A personal loan calculator is a helpful interactive online tool that can give you an estimate of your potential personal loan repayments.

By entering information such as the amount you’d like to borrow, your preferred loan term and interest rate, the personal loan calculator can estimate your potential weekly, fortnightly or monthly repayments, as well as the interest payable over the life of the loan.

What can a personal loan repayment calculator tell me?

• Your estimated repayment
• Total interest payable
• Total cost of the loan

1. Enter how much you’d like to borrow – Try putting in different amounts to compare results. If you borrow a larger loan amount, you may need to make higher repayments, or take on a longer loan term.
2. Select your preferred interest rate – The lower the interest rate, the more affordable your personal loan repayments may be.
3. Choose monthly, fortnightly, or weekly repayments – Choosing a repayment schedule that suits your pay cycle could help make your budgeting simpler. Plus, more frequent repayments could help reduce the total interest you may pay.
4. Choose a loan term – A shorter personal loan term means your repayments may be higher, but you could pay off your debt sooner and pay less total interest. A longer personal loan term means your repayments may be lower, but the cost of the loan may be higher, and you might need to pay more in total interest.
5. Compare personal loans – Look for personal loan options that have similar interest rates to your calculation. Aside from the interest rate, be sure to check a personal loan’s fees and features before you apply to make sure it suits your needs.

RateCity’s Personal Loan Calculator offers estimates only, making it a personal loan estimator, and does not include fees and other charges. Variable interest rates may change over time, and affect the cost of your personal loan repayments. Products are not recommendations. You may not be eligible for every personal loan offer. Consider contacting a financial counsellor for professional advice about whether a personal loan is right for you.  

Use RateCity’s Personal Loan Calculator to estimate how much a personal loan may cost you. It’s a good idea to use the calculator to compare different interest rates, different loan amounts, loan terms and repayment schedules to estimate the impact a personal loan could have on your budget.

RateCity’s Personal Loan Calculator can help you compare personal loans before you make a final decision on your personal loan. Using the Personal Loan Calculator doesn’t affect your credit rating, so consider using the calculator to understand of how repayments might change in different loan situations.

RateCity's approach to personal loan calculators may provide more information than other calculators, which may aid in any financial planning you're doing. While not all personal loan repayment calculators cover loan details and the total amount payable through the course of a personal loan, RateCity's calculator may assist in understanding cost savings not just in regards to home expenses, but potentially business accounts expenses, as well. 

While business loans are rarer for personal loan calculators, RateCity's approach doesn't have a single customer in mind, and instead focuses on the loan, the rate, and the details. Simply enter how much you need to borrow, the expected loan term, your interest rate, and a credit score, if you know what it is. Our calculator will then provide not just the total interest payable through the course of your financial loan, but also the total amount payable either weekly, monthly, or fortnightly. 

Loan details are provided in suggested personal loans, and while lending criteria may differ in various credit products, some of these are listed in the options provided by the RateCity Personal Loans calculator. 

Whether you’re looking for a personal loan to pay for a big purchase, cover unexpected expenses, or consolidate other debts, it pays to know what you’re getting into before you sign on the dotted line.

It’s important to understand that a personal loan can be a major financial commitment. Personal loans are not free, and lenders charge you interest as well as potential fees to cover for their services.

You may want to keep in mind what you're using the personal loan for. Some personal loans can be used in lieu of a car loan, and that's because a car loan is a form of personal loan. However a car loan might be a better option long term dependent on where you're organising finance from. Likewise, a personal loan could be a better approach than charging money to credit cards, which typically have higher interest rates for purchases. On the other hand, credit cards can provide rewards and other bonuses, so choose carefully.

Make sure you know that you’re able to afford the repayment amount. If you fail to make repayments, your credit record could be negatively affected. In some cases, you may be charged late fees for making overdue repayments, similar to how customers with a home loan may be affected. 

The best personal loan for you will depend on your personal financial situation and why you need the personal loan. Remember, while low interest rates and fees may help make the personal loan more affordable, the cheapest personal loan may not always be the best option for you. Consider speaking to a professional financial adviser for advice specific to your personal situation.

Before applying for a personal loan, it's wise to do your research to understand how a personal loan works. You should always make sure the personal loan you're considering matches your financial needs. Comparing your options is a good place to start. There are five things to look at when comparing personal loans:

Interest rates – The interest rate on a personal loan is likely the first thing you look at when comparing personal loans. You can choose between fixed rates and variable rates. Aside from the advertised rate, make sure to check different comparison rates to get a better idea of the loan’s total cost. The comparison rate combines a loan’s interest rate and standard charges into a single percentage for simple comparison. A low rate shouldn't be the only thing to look for.

Fees – A lender may charge upfront fees, such as establishment fee or application fees, and ongoing fees, which could be charged annually or monthly. If you want to make extra repayments on your personal loan, you might also need to pay early repayment fees. Late payment fees and redraw fees are another type of fee to keep an eye on.

Personal loan repayments – It’s important to know you can meet your personal loan repayments. In general, making higher repayments may mean a shorter loan term and lower total interest costs. Some personal loan lenders may let you choose between weekly, fortnightly or monthly repayments, to help you better manage your budget.

Secured or unsecured personal loan – A secured personal loan generally has lower interest rates than an unsecured personal loan. With a secured personal loan, you are putting down your asset (such as a car or property) to reduce the risk to the lender. But there’s a risk that you may lose your asset if you fail to pay back the loan. If you don’t want to risk this, you may want to consider an unsecured loan.

Features – Personal loans can come with different features. An example of a personal loan feature is the ability to make extra repayments, or a redraw facility, which generally allows you to withdraw any extra repayments you have made.

Choosing the best personal loan for you will depend on your financial situation, loan requirements and credit history, so remember to factor these in when comparing products offered by different lenders.

Many lenders offer personal loans, including Australia’s big four banks (ANZ, Commonwealth Bank, Westpac and NAB) and smaller banks like ING. You might also like to consider personal loans from credit unions, mutual banks and peer to peer lenders.

It’s always worth comparing personal loans from a range of different banks and other lenders before you decide what's right for you. When shopping around, consider the amount you wish to borrow and any features that are important to you. Some lenders might offer what you need, while others mightn't. 

You should also make sure you meet your preferred bank’s lending criteria before submitting an application.