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 $218 per month in personal loan repayments.
The average personal loan balance in Australia is $9,723, 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 9.92%.
Assuming you had a balance of $9,723 and you were paying the lowest rate available your repayments would be $187 per month over 5 years.
If we were to assume you were paying the average rate in Finder's database your repayments would be $207 per month over 5 years.
Data is correct as of 4 December 2025. 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 5.76% would cost $385 a month. Over the life of that loan you'd end up paying a total of $23,066.
A $20,000 personal loan with a loan term of 5 years and Finder's average unsecured interest rate of 10.74% would be $433 a month. You'd end up paying a total of $25,936 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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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.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Find out exactly what you need to know when it comes to cheap personal loans, including working out if a loan is really competitive.
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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.
Which banks accept scholarship stipend as an income eligible for personal loans?
Thank you
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
hello i need help i want a debt consolidation loan but i have defaults can someone help me please
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
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!
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
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
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
hi,
Just i wanted to know about personal loan, can i cash out amount?
thank you
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