Calculator Assumptions: The above calculations are worked out assuming you're paying off a principal and interest loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.
How to use the personal loan repayment calculator
The personal loan repayment calculator can help you see what your monthly repayments will be and how much interest you will pay over the life of the loan.
To use this calculator, you simply input your loan amount, loan term, the interest rate and your repayment frequency. After inputting all of the amounts, you can scroll over different points of the graph to see the progression of your loan at different points in time.
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How much does a personal loan cost?
The average Australian borrower could pay from $135 per month in personal loan repayments.
The average personal loan balance in Australia is $7,003, according to Finder's consumer sentiment tracker.
Lowest unsecured personal loan rate is 5.76% and the lowest secured rate is 5.67%.
Average unsecured personal loan rate in Finder's database is 10.32%.
Assuming you had a balance of $7,003 and you were paying the lowest rate available your repayments would be $135 per month over 5 years.
If we were to assume you were paying the average rate in Finder's database your repayments would be $150 per month over 5 years.
Data is correct as of 1 April 2026. This savings example is a hypothetical estimate only. Interest rates will depend on your personal circumstances and the lender's borrowing assessment, so the rate used may not reflect your own costs.
Market update by Rebecca Pike – Finder's editor, money
Why should I use a personal loan calculator?
A personal loan calculator helps you understand how much you can borrow and what your repayments will look like over time.
Here’s how a personal loan calculator can help you in different situations:
When you're buying a car. If you’re buying a new or used car, you can use a personal loan calculator to see if you should get a secured or unsecured loan (based on the interest rate), and how long you can take the loan out for.
If you're looking to renovate. Using a personal loan calculator before taking out a loan for home renovations can help keep your expenses in check by telling you just how much you’ll have to repay over time. This can help you choose between making affordable and not-so-affordable renovations.
If you have debt and want to consolidate. Making multiple repayments each month can be a bother, and you might even be paying excessive interest on some of your credit cards or personal loans. By getting a personal loan to consolidate existing debts, you can save in the form of interest, and a personal loan repayment calculator can tell you by just how much.
If you need a cash injection for your business. Certain lenders offer loans for businesses, and there are business loan calculators that can help you compare features in such instances as well. Typical business loans, for instance, offer lower interest rates when compared to personal loans for individuals.
When you just need a bit extra to see you through. Do you need money to get by existing cash flow problems and aren’t sure which type of personal loan to take up? By using a personal loan calculator, you can compare different types of options, like secured loans, unsecured loans and payday loans. You can then make a decision that best suits your needs.
Our expert says: Calculate for higher repayments
"Calculators let borrowers work out what a personal loan will actually cost them. But when you're using a calculator remember that it's not enough to know you can make the repayment, you need to know it won't put you in financial stress.
If the loan has a variable interest rate, you need to remember that the rate could rise at any time. You should also consider whether you could cope if emergency costs came in, like a particularly high energy bill, car repairs or even a gift for a loved one's big birthday. Because of this, it can be a good idea to check your repayments with a slightly higher interest rate to ensure you can truly afford the loan."
If you want to pay off your personal loan faster you'll need to pay more than your repayment amount or make additional repayments. Using the personal loan calculator you can play with these numbers to see how much time you could shave off your loan.
How much you can borrow will depend on how much you're able to repay. When you apply for a personal loan, the lender will ask for information about your income, assets, expenses and liabilities. From there, they will calculate how much you'll be able to comfortably repay and lend you up to that amount.
The cost of a loan will depend on factors like your loan term and your interest rate. Here are some example calculations:
A $20,000 personal loan with a loan term of 5 years with Finder's lowest interest rate of 5.67% would cost $384 a month. Over the life of that loan you'd end up paying a total of $23,016.
A $20,000 personal loan with a loan term of 5 years and Finder's average unsecured interest rate of 10.35% would be $429 a month. You'd end up paying a total of $25,704 over the life of that loan.
Why compare personal loans with Finder?
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines.
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I just want to know,if possible,the best place to apply for a $1000 loan,with repayments not exceeding $65 per fortnight and with no upfront payment. I do not have drivers licence but i do have photo id for identification
Finder
MayDecember 13, 2017Finder
Hi Leanne,
Thanks for reaching out to Finder.
Though we can’t recommend a specific lender to our users as we are a comparison website, you may like to check our list of $1,000 cash loans. Please review the loan details and the eligibility criteria then contact the lender to discuss your options. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Hope this helps.
Cheers,
May
TimSeptember 14, 2016
I have a bad credit rating however I’m employed and earn good money with no debt. My wife is a med student with a perfect credit rating. Could we get a joint unsecure personal loan of say only $5000 with her as primary?
Is there any way if doing this or including my income?
Thanks.
Finder
ElizabethSeptember 14, 2016Finder
Hi Tim,
You can apply for a joint personal loan but your credit history will still be taken into account. You generally won’t be eligible for a loan with a traditional bank.
However, there are some non-traditional lenders that offer joint personal loans (follow the link to find out criteria). You can read our $5,000-loan guide to find personal loan options up to $5,000 for people with bad credit. You can also consider getting your wife to become a guarantor.
Hope this helps,
Elizabeth
SunnyAugust 25, 2015
Hlo I got 457 temporary skilled working visa ( 4 yrs visa) recently 2 weeks ago .I need loan for 25000 dollar and I have contract letter from my employee I have 54000 dollar annually salary can I get loan .which document required…
Finder
ElizabethAugust 26, 2015Finder
Hi Sunny,
Thanks for your question.
You can compare personal loans for temporary residents to see application criteria and required documents. You can select the lender and read our review or select ‘Go to Site’ if you are ready to apply. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.
I hope this has helped.
Thanks,
Elizabeth
GregoryAugust 13, 2015
I wish to bye a business for $60000, do about 10000 in upgrades and add about $10000 Which will take the turn over each year from $10000
to $150000 Being a push bike mechanic and it being 2 km from the Yah rail trail I expect more business even I think to A figure of $20000 The second figure should only burn about $20000 where as the first $70000. I’m a pensioner but don’t think I will be for long.I also have $130000 worth of land. I feel I should get a personal loan as there is heaps of security, the business pulls in a good wage each week with out my extras.
Finder
ElizabethAugust 14, 2015Finder
Hi Gregory,
Thanks for your comment.
You can take a look at our business loans guide to find out the application process and whether you are eligible. You might want to have a chat with a lender or accountant who might be able to offer you personal advice. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this information will be of use.
Thanks,
Elizabeth
mikeJune 17, 2015
if i take a loan out for 7 years for 7000 how much a month would that be
Finder
ElizabethJune 17, 2015Finder
Hi Mike,
This depends on the interest rate of the loan and whether there are any fees – you can use the personal loan calculator on the page above to work out your monthly repayments.
When you have a large expense that your savings can’t cover, a personal loan at a fixed rate from Great Southern Bank is an option worth considering. With no fees and a competitive fixed interest rate, this could be the right loan for you.
With a high Finder Score of 9.2, Pepper Money Unsecured Fixed Rate Personal Loan ranks among the top 13% in our database. Its competitive minimum interest rate from 5.95% is in the top 10% of the lowest rates available.
The Latitude Financial Service Personal Loan is a flexible loan with a competitive fixed interest rate, flexible repayment options and the ability to make additional repayments. Application is simple and can be completed online – find out if you're eligible.
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Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
I just want to know,if possible,the best place to apply for a $1000 loan,with repayments not exceeding $65 per fortnight and with no upfront payment. I do not have drivers licence but i do have photo id for identification
Hi Leanne,
Thanks for reaching out to Finder.
Though we can’t recommend a specific lender to our users as we are a comparison website, you may like to check our list of $1,000 cash loans. Please review the loan details and the eligibility criteria then contact the lender to discuss your options. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Hope this helps.
Cheers,
May
I have a bad credit rating however I’m employed and earn good money with no debt. My wife is a med student with a perfect credit rating. Could we get a joint unsecure personal loan of say only $5000 with her as primary?
Is there any way if doing this or including my income?
Thanks.
Hi Tim,
You can apply for a joint personal loan but your credit history will still be taken into account. You generally won’t be eligible for a loan with a traditional bank.
However, there are some non-traditional lenders that offer joint personal loans (follow the link to find out criteria). You can read our $5,000-loan guide to find personal loan options up to $5,000 for people with bad credit. You can also consider getting your wife to become a guarantor.
Hope this helps,
Elizabeth
Hlo I got 457 temporary skilled working visa ( 4 yrs visa) recently 2 weeks ago .I need loan for 25000 dollar and I have contract letter from my employee I have 54000 dollar annually salary can I get loan .which document required…
Hi Sunny,
Thanks for your question.
You can compare personal loans for temporary residents to see application criteria and required documents. You can select the lender and read our review or select ‘Go to Site’ if you are ready to apply. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.
I hope this has helped.
Thanks,
Elizabeth
I wish to bye a business for $60000, do about 10000 in upgrades and add about $10000 Which will take the turn over each year from $10000
to $150000 Being a push bike mechanic and it being 2 km from the Yah rail trail I expect more business even I think to A figure of $20000 The second figure should only burn about $20000 where as the first $70000. I’m a pensioner but don’t think I will be for long.I also have $130000 worth of land. I feel I should get a personal loan as there is heaps of security, the business pulls in a good wage each week with out my extras.
Hi Gregory,
Thanks for your comment.
You can take a look at our business loans guide to find out the application process and whether you are eligible. You might want to have a chat with a lender or accountant who might be able to offer you personal advice. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this information will be of use.
Thanks,
Elizabeth
if i take a loan out for 7 years for 7000 how much a month would that be
Hi Mike,
This depends on the interest rate of the loan and whether there are any fees – you can use the personal loan calculator on the page above to work out your monthly repayments.
Thanks,
Elizabeth