How can I pay off my personal loan faster?

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 money can I borrow?

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.

How much is a $20,000 personal loan for 5 years?

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 unsecured interest rate of 5.76% would cost $385 a month. Over the life of that loan you'd end up paying a total of $23,100. A $20,000 personal loan with a loan term of 5 years and Finder's average unsecured interest rate of 10.32% would be $428 a month. You'd end up paying a total of $25,680 over the life of that loan.

Personal loan calculator

You can use the personal loan calculator to work out your repayment costs to see if a loan is affordable.
By changing the interest rate and loan term you can see how different features have a different impact on price.
Using a personal loan calculator can not only help you choose a new loan, but help you calculate your savings if you need to consolidate debts.

Personal Loan Repayment Calculator

Your personal loan details

Loan amount

Term

Repayment type

Interest rate

Monthly fee

Interest only period

Payment frequency

Extra monthly repayments

Overview of your loan

Once the interest only period ends, your estimated repayments will be

(including extra )

Total loan repayments:

Total interest / fees payable:

Compare personal loans

By making extra monthly repayments of

Your loan term could reduce by:

You could pay less interest, saving:

See as a table

Years remaining	Principal remaining

_{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.

Calculate personal loan repayments for a new loan

12 of 224 results

Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 5.95% to 26.95%	Comp. Rate (p.a.) 5.95% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $607.99	Borrow up to $50,000 for any worthwhile purchase and pay no establishment or ongoing fees without providing collateral. You can also benefit from a more competitive interest rate if you have a strong credit score.	Go to site View details Compare product selectionCompare	loading
Revolut Unsecured Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.99% to 24.49%	Comp. Rate (p.a.) 6.99% to 25.32%	Application Fee $0	Monthly Fee $0	Monthly Repayment $617.45	Limited Time Offer: Apply in-app and access your funds in minutes if approved. New User Offer: Get a A$50 cash reward when you make your first repayment within 90 days of joining Revolut. Offer ends 31 Dec 2026. T&Cs apply.	Eligibility: Must be an Australian/NZ citizen or permanent resident, employed for 3+ months, earning at least $2,000/month, with a recommended Equifax credit score of 500+.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $652.40	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Unsecured Personal Loan ExclusiveVariable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $661.75	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $637.12	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Variable Rate Personal Loan Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $637.12	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
ING Personal Loan Most LovedFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.19% to 19.99%	Comp. Rate (p.a.) 7.03% to 20.78%	Application Fee $199	Monthly Fee $8	Monthly Repayment $624.23	No early repayment fees and same-day funding for existing ING customers. Eligibility: Applicants must be 18+, Australian/ NZ citizen or permanent resident of Australia, and earning at least $36,000 a year (before tax) with PAYG payslips.	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Unsecured Personal Loan ExclusiveFixed2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $661.75	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Jacaranda Finance Unsecured Personal Loan Fixed25 Months - 3 Years $3,000 - $15,000	Interest Rate (p.a.) 27.95% to 29.95%	Comp. Rate (p.a.) 44.50% to 46.50%	Application Fee $13.50 - $950	Monthly Fee $26	Monthly Repayment $892	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $652.40	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Fair Go Finance Medium Loan Fixed6 Months - 2 Years $2,001 - $5,000	Interest Rate (p.a.) 29.90% to 59.20%	Comp. Rate (p.a.) 47% to 64.99%	Application Fee $400	Monthly Fee $18	Monthly Repayment $882.90	Go to site View details Compare product selectionCompare	loading
Fair Go Finance Large Loan Fixed16 Months - 2 Years $5,050 - $10,000	Interest Rate (p.a.) 21.90% to 29.21%	Comp. Rate (p.a.) 25.90% to 33.76%	Application Fee $795	Monthly Fee $14	Monthly Repayment $807.10	Go to site View details Compare product selectionCompare	loading

Showing 12 of 12 results

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."

Richard Whitten

Senior Money Editor

Frequently asked questions

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 unsecured interest rate of 5.76% would cost $385 a month. Over the life of that loan you'd end up paying a total of $23,100.
A $20,000 personal loan with a loan term of 5 years and Finder's average unsecured interest rate of 10.32% would be $428 a month. You'd end up paying a total of $25,680 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, renovating your home or heck just ready to let loose with the spending - we got you.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder database, accessed 15 April 2026
2. Finder's Consumer Sentiment Tracker

Thank you for your feedback!

Written by

Rebecca Pike

Editor, Money

Add to Preferred Sources

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. See full bio

Rebecca's expertise

Rebecca has written 253 Finder guides across topics including:

Home loans
Personal Loans
Car Loans
Cost of living
Budgeting

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28 Responses

LeanneDecember 12, 2017

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.

Thanks,

Elizabeth

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Find out how much you can borrow, what your repayments will be and how to pay off your loan sooner.