If you're planning on getting a personal loan, it's important to know how much you can afford to borrow. Use our personal loan calculator to work out the size of your repayments and compare personal loans below.
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
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.
Calculate your personal borrowing power
Before you compare personal loans, it's important to understand how much you can realistically afford to borrow. Use the calculator below by entering your preferred loan terms, income and expenses to work out your personal borrowing power.
RateSetter Unsecured Personal Loan - 3yr Variable
RateSetter Unsecured Personal Loan - 3yr Variable
Get a personalised comparison rate based on your credit score
100% confidential application
RateSetter Unsecured Personal Loan - 3yr Variable
RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.79% p.a. based on your risk profile.
Calculate personal loan repayments for the products below
Updated January 21st, 2020
Want to know which loan is more competitive?
To use the personal loan comparison calculator, simply fill in the relevant fields for two different personal loans to see how much you could save.
Why do I need to 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’ve been meaning to get a new or used 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 personal loan repayment calculator helps illustrate important differences between car loan types and can help you narrow down 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 personal loan 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 repayment 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 business loan 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.
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 personal needs.
Other loan calculators
Short term 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.
Irrespective of whether you wish to purchase a new or used car, using a personal loan repayment 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 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 find out how much you’ll have to repay.
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.
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?
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 personal 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?
Jeremy Cabral is the chief operating officer and global head of publishing for Finder. He has written hundreds of comparisons covering everything from credit cards to travel money to Netflix TV shows. Jeremy has a Bachelor of Business (Marketing) from the University of Western Sydney.
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.