Personal loan calculator

Personal loan repayment calculator

See your estimated monthly repayment, total interest, and full cost of a personal loan in Australia. Compare principal-and-interest vs interest-only scenarios.

P&I and interest-only Total interest cost Amortisation schedule
01 —INPUTS

Total amount you want to borrow.

Typical personal loan rates range 8–15%.

Most personal loans run 1–7 years.

Interest-only means you pay only the interest each month; the principal balance stays the same.

02 —RESULTS
Monthly repayment424.94
Total interest5,496.45
Total cost (principal + interest)25,496.45
Payoff time5.0 years
About personal loans

Personal loan rates in Australia typically range from 8% to 15% depending on your credit score, loan purpose, and whether the loan is secured or unsecured. Most personal loans have terms of 1 to 7 years — a shorter term means higher monthly repayments but less total interest.

Use the Interest Only toggle to see what happens if you only pay the interest each month. This is useful for understanding the minimum ongoing cost, but most personal loans are principal-and-interest (amortising).

For related tools, try the borrowing power calculator to see how much you can borrow, or the extra repayment calculator to see how paying more each month saves you interest.

FAQ
What's the difference between secured and unsecured personal loans?
A secured personal loan uses an asset (like a car) as collateral — this usually gets you a lower interest rate. An unsecured loan has no collateral but higher rates. If you default on a secured loan, the lender can repossess the asset.
Fixed vs variable personal loan rates — which is better?
Fixed rates keep your repayments predictable for the full term, which helps with budgeting. Variable rates can drop over time, saving you interest, but can also rise. Fixed-rate personal loans in Australia typically have slightly higher rates than variable.
What credit score gets the best personal loan rate?
In Australia, a credit score above 700 (very good) is generally eligible for the best advertised rates. Scores above 800 (excellent) may qualify for further discounts from some lenders. Rates climb quickly for scores below 600.

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Last updated 26 May 2026 Tax year 2025-26

Data sources: ATO (ato.gov.au), Services Australia

This tool is general information only, not financial advice.

Reviewed by AusTax Tools Editorial Desk

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