Personal Loan Calculator
Estimate your personal loan repayments in seconds. Enter your loan amount, interest rate and term to see your weekly, fortnightly or monthly repayment, total interest and full amortisation schedule — free, instant, and with no signup required.
Loan Details
Define your loan to simulate repayment scenarios
Fees
Repayment Scenarios
Compare different repayment amounts
4 more scenarios available
Payoff Date
29/08/2031
Time to Payoff
59m 1w
Total Interest
$5,487.81
Total Fees
$0.00
Total Cost
$5,487.81
Total Paid
$25,487.81
Loan Projections
- Base repayment
Remaining loan balance over time
Scenario Comparison
| Scenario | Repayment | Payoff Date | Time | Interest | Fees | Total Paid |
|---|---|---|---|---|---|---|
| Base repayment(active) | $425.00/monthly | 29/08/2031 | 59m 1w | $5,487.81 | $0.00 | $25,487.81 |
Amortisation Schedule
| # | Date | Opening | Interest | Fees | Payment | Principal | Closing |
|---|---|---|---|---|---|---|---|
| 1 | 24/10/2026 | $20,000.00 | $166.50 | $0.00 | $425.00 | $258.50 | $19,741.50 |
| 2 | 23/11/2026 | $19,741.50 | $164.35 | $0.00 | $425.00 | $260.65 | $19,480.85 |
| 3 | 23/12/2026 | $19,480.85 | $162.18 | $0.00 | $425.00 | $262.82 | $19,218.03 |
| 4 | 22/01/2027 | $19,218.03 | $159.99 | $0.00 | $425.00 | $265.01 | $18,953.02 |
| 5 | 21/02/2027 | $18,953.02 | $157.78 | $0.00 | $425.00 | $267.22 | $18,685.80 |
| 6 | 23/03/2027 | $18,685.80 | $155.56 | $0.00 | $425.00 | $269.44 | $18,416.36 |
| 7 | 22/04/2027 | $18,416.36 | $153.32 | $0.00 | $425.00 | $271.68 | $18,144.68 |
| 8 | 22/05/2027 | $18,144.68 | $151.05 | $0.00 | $425.00 | $273.95 | $17,870.73 |
| 9 | 21/06/2027 | $17,870.73 | $148.77 | $0.00 | $425.00 | $276.23 | $17,594.50 |
| 10 | 21/07/2027 | $17,594.50 | $146.47 | $0.00 | $425.00 | $278.53 | $17,315.98 |
| 11 | 20/08/2027 | $17,315.98 | $144.16 | $0.00 | $425.00 | $280.84 | $17,035.13 |
| 12 | 19/09/2027 | $17,035.13 | $141.82 | $0.00 | $425.00 | $283.18 | $16,751.95 |
How personal loan repayments are calculated in Australia
A personal loan repayment is built from four moving parts: the principal (the amount you borrow), the interest rate charged per year, the loan term (how long you have to repay it), and your repayment frequency — weekly, fortnightly or monthly. Each repayment you make covers the interest accrued since the last one, with the remainder reducing the principal. As the principal shrinks, less interest accrues each period, so a growing share of each repayment goes toward the principal. That is amortisation, and it is why the calculator above shows your balance curving downward over time.
Repayment frequency matters more than most people realise. Because interest accrues daily on most Australian personal loans, paying fortnightly instead of monthly means you chip away at the principal more often, which slightly reduces the total interest paid over the life of the loan. The compounding setting in the calculator lets you model monthly or daily compounding to match how your lender calculates interest.
What affects the interest rate you're offered
Lenders don't offer the same rate to everyone. The rate you're quoted depends largely on your credit score — a higher score signals lower risk and unlocks the cheapest advertised rates. Whether the loan is secured or unsecured also makes a big difference: a secured loan (backed by an asset like a car) typically carries a lower rate because the lender can recover the asset if you default. The loan amount and term play a role too — very small or very long loans sometimes attract higher rates. That's why it pays to model a few scenarios in the calculator before you apply, so you know what a reasonable offer looks like for your situation.
Why comparing repayment scenarios before applying matters
Walking into a loan application knowing your numbers changes the conversation. By comparing a few repayment scenarios — a shorter term with higher payments versus a longer term with lower payments, or the effect of an extra $50 a fortnight — you can see exactly how much interest each choice saves or costs over the life of the loan. A small change in rate or term can add up to thousands of dollars, and the only way to see that clearly is to run the maths yourself, free of a lender's spin. That's the whole point of MoneyLens.
Comparison rates: why they matter more than advertised rates
The advertised interest rate is only part of the story. Australian lenders are legally required to also display a comparison rate, which rolls most fees and charges into a single percentage that reflects the true yearly cost of the loan. A loan with a headline rate of 9% and hefty establishment and monthly fees can have a comparison rate closer to 11%, while a 9.5% loan with no fees might compare at 9.5%. When you're shopping around, always compare the comparison rate — not the advertised rate — to see which loan genuinely costs less.
Personal loan calculator FAQs
How much will my personal loan repayments be?
Your repayment depends on three things: the amount you borrow, the interest rate, and the loan term. As a rough guide, a $20,000 personal loan at 10% p.a. over 5 years costs around $425 a month. Use the calculator above to plug in your exact numbers and see your repayment, total interest, and full amortisation schedule.
What's the difference between a secured and unsecured personal loan?
A secured personal loan is backed by an asset — usually a car you are purchasing — which the lender can repossess if you default. Because the lender takes on less risk, secured loans typically come with lower interest rates. An unsecured loan has no collateral, so the lender relies on your creditworthiness alone, which usually means a higher rate but no asset at risk.
Does a personal loan calculator affect my credit score?
No. Using this calculator is completely free and anonymous — it runs the maths in your browser and never touches a credit bureau. A credit check only happens if and when you formally apply for a loan with a lender, which is a separate process entirely.
What is a comparison rate?
A comparison rate combines the advertised interest rate with most fees and charges into a single percentage figure, so you can see the true yearly cost of a loan. It is legally required to be displayed alongside advertised rates in Australia because a low headline rate with high fees can end up costing more than a slightly higher rate with no fees.
Can I pay off a personal loan early?
In most cases yes, but some lenders charge an early repayment or exit fee to recoup the interest they would have earned. Check your loan contract for early termination fees before making extra repayments — the calculator above lets you model extra repayments so you can see how much interest you would save.
What interest rate will I be offered?
Rates vary based on your credit score, whether the loan is secured or unsecured, the loan amount, and the lender. Borrowers with strong credit histories and secured loans generally receive the lowest advertised rates. Always compare offers from several lenders rather than accepting the first quote.
How much interest will I pay on a $10,000 personal loan?
On a $10,000 personal loan at 10% p.a. over 3 years you'd pay about $1,616 in interest, with monthly repayments of roughly $323. At 15% over 3 years the interest climbs to about $2,480. Use the calculator above to plug in your exact amount, rate and term — the total interest updates instantly as you change the inputs.
How much interest will I pay on a $20,000 personal loan?
A $20,000 loan at 10% p.a. over 5 years costs about $5,496 in interest on monthly repayments of $425. Shorten the term to 3 years and the interest drops to roughly $3,232, but the monthly repayment rises to about $649. The calculator shows the exact trade-off for your numbers.
What's the monthly repayment on a $30,000 personal loan?
Around $637 a month on a $30,000 loan at 10% p.a. over 5 years, with total interest near $8,244. A lower rate of 8% drops the repayment to about $608 and the interest to about $6,498. Enter your own rate and term above for an exact figure.
Ready to model your numbers?
Head back to the full MoneyLens toolkit to compare loan and savings scenarios side by side, or learn more about why MoneyLens is built without bank bias.