Personal loan repayments calculator
Our Personal Loan Repayments Calculator helps you decide what amount you want to borrow and will provide you with an estimate of the repayments you will likely need to budget for each month, fortnight or week depending on your preference.
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by Savvy. It does not take into account your personal or financial circumstances. To apply for a car loan, you must complete our online application. All applications are subject to our lenders' credit assessment criteria. Terms, conditions, fees and charges apply.
Personal loan repayments calculator
Use Savvy’s personal loan calculator to work out how much you can afford to borrow.
Are you currently unsure whether you’re able to afford a personal loan?
If this is the case, then Savvy’s personal loan calculator can help you figure out how much you can afford and how much your monthly loan repayments are going to cost.
Before you start to compare personal loans, start by bringing up our personal loan calculator. The calculator will visually show your personal borrowing power under different scenarios.
You can use this knowledge to make decisions on which loan to lodge an application.
By using our personal loan calculator, you’re able to see how much interest you’re likely to be charged over the lifetime of the loan and work out your monthly repayments.
This guide explains how and when to use a personal loan calculator in order to make a more informed decision when applying for a loan.
How to use the Savvy personal loan calculator
To use our personal loan calculator, there are a few inputs that you need to include before you can calculate your optimal loan:
- Loan amount: How much you’d ideally like to borrow from a lender. This is how much you’d like to initially receive in your account after you’re approved.
- Loan term: How long the loan will last. A short term loan will often feature a higher interest rate than a long term loan, but you’ll be able to pay it off faster.
- Interest rate: This is your ideal interest rate that you’ll be making repayments at. We recommend first comparing personal loans to at least have an idea of the ballpark rate you can borrow at.
- Repayment frequency: When your repayments are scheduled to be made. This can be weekly, fortnightly or monthly.
You’ll then be presented with the following outputs:
- Your repayments: How much of the loan you’ll have to pay back each week, fortnight or month depending on your choice above.
- Total interest paid: How much interest you’ll have to pay, on top of the initial loan principal.
- Total amount to pay: The total amount is the total interest paid added to the initial principal. This is how much you would have paid back at the very end of the loan.
Why use Savvy’s personal loan calculator
By using our personal loan calculator, you’re able to better compare different personal loans before making a final decision on what’s best for you.
The calculator will allow you to visually understand how different terms and rates affect how much you’ll pay over the lifetime of the loan. From here you can work out which loans you can afford and budget accordingly before applying.
Here are some popular scenarios that using our personal loan calculator could help:
- You need a new car: Buying a new car is one of the most popular scenarios people use personal loans to fund. These often secured loans are straightforward to compare rates and this calculator can help visualise costs.
- You want to book a holiday: Holidays are another popular choice for personal loans. These are often unsecured loans as there’s no asset to act as collateral in the case of a default. As a result of being slightly more expensive, our calculator is a handy tool to keep you under budget.
- You need a new home appliance: We’ve all had emergency expenses pop up around the home that we simply can’t ignore. Using our personal loan calculator to find the best loan schedule is key when you’re on a tight budget.
- You want to consolidate debts: If you have multiple debts such as old loans or credit cards, consolidating them into the one loan can often work out cheaper overall. Our calculator can help you figure out just how much you could save.
It’s also worth noting here that using Savvy’s personal loan calculator before you apply will have zero effect on your credit rating, so it can be used as much as you like.
We encourage you to play around as much as you need to before making a loan application with a lender.