Australian Personal Loan Repayment Calculator
Work out your personal loan repayments, the interest you will pay, and how much sooner an extra repayment clears it.
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Your Loan
The amount you want to borrow, before any fees.
The interest rate on your quote or contract, not the comparison rate. calx does not suggest a rate. Secured loans (backed by an asset such as a car) are usually cheaper than unsecured ones; whichever you have, enter its rate here.
Up to 15 years. Most personal loans run 1 to 7 years.
Interest is charged each month on what you still owe, at the yearly rate divided by 12.
Fees and Extra Repayments
Optional. Leave these closed if they do not apply.
The establishment fee and monthly account fee on your quote. They are added to the total cost, never to the rate.
A one-off fee to set up the loan, if your lender charges one.
Added to the loan, it is borrowed too, so it raises the repayment and is charged interest. Paid upfront, it costs the cash now and your repayments stay as they are. It is counted once either way.
Billed monthly whatever your repayment frequency, for each month the loan is open. It is shown beside the repayment and in the total cost, not inside the repayment.
A fixed amount on top of every scheduled repayment. It goes straight off the balance, so the loan ends sooner.
Check your contract first: some fixed rate personal loans cap extra repayments or charge an early repayment fee, which is not included here.
Estimates only, not financial advice, and not a credit quote. Models one product: a fixed rate, reducing balance personal loan with level principal and interest repayments. Interest is charged at the same frequency as your repayments. It does not model interest-only loans, balloon payments, variable rate changes, credit cards, lines of credit, payday or small amount loans, or early repayment fees.
Enter the loan amount and the interest rate from your quote to see your repayments.
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Frequently asked questions
How are personal loan repayments calculated?
The repayment is the level amount that repays the loan and all its interest over the term, rounded to the cent. Interest is charged each repayment period on the balance you still owe, at the yearly rate divided by the number of repayments in a year: 12 for monthly, 26 for fortnightly and 52 for weekly. As the balance falls, less of each repayment goes to interest and more to the loan. On a $20,000 loan at 12% over five years the monthly repayment is $444.89 and the total interest is $6,693.30.
Why do weekly repayments cost less interest than monthly ones?
Each weekly repayment reduces the balance sooner, so interest is charged on a slightly smaller amount through the year. The same $20,000 at 12% over five years costs $102.38 a week and $6,618.85 in interest, against $6,693.30 when repaid monthly. The calculator treats each frequency as its own schedule, with interest charged at the same frequency as the repayments, which is the assumption ASIC Moneysmart uses too. Your lender may charge interest daily, so its figures can differ by a few dollars.
How much do extra repayments save?
An extra amount paid with every repayment goes straight off the balance, so less interest is charged from then on and the loan ends sooner. Adding $50 a month to the $20,000 loan above clears it in 53 repayments instead of 60 and saves $943.23 in interest. Check your contract first: some fixed rate personal loans limit extra repayments or charge an early repayment fee, and that fee is not included here.
How are the establishment fee and the monthly fee treated?
You choose whether the establishment fee is added to the loan or paid upfront. Added to the loan, it is borrowed too, so it raises each repayment and is charged interest. Paid upfront, it is cash at the start and your repayments do not change. Either way it is counted once in total fees and total cost. The monthly account fee is billed monthly for each month the loan is open, whatever your repayment frequency, and is kept out of the repayment figure so the repayment matches what the lender quotes.
Does this calculator work out a comparison rate?
No. A comparison rate is a single percentage that lenders must publish, combining the interest rate with most fees and charges. It is worked out on a standard example loan set by regulation, so it may not match your amount or term, and it leaves out some costs such as early repayment fees. This calculator shows your interest and your fees as separate dollar amounts for the loan you enter instead. Use the comparison rate to compare lenders, and enter the actual interest rate from your quote here.
What is the difference between a secured and an unsecured personal loan?
A secured personal loan is backed by an asset, usually a car, which the lender can take if you stop repaying. Because the lender carries less risk, secured loans usually have a lower interest rate. An unsecured loan has no asset behind it and usually costs more. The repayment maths is the same for both, so the calculator does not change anything for either type: enter the rate on your own quote.
What loans does this calculator not cover?
It models a fixed rate personal loan with level principal and interest repayments over 1 to 15 years. It does not model interest-only loans, balloon payments, variable rates that change during the loan, credit cards, lines of credit, buy now pay later, or payday and other small amount loans, which carry different fees. If you are buying a car with a deposit, trade-in or balloon payment, use the car loan calculator. Results are estimates, not a credit quote or financial advice.