Irish Loan Repayment Calculator
Work out the monthly repayment and total cost of an Irish personal loan. Enter the loan amount, APR, and term to see exactly how much you'll pay each month and how much interest you'll pay over the life of the loan.
How is this calculated?
Monthly repayments use the standard fixed-rate amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (APR ÷ 12), and n is the number of monthly payments. Total interest is the difference between the sum of all repayments and the original loan amount. Note: APR includes the interest rate and most fees, so it’s the headline figure to compare across lenders.
Frequently Asked Questions
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus most mandatory fees, expressed as an annualised cost. APR is the more accurate figure for comparing loans because it captures the true cost of credit. Always compare APRs, not interest rates.
Are personal loan repayments tax deductible in Ireland?
Generally no — personal loan interest is not tax deductible for individuals. Interest on loans used for business purposes (e.g. self-employed business loans) may be deductible against business income; speak to an accountant for your specific case.
Can I pay off a personal loan early?
Yes, but check the loan agreement for early repayment charges. Some Irish lenders allow penalty-free overpayments, while others charge a fee equal to a portion of the remaining interest. Even with a fee, paying early often saves money overall.
How long should I take a personal loan over?
Shorter terms mean higher monthly repayments but less total interest. Longer terms reduce monthly cost but you pay more interest overall. Choose the shortest term you can comfortably afford — and never stretch a personal loan beyond the useful life of what you're buying.
Will applying for a loan affect my credit rating?
Yes — every loan application is recorded on your Central Credit Register profile. Multiple applications in a short period can hurt your credit rating. Use comparison sites or 'soft search' tools to shop around without leaving multiple footprints.
Last updated: May 2026 · Rates sourced from Revenue