Personal Loan Calculator
Work out your personal loan repayments and total interest.
- Total interest paid
- $6,391
- Total amount repaid
- $26,391
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
Personal loans are typically unsecured, fixed-term, fixed-rate loans used for things like cars, renovations, weddings or debt consolidation — repaid in equal instalments using the same amortising-loan formula as a mortgage, just over a much shorter term and usually at a higher rate since there's no property securing the debt.
Enter the amount you want to borrow, the interest rate you've been quoted, and the loan term (personal loans in Australia typically run 1–7 years). The calculator shows your regular repayment and how much interest you'll pay in total.
Worked example: a $20,000 personal loan at 11.5% p.a. over 5 years costs $439.85 a month, with $6,391.13 in total interest — meaning you repay $26,391.13 in total for the $20,000 borrowed.
Personal loan rates vary a lot by lender and by your credit profile — secured personal loans (backed by an asset like a car) usually get a lower rate than unsecured ones. Check the comparison rate, not just the advertised rate, since personal loans often carry upfront and monthly fees that push the real cost higher.
Frequently asked questions
- Why are personal loan rates higher than home loan rates?
- Personal loans are usually unsecured (or secured against a depreciating asset like a car rather than property), and they're repaid over a much shorter term, both of which mean more risk for the lender — reflected in a higher rate.
- Does this include establishment or monthly fees?
- No — this shows interest only. Many personal loans charge an upfront establishment fee and sometimes a monthly account fee; check the lender's comparison rate for a figure that includes most standard fees.
- Can I pay a personal loan off early?
- Most Australian personal loans allow early payout, though some charge a break fee for fixed-rate loans. Paying extra or paying it off early typically reduces the total interest you pay, similar to a home loan.