I have four thousand to pay off an existing loan, and want to increase it by five thousand to pay off over 6 years,
does anyone have any idea what monthly payments would be, as this would be on top of my four thousand i already owe,
how does it work?? would be grateful for any answers.
The £5,000 loan would be a new loan and it would depend what the interest rate is.
Monthly loan repayments are calculated by dividing the total loan and interest by the number of months it will take to pay off.
So with your example of a £5000 loan over 6 years and if the interest rate was 10% it would cost you £91.55 a month.
However, the interest rate could be a lot lower or it could be higher depending on what you want the loan for and your personal circumstances.
The only true way of finding out an accurate monthly cost is to apply for the loan.
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