Compare personal loans from 10 lenders in 3 minutes
Get your rate
Loan Amount: --
Establishment Fee: --
Total Interest Paid: --
To use the personal loan calculator, you’ll need to enter some details about your loan. These are explained below:
Once you have filled in your personal loan details, simply click ‘See My Repayments’ to view an estimated repayment amount.
You can then select Monthly, Fortnightly, or Weekly repayments to see what your repayment amount will be at various frequencies.
If you are calculating a personal loan with variable interest, you will only be able to calculate the current repayment amount based on the current rate of interest.
The personal loan calculator uses amortisation calculations to estimate interest and repayment amounts. Amortisation is the method of splitting payments between interest and the principal amount to repay the full amount in regular, consistent payments:
When you calculate your personal loan repayments using this formula, it allows you to see what your regular repayments will be, and also allows you to estimate your savings should you choose to repay a portion of the loan early.
The simple formula for calculating personal loan repayments is: Loan Amount / Discount Factor.
The complexity of the calculation is in determining the discount factor, which is calculated by dividing the interest rate of your loan by the number of payments per year (12 for monthly, 26 for fortnightly, or 52 for weekly) to first obtain the Periodic Interest Rate.
The discount factor formula on your personal loan is expressed as: (((1 + i) ^n) - 1) / (i (1 + i)^n)
In the example below, we’ll look at an individual wanting to borrow $20,000 to finance a honeymoon and holiday.
As the borrower doesn’t yet own a home, they agree to an unsecured personal loan of $20,000, and they agree to an 18% variable interest rate and a monthly repayment term of 5 years. Assuming their variable interest rate stays the same for the term:
If you want to quickly calculate your repayments without creating your own spreadsheet with the above calculations, you can use the personal loan calculator on this page.
|Personal loan amount||Repayments (8% interest)||Repayments (12.5% interest)||Repayments (16% interest)|
Calculated repayments on a personal loan and want to see other types of loan or interest calculations? We have a range of financial calculators for almost any situation. You can use these to calculate your pay, add or subtract GST, estimate car loan repayments, and much more.