Find out how much your repayments will be.
It's not possible to plan for every expense that's going to come your way, which is why some people choose to take out personal loans. Before you consider taking out a personal loan it's important to know if you will be able to afford the repayments, and to work this out you can use a personal loan calculator.
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.
What each field means
- Loan amount is the amount you intend to borrow.
- Loan terms refer to the amount of time you intend to borrow the loan for.
- Upfront fees These refer to any fees you are charged when you open the loan, for example, establishment fees or application fees.
- Ongoing fees are the fees that are charged throughout the life of your loan. These include account-keeping fees, service fees, annual fees, etc.
- Introductory rate (p.a.) is a rate that may be offered by a lender for the initial period of a loan.
- Introductory term (months) refers to the length of time the introductory rate applies for and is calculated on a monthly basis.
- Ongoing rate is the rate which the introductory rate reverts to after the introductory term is over.
Calculate your personal borrowing power
If you're looking to get a personal loan, it's important to have as much information prepared before you start comparing and applying. If the figures above help you, find out how much you can borrow by entering your details.
Use the widget to calculate your personal loan repayments
At the top of the table below you will see an automatic repayment calculator. Input your loan requirements and let our widget show you the estimated figures.
Want to know which loan is more competitive?
To use the personal loan comparison calculator you simply fill in the relevant fields for two different personal loans to see how much you could save.
Why do I even need to use a personal loan calculator?
A personal loan calculator gives you the means to find out just what to expect in terms of how much you can borrow and what your repayments look over time. It does this while taking into account aspects like interest rates and loan terms. Here’s how a personal loan calculator can help you in different situations:
- When you're upgrading your car. If you’ve been meaning to get a new car, use a personal loan calculator to see if you should get a secured or unsecured loan, and how long you can take the loan out for. A car loan calculator helps illustrate important differences between loan types and can help you narrow down on your choice.
- 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.
- When you want to fund a holiday. Want to go on an exotic holiday but don’t know how much you can afford to borrow? Use a calculator to find out how much you can spend on your next trip, and by extending the loan term you can see how much you can lower your repayments
- If you have current 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 debt consolidation personal loan calculator can tell you by just how much.
- If you need a cash injection for your business. Certain lenders offer personal loans for businesses, and there are calculators that can help you compare crucial parameters in such instances as well. Typical business loans, for instance, offer lower interest rates when compared to personal loans for individuals, and a loan calculator highlights this difference aptly.
- 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 of 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 personal needs.
Case study: Hilary's Holden
Hilary is looking to buy a car, and Hilary wants a Holden. She's been shopping around and has found a new Holden Commodore for $15,000. Trouble is, Hilary only has $5,000 saved. She plans to take out a $10,000 personal loan and wants to know how much it will cost her in interest. She has worked out her budget and can afford $400 in monthly repayments. She also wants to compare the two different personal loans she is looking at to see which one is better value. Here is what she found:
She found a personal loan with an interest rate of 7.90% p.a., which allowed her to repay her loan in three years if she made monthly repayments of $313. She was happy with this until she saw she would be paying $1,264 in interest over the life of the loan, so she adjusted the calculator to see what she could save.
By making repayments that were only $52 over her monthly budget ($13 a week) she could save herself $420 in interest and repay her loan a whole year earlier. Hilary is happy with this, but she is a savvy shopper and wants to see if another loan could save her even more money.
She finds two loans with low interest rates and minimal fees. Using the loan comparison calculator she finds out that even though the second loan has a lower interest rate she will actually save $123 by choosing the first loan.
Hilary is happy with the research she's done and is confident that she's made the right choice.
If you want to be as savvy as Hilary simply compare your personal loan options and then use the calculators to find the best option for you.
What other calculators do finder.com.au offer?
Payday loan calculator
A payday loan gives you the means to get by a temporary financial setback, offering you a small short term loan. A typical payday loan, as the name suggests, requires that you repay it in accordance to your payday. The payday loan calculator will set out your repayments and the total cost of your loan.
- Amount. Enter how much you wish to borrow — remember that typical payday loans won’t let you borrow too much, so it can help to check how much you're eligible for.
- Loan term. The loan term of a payday loan can vary between 16 days and one year.
Car loan calculator
Irrespective of whether you wish to purchase a new or used car, using a car loan calculator allows you to compare different car loans and also find out what your repayments will look like.
- Comparison rate calculator. This calculator allows you to calculate the comparison rate of any loan, and so requires you to enter the loan amount, loan term, interest rate, and fees.
- Repayment calculator. Enter loan amount, loan term, interest rate, and repayment frequency to and find out how much you’ll have to repay.
Chattel mortgage calculator
A chattel mortgage is when you borrow money to buy a vehicle, and while you take the vehicle’s ownership upon purchase, the lender uses the vehicle as security until you repay the loan in full. Use a chattel mortgage calculator to establish your monthly payments and the total interest you'll pay. You’ll have to provide the following details:
- Purchase price. This is the price you’ll have to pay to buy the car.
- Balloon. This is an option that's available with chattel mortgages. It's an amount you pay at the end of the loan term, usually a few thousand dollars, that you don't need to pay interest on.
- Leasing term. How long do you want the lease to continue for?
- Interest rate. This is the interest rate that the loan attracts.
- Payments made. Choose between making payments in advance and in arrears.
Novated lease calculator
A novated lease is where an employer makes repayments towards a loan and then deducts it from the employee’s salary. A novated lease calculator, as a result, gives you a clear indication of how much your employer will deduct from your pay on an ongoing basis. Here’s what the calculator requires:
- Purchase price. How much did the car cost?
- Residual. This refers to the lump sum payment made after making all regular repayments.
- Leasing term. This refers to the lease term.
- Interest rate. What interest rate does the lease attract?
- Payments made. Is your employer making payments in arrears or in advance?
Caravan loan calculator
While a caravan gives you great freedom when it comes to travelling, buying one requires a fair amount of money, and possibly a large upfront payment. Use a caravan loan calculator to compare different loans and determine the loan costs by providing the following:
- Loan term. While longer loan terms might offer lower repayments, you’ll probably end up paying more in the form of interest.
- Loan amount. How much of the purchase price do you wish to borrow?
- Interest rate. This is the interest that the loan attracts.
- Repayment frequency. Will you be making weekly, fortnightly, or monthly repayments? Check what the lender allows.
- Repayment type. During the initial period do you want to make interest-only repayments or principal and interest repayments?