Calculate repayments

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  • PERSONAL LOANS

AUSTRALIA

Personal Loan Repayment Calculator Australia

Use the CalcHarbour Personal Loan Repayment Calculator to estimate how much a personal loan could cost based on the amount borrowed, interest rate, loan term and repayment frequency.

You can calculate weekly, fortnightly or monthly repayments, include establishment and ongoing fees, model extra repayments, and see how a higher interest rate could affect your repayment amount. The calculator also shows estimated total interest, total fees, the total amount repaid and an amortisation breakdown.

Calculate repayments
  • Last content review: 10 October 2026
Method: standard principal-and-interest amortisation Assumption: interest compounds at the selected repayment frequency Reviewed: 5 October 2026 Calculator version: PL-1.0.0
Example values are pre-filled only to demonstrate the calculator. Replace them with your own loan details.

Loan details

$
%
Fees & extra repayments
$
$
$
Estimated repayment
—
Amount borrowed—
Amount financed—
Total interest—
Total fees—
Total cash outflow—
Estimated payoff time—

Important assumptions & limitations

  • This calculator is a model, not a prediction. It estimates repayments using the values you enter.
  • It assumes a principal-and-interest loan with a constant rate and interest compounded at the same weekly, fortnightly or monthly frequency as the selected repayments.
  • It treats a year as 52 weeks, 26 fortnights or 12 months. Actual lenders may calculate interest daily, use different rounding, payment dates, fee timing or contract rules, so their figures can differ.
  • Ongoing fees are converted to an equivalent amount per selected repayment period for estimation. Check your lender's actual fee schedule.
  • The calculator does not assess whether repayments are affordable, whether you qualify for credit, or whether a loan is suitable for you.
  • Results are general information only and should not be the sole basis for a financial decision.

Methodology reference: Moneysmart Personal Loan Calculator (Australian Government / ASIC). CalcHarbour is independent and does not lend money.

On this page

01

How to Use the Personal Loan Repayment Calculator

Enter the details of the loan you are considering or the figures from a lender’s quote.

Start with the loan amount, then enter the annual interest rate and loan term. Choose whether you want to make repayments weekly, fortnightly or monthly.

If the loan includes an establishment fee or an ongoing account fee, include those costs so that the result gives you a more complete estimate.

You can also add an extra repayment amount to see how paying more than the scheduled repayment may affect the total interest and repayment period.

The calculator estimates:

  • your regular loan repayment
  • the amount financed
  • total interest over the calculated loan period
  • establishment and ongoing fees entered
  • estimated total amount repaid
  • estimated payoff period
  • the effect of additional repayments
  • repayment changes if the interest rate increases
  • an amortisation schedule showing how the balance reduces over time

The result is an estimate rather than a lender quote. Actual repayments can differ depending on the lender’s calculation method, fee timing, daily interest calculations, rounding and the terms of your credit contract.

02

How Personal Loan Repayments Are Calculated

A standard principal-and-interest personal loan gradually reduces the outstanding balance over the loan term.

Each regular repayment contains:

Principal — the amount that reduces what you owe.

Interest — the lender’s charge for providing the borrowed money.

At the beginning of a loan, a larger proportion of each repayment may go towards interest because the outstanding balance is higher. As the balance falls, the interest component generally reduces and more of each repayment goes towards the principal.

CalcHarbour uses the standard amortising-loan formula:

Repayment = P × r ÷ [1 − (1 + r)⁻ⁿ]

Where:

  • P = amount financed
  • r = interest rate for each repayment period
  • n = total number of repayments

For modelling purposes, the calculator assumes interest compounds at the same frequency as the selected weekly, fortnightly or monthly repayment frequency. ASIC’s Moneysmart personal loan calculator uses the same disclosed modelling assumption and also describes calculator results as estimates rather than predictions. MoneySmart

Actual Australian lenders may calculate interest differently, including on a daily basis, so your lender’s repayment schedule should always take precedence over an estimate produced by a general calculator.

03

Personal Loan Repayment Example

Suppose you borrow $30,000 over 5 years at an interest rate of 8.49% p.a., with no additional fees and monthly repayments.

Using the amortising-loan calculation, the estimated result is:

Loan detail

Estimate

Amount borrowed

$30,000

Interest rate

8.49% p.a.

Loan term

5 years

Repayment frequency

Monthly

Estimated repayment

$615.35 per month

Estimated total interest

$6,921.08

Estimated total repaid

$36,921.08

These figures assume the rate stays unchanged throughout the five-year period.

If your loan includes establishment fees, monthly account fees or other charges, the true cost can be higher.

04

Weekly, Fortnightly or Monthly Loan Repayments

Australian lenders may allow repayments on a weekly, fortnightly or monthly basis.

Your preferred frequency often depends on how you are paid and how you manage your household budget.

For example, someone paid fortnightly may find it easier to schedule the loan repayment shortly after each pay cycle rather than setting aside money for one larger monthly repayment.

However, changing the repayment frequency does not automatically guarantee a specific interest saving. The outcome depends on how the lender calculates interest and structures repayments.

CalcHarbour models:

  • 52 weekly repayments per year
  • 26 fortnightly repayments per year
  • 12 monthly repayments per year
When comparing a calculator result with a lender’s quote, make sure both calculations use the same repayment frequency and assumptions.
05

How the Interest Rate Affects Your Personal Loan

The interest rate has a major effect on both your regular repayment and the total amount you repay over the life of the loan.

A higher interest rate normally means:

  • higher scheduled repayments
  • more interest charged over the loan term
  • a higher total cost of borrowing

Australian personal loans may have either fixed or variable interest rates.

With a fixed rate, the interest rate is generally fixed for the agreed period, making repayments more predictable.

With a variable rate, the interest rate can change. If the rate increases, the amount required to service the loan may also increase.

Moneysmart recommends considering whether you could continue to afford a variable-rate loan if the interest rate rose by around two or three percentage points. MoneySmart

That is why the CalcHarbour calculator includes an optional rate stress test. It lets you model a higher rate before committing to a loan.

06

Personal Loan Fees Can Change the Real Cost

The advertised interest rate does not necessarily show the entire cost of a personal loan.

Depending on the lender and product, charges may include:

  • application or establishment fees
  • monthly or annual account fees
  • administration fees
  • late-payment or default charges
  • early repayment or break costs in some circumstances

Moneysmart recommends comparing both rates and fees when assessing personal loans because a lower advertised interest rate does not always mean the loan will cost less overall. MoneySmart

Establishment fees

If an establishment fee is paid separately at the beginning of the loan, CalcHarbour treats it as an upfront cost.

If the fee is financed as part of the loan, you can select that option so the fee is added to the amount financed. In that case, interest may also be calculated on the financed fee.

Ongoing fees

You can enter recurring fees into the calculator to estimate their effect on the total loan cost.

Always check the lender’s credit contract because the timing and treatment of actual fees may differ from the calculator’s modelling assumptions.

07

Interest Rate vs Comparison Rate

The interest rate and comparison rate are not the same thing.

The interest rate represents the rate charged on the money borrowed and generally excludes separate fees.

A comparison rate combines the interest rate with most applicable fees and charges into a single percentage designed to help consumers compare fixed-term credit products.

ASIC explains that Australia’s comparison-rate regime is intended to make it easier to compare the cost of different credit products, although comparison rates do not include every possible charge or loan feature. ASIC

For example, two lenders may advertise similar interest rates but charge different establishment or ongoing fees. The loan with the lower advertised interest rate is therefore not automatically the cheaper option.

CalcHarbour’s repayment calculator does not calculate a statutory comparison rate. Instead, it allows you to enter relevant fees and see their estimated dollar impact.

08

Can Extra Repayments Reduce Personal Loan Interest?

Potentially, yes.

When extra repayments reduce the outstanding principal earlier, there may be less principal remaining for future interest to be calculated on.

This can:

  • reduce estimated total interest
  • shorten the repayment period
  • reduce the overall cost of the loan

The CalcHarbour calculator models an additional repayment after each scheduled repayment and compares the outcome with the original repayment schedule.

However, the terms of the loan matter.

Some fixed-rate loans may restrict additional repayments or charge a fee for early repayment, while variable-rate loans may offer greater flexibility. Moneysmart recommends checking these conditions before choosing a loan. MoneySmart

Do not assume the calculator’s extra-repayment scenario will automatically match your lender’s treatment.

09

Should You Choose a Shorter or Longer Loan Term?

A longer loan term can reduce the amount of each scheduled repayment, but it can also increase the amount of interest paid over time.

A shorter term generally produces larger regular repayments but may reduce the total interest cost because the debt is repaid sooner.

For example, refinancing debt into a lower interest rate does not necessarily save money if the new term is significantly longer. Moneysmart provides examples where extending the repayment period increases the total cost even when the new interest rate is lower. MoneySmart

When comparing loan terms, consider both:

Can I comfortably manage the repayment?

and:

How much will the loan cost me in total?

The cheapest repayment today is not necessarily the cheapest borrowing option overall.

10

Fixed vs Variable Personal Loans

A fixed-rate personal loan can provide repayment certainty because the rate stays unchanged for the agreed period.

That can make household budgeting easier.

A variable-rate personal loan can move with changes to the lender’s rate. This may mean repayments or the cost of the loan can increase or decrease.

Variable loans may also provide greater repayment flexibility, while some fixed-rate products can include restrictions or early repayment charges.

Before choosing either option, check:

  • whether the rate can change
  • whether extra repayments are allowed
  • whether early repayment fees apply
  • what ongoing fees apply
  • how long the loan term runs
  • the comparison rate
  • the estimated total repayment amount

The right structure depends on the actual loan terms and your circumstances rather than the interest rate alone. MoneySmart

11

Secured vs Unsecured Personal Loans

A personal loan may be secured or unsecured.

Secured personal loan

A secured loan uses an asset as security for the debt.

Because the lender has security, some secured loans may offer a lower interest rate. However, if the borrower does not meet the repayment obligations, the secured asset can be at risk.

Unsecured personal loan

An unsecured personal loan does not require an asset to secure the debt.

Because the lender takes on additional risk, unsecured loans can have higher interest rates.

Moneysmart notes that the rate a borrower receives can also depend on factors including credit history, income, expenses and savings. MoneySmart

CalcHarbour does not determine which loan you qualify for or what interest rate a lender will offer you.

12

What to Compare Before Choosing a Personal Loan

Do not compare personal loans using only the headline interest rate.

Consider:

Interest rate

Check the actual rate that applies to you rather than relying solely on the lowest advertised rate.

Comparison rate

Use the comparison rate as another indication of the cost of the credit, remembering that it does not capture every possible cost or product feature. ASIC

Establishment and ongoing fees

Small recurring charges can add up over several years.

Loan term

A longer term can lower each repayment while increasing the amount of time interest is charged.

Extra repayment rules

Check whether additional repayments are allowed and whether there are limits or fees.

Early payout conditions

Find out whether you will be charged for repaying the loan before the scheduled end date.

Fixed or variable rate

Understand what can cause your repayment or total cost to change.

Total amount repaid

Where possible, compare the total dollar cost rather than focusing only on the regular repayment.

13

Frequently Asked Questions

The repayment depends on the interest rate, loan term and fees. As an example, $30,000 borrowed for five years at 8.49% p.a., using CalcHarbour's monthly-compounding assumption and no fees, produces an estimated repayment of $615.35 per month.

For a standard amortising loan, the repayment can be calculated using P × r ÷ [1 − (1 + r)⁻ⁿ], where P is the financed amount, r is the interest rate per repayment period and n is the total number of repayments.

CalcHarbour allows you to enter an establishment fee and recurring fees. You can also indicate whether the establishment fee is financed. It cannot automatically know every fee contained in a lender's credit contract, so you should enter the relevant figures manually.

There is no universal answer. The best frequency may depend on your lender's calculation method and your budget. Some borrowers prefer to align repayments with their weekly or fortnightly pay cycle. Always compare using the same assumptions as your lender.

Extra repayments may reduce interest if they reduce the outstanding loan balance earlier. Whether you can make them without restriction depends on your loan contract.

No. The calculator estimates repayments from the figures you enter. It does not assess creditworthiness, borrowing capacity, responsible-lending requirements or whether a lender will approve an application.

No. Results are estimates. Actual lender figures can differ because of daily interest calculations, fee timing, rounding, payment dates, rate changes and other contractual terms. Moneysmart similarly describes its personal loan calculator as a model rather than a prediction. MoneySmart

A shorter term generally means higher regular repayments but less time for interest to accumulate. A longer term may reduce each repayment while increasing the total cost. Compare both repayment affordability and the estimated total amount repaid before making a decision.

14

Important Information

The CalcHarbour Personal Loan Repayment Calculator provides estimates for general information and educational purposes.

It does not provide personal financial advice, credit assistance, credit approval or a lender quote.

Results depend on the information entered and the assumptions used by the calculator. Your lender may calculate interest, fees and repayments differently.

Before entering a credit contract, review the lender’s interest rate, comparison rate, fees, repayment conditions and credit terms.

ASIC guidance for generic financial calculators emphasises the importance of reasonable assumptions and clearly explaining calculator limitations, including costs that may not be captured. ASIC Download

15

Official and Primary References

CalcHarbour uses authoritative Australian sources when researching calculator methodology and consumer-credit information.

ASIC Moneysmart — Personal Loan Calculator

Used as a reference for Australian personal-loan modelling assumptions, repayment-frequency treatment and calculator limitations. MoneySmart

ASIC Moneysmart — Personal Loans

Used for information about rates, fees, loan structures, comparison rates and extra repayments. MoneySmart

Australian Securities and Investments Commission — National Credit Code

Used for information about the Australian comparison-rate regime. ASIC

Last content review: 10 October 2026

Calculator version: PERSONAL-LOAN-1.0