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

EhsanApril 9, 2015

Which banks accept scholarship stipend as an income eligible for personal loans?
Thank you

Finder

ElizabethApril 13, 2015Finder

Hi Ehsan,

Thanks for your question.

I’m unaware of any banks that specifically accept scholarship stipends as a form of income as it is really only intended to help fund your studies and immediate living expenses. When considering you for a loan, banks look at your financial situation (including how much you earn) and your ability to repay. You might want to take a look at student personal loans to know what types of personal loans you can consider. You can also speak to a few of the major banks and also your current bank about possibilities for a loan. 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 will help.

Thanks,
Elizabeth

katrinaFebruary 13, 2015

hello i need help i want a debt consolidation loan but i have defaults can someone help me please

Finder

ShirleyFebruary 16, 2015Finder

Hi Katrina,

Thanks for your question.

Our guide to debt consolidation can help provide more information about your options. If you currently have bad credit, you may also want to have a look at our bad credit loans and compare lenders that may assist you.

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.

Cheers,
Shirley

ElenaDecember 30, 2014

Hi, I need $6000 loan for a period of a two years. For how long I have to be employed to be eligible for this loan? There is a matter of what kind of employment is? Permanent, part time or casual?
Thank you!

Finder

ShirleyDecember 30, 2014Finder

Hi Elena,

Thanks for your question.

In most cases, full-time employment is favourable when applying for a personal loan. You can compare a range of personal loans. If you would like to apply or find out more information about one of the products we display, please click on ‘go to site’ to be taken to the lender’s website.

Cheers,
Shirley

GregDecember 22, 2014

we are looking at taking out a personal loan of $25 000 – can this be paid back monthly over two years and does the interest rate fluctuate during those two years and last question – can we draw down from the $25k during the 2 years or do we pay interest on the full $25k when the loan gets approved. Many thanks

Finder

ShirleyDecember 22, 2014Finder

Hi Greg,

Thanks for your question.

In most cases you can organise for your personal loan to have a loan term of two years with monthly repayments. The interest rate can fluctuate if you opt for a variable loan.

You can choose to draw down the amount or have the lump sum paid to you directly. Most lenders tend to offer the lump sum option.

Cheers,
Shirley

shizNovember 8, 2014

hi,
Just i wanted to know about personal loan, can i cash out amount?
thank you

Finder

ElizabethNovember 10, 2014Finder

Hi Shiz,

Thanks for your question.

This depends on the bank/lender you apply for the personal loan with. You should check if there are any restrictions placed on the loan that would stop you from doing this – it may be worth calling the lender providing the loan you’re looking at and confirm with them directly.

I hope this has helped.

Thanks,

Elizabeth

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Personal loan calculator

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