Calculate monthly repayments, total interest payable and total cost for any loan.
Whether it's a car loan, a personal loan for home renovations, or consolidating a few debts into one, knowing what your repayments will look like — and what you'll actually pay in total — before you commit is just sensible.
This calculator works for any fixed-term personal or vehicle loan. Enter the amount, interest rate, and term and it gives you your monthly repayment and the total interest cost. That total interest figure is the one most lenders don't emphasise — it's worth paying attention to.
A loan that looks affordable by the monthly repayment figure can still be a poor deal if the interest rate is high or the term is long. A $25,000 car loan at 12% over 7 years costs over $14,000 in interest. The same loan over 4 years costs around $6,700. Same principal, very different total cost.
Rates vary significantly depending on the lender, your credit score, and whether the loan is secured or unsecured. As a rough guide, secured personal loans (backed by an asset) typically run 6–10%, while unsecured loans range from around 8–20%. Credit cards and buy-now-pay-later carry much higher effective rates.
A secured loan is backed by an asset — typically your car for vehicle finance or equity in property. Because the lender has security, rates are lower. An unsecured loan has nothing backing it, so rates are higher to compensate the lender for the additional risk.
Longer terms lower your monthly payment but significantly increase the total interest you pay. It's generally better to take the shortest term you can comfortably afford. If your budget is tight, a slightly longer term is fine — but make extra repayments whenever you can.
Most Australian lenders allow early repayment of personal loans, though some charge an early exit fee. Check the loan contract before signing — and factor that fee into your comparison if you think you might pay it off ahead of schedule.
Monthly repayment uses the standard amortisation formula: P × r(1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is total months.
This calculator shows principal and interest only. Check with your lender for any additional fees or charges.
Total interest is the total amount paid above the principal over the life of the loan.