheap.
Starts at zero deliberately. We do not publish a rate, because a rate we supplied would look like a rate we are offering. Use the one you have actually been quoted.
- You would borrow
- £5,500
- You would repay
- £5,500.00
- Of which interest
- £0.00
- Final payment
- £152.70
Illustration only — not a quote, not an offer of credit, and not financial advice. Rates depend on your circumstances and creditworthiness.
What this is, and what it is not
It is arithmetic on numbers you choose. We name no lender, link to no credit product, and earn nothing whatsoever from finance. There is no "apply" button here and there never will be.
It is not a quote, an offer of credit, or advice. The rate you are actually offered depends on your circumstances and your credit history, and it may be a good deal higher than the one you type in.
We start the rate at zero on purpose. A figure we filled in for you would read as a rate we were offering, and it is not ours to offer.
Reading a finance offer properly
- The monthly figure is the one designed to persuade you
- Stretching a loan from three years to five lowers the monthly payment and raises what you pay overall. Always look at the total and the interest together, which is why this tool shows all three.
- 0% is not always 0%
- Interest-free deals sometimes carry an arrangement fee, or convert to a high rate if you miss the interest-free window. Check what happens at the end of the term, not just during it.
- Finance arranged by the installer is still credit
- It is regulated the same way as any other loan, and the installer is usually acting as a credit broker. Ask who the lender actually is, and what the APR is, before you agree to anything.
- The cheapest borrowing is often not the offer in front of you
- A personal loan, an existing credit facility, or adding to a mortgage can all work out cheaper than point-of-sale finance. They are also all worth comparing on total cost rather than monthly payment.
Before you borrow, check what you do not need to
A heat pump typically costs £13,000, but the Boiler Upgrade Scheme takes £7,500 off before you pay anything, leaving £5,500. Borrowing the full price when a grant would cover half of it is an expensive mistake.
The same goes for VAT: some work is zero-rated, and borrowing an extra 20% you never owed is worse than borrowing nothing at all.
See what grants you can get