Personal loan calculator - Estimate your repayments
Your estimated repayment would be
per
for
Total interest to pay
$2,896
Total amount to pay
$22,896
Based on your details, you can compare the following personal loans
Compare and review personal loans with similar features View All >
Based on your details, you can compare the following personal loans
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Ongoing Fee | Loan amount | Go to site | |
|---|---|---|---|---|---|---|---|---|---|
Fixed 7.95% | 8.78% |  Unsecured Personal Loan - (Excellent Credit) | $626 based on $20,000 loan amount for 3 years | $595 | $0 | $5k to $60k | More details | ||
Fixed 7.95% up to 16.95% | 9.56% |  Unsecured Joint Personal Loan | $626 based on $20,000 loan amount for 3 years | $495 | $13 Monthly | $5k to $40k | More details | ||
Fixed 7.50% up to 9.99% | 9.51% |  Unsecured Personal Loan - (Excellent Credit) | $622 based on $20,000 loan amount for 3 years | 3% of loan amount | $0 | $10k to $50k | More details | ||
Fixed 8.99% | 9.13% |  Fixed Rate Personal Loan | $636 based on $20,000 loan amount for 3 years | $100 | $0 | $5k to $30k | More details | ||
Fixed 7.99% | 8.35% |  Discounted Personal Loan | $627 based on $20,000 loan amount for 3 years | $250 | $0 | $10k to $100k | More details | ||
Fixed 6.99% up to 25.69% | 7.69% |  Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000) | $617 based on $20,000 loan amount for 3 years | $500 | $0 | $5k to $50k | More details |
Unsecured Personal Loan - (Excellent Credit)
Fixed
8.40%
up to 10.89%
10.12%
Unsecured Personal Loan - (Excellent Credit)
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Why should I use a personal loan calculator?
Whether you’re looking for a personal loan to pay for a purchase, cover expenses, or consolidate other debts, it pays to know what you’re getting into before you sign on the dotted line.
Use RateCity’s Personal Loan Calculator to work out how much a personal loan may cost you. Check different interest rates, loan terms and repayment schedules to estimate the impact a personal loan could have on your budget.
You can also compare personal loans that may match what you’re looking for. You may even find loans that offer cheaper deals!
How do I use a personal loan calculator?
- Enter how much you’d like to borrow – The bigger your loan, the harder it may be to easily pay back.
- Select your preferred interest rate – The lower the rate, more affordable your loan’s repayments may be. Some personal loans advertise interest rates lower than 5% p.a., though these loans are more likely to have extra terms and conditions.
- Choose monthly, fortnightly, or weekly repayments – Choosing a repayment schedule that suits your pay cycle could help make budgeting simpler. Plus, more frequent repayments could help reduce the total interest you’ll pay.
- Choose a loan term – A shorter personal loan means your repayments may be higher, but you should be out of debt sooner and pay less total interest. A longer personal loan means each repayment may be more affordable, but your loan may cost you more in total interest.
- Compare personal loans – Look for personal loan options that offer similar interest rates to your calculation. Remember, the best personal loan for you may not be the cheapest. Be sure to check a personal loan’s fees, features and other benefits before you apply, to make sure it suits your needs.
RateCity’s Personal Loan Calculator offers estimates only, 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.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for over three years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.