About the Personal Loan Repayment Calculator
This works out the fixed monthly repayment for a standard principal-and-interest personal loan, along with the total interest you'll pay and the total amount repaid over the loan term. Personal loans in Australia are commonly quoted in months rather than years, so the term here is entered in months.
How it works
It uses the standard loan amortisation formula: your annual interest rate is converted to a monthly rate, and the formula solves for the fixed monthly payment that pays off the loan amount exactly over the number of months entered.
Assumptions and behaviour
- Assumes a fixed interest rate for the full term — most unsecured personal loans in Australia are fixed rate.
- Models a standard principal-and-interest structure with equal monthly repayments.
- Loan term is entered in months (default 60, i.e. 5 years), matching how personal loans are typically advertised, rather than years like home loans.
Limitations
- Doesn't include establishment fees, monthly account-keeping fees, or early repayment/exit fees, which some personal loans charge on top of interest.
- Assumes the comparison rate isn't relevant here — always check a loan's comparison rate (which includes most standard fees) when comparing personal loan offers, not just the headline interest rate.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
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