If you’re planning to take out a personal loan, it helps to understand what it could cost before you apply. Our personal loan repayment calculator gives you a quick estimate of your repayments, interest and overall loan cost, so you can budget with more confidence.
Personal Loan Repayment Calculator
It’s important to have an idea of what your loan might cost you overall before you apply. Fortunately, Savvy’s personal loan calculator is simple to use and lets you know how much your repayments could be.
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
How do I use the personal loan repayment calculator?
Using our personal loan repayment calculator is simple, requiring you to enter just three things:
- The amount you'd like to borrow
- How long you'd like to pay off the loan
- An estimated interest rate
Based on this information, the calculator will work out your estimated weekly, fortnightly and monthly repayments, the total interest you may pay and how much the loan could cost overall.
You can also adjust the loan term or interest rate to see how changes may impact your repayments.
Our personal loan calculator gives you an estimate based on the loan amount, term and interest rate you enter. It is not a quote. It can’t predict your final interest rate and doesn’t include fees or charges.
If you're not sure what interest rate to use, our personal loans comparison can give you a better idea of the rates currently available and what might suit your situation.
How the rate and term can impact your loan cost
Small changes to rate or term can shift the total cost significantly, which is why it's worth running a few different scenarios through the calculator to see what works best with your budget.
For example, a $10,000 personal loan repaid monthly over five years at 7.5% p.a. would cost around $2,023 in total interest. Drop the rate to 6.5% p.a. and you'd pay closer to $1,740, a saving of around $283 for the same loan amount and term.
Shortening the term also makes a difference. That same $10,000 loan repaid over three years instead of five, at 7.5% p.a., cuts total interest to around $1,198, though your monthly repayment would be higher, rising from $200 to $311.
What else affects the cost of your loan?
Your loan amount, term and interest rate aren’t the only things that affect your personal loan costs. Other factors include:
- Fees: loans will often come with fees such as establishment fees, ongoing fees and late payment fees charged on top of interest. The comparison rate rolls the interest rate and certain fees into one figure, making it easier to compare the overall cost of different loans.
- Your financial profile: lenders look at things like your income, employment stability, expenses, existing debts and credit history when setting your rate. In general, a stronger financial position can help you access a lower rate.
- Whether the loan is secured: secured loans use an asset as collateral, which can make them cheaper because there’s less risk for the lender. Unsecured loans don’t require an asset as security, but they usually come with higher rates and may have lower borrowing limits.
Top tips to reduce the cost of your personal loan
-
Choose a shorter loan term
By reducing your time spent paying interest and fees, you can reduce the cost of both and save yourself a meaningful amount of money.
-
Make additional repayments
Paying above the minimum will allow you to clear your debt sooner and reduce the interest and fees you'll have to pay.
-
Improve your credit rating
The better your rating, the lower your interest is likely to be. Simple things such as paying off your debts and lowering the limit on your credit cards can improve your score.
-
Refinance down the track
Refinancing can help you consistently keep your rates as low as possible. If you come across a great deal, make the switch (though check you won't be hit with costly fees).
-
Pay your loan fortnightly
While it may only be worth a small amount overall, paying off your loan on a fortnightly schedule can help you save on your personal loan.
How to apply for a personal loan with Savvy
-
Tell us what you need
Complete a short online form with details about yourself, your finances, how much you want to borrow and what the loan is for.
-
Provide your documents
Upload any documents we need to verify details such as your identity and income through our secure online portal.
-
Explore your loan options
We’ll compare suitable options from our lender panel and talk you through the personal loans available to you.
-
Submit your application
Once you’re happy with an option, we’ll prepare and submit your application to the lender for formal assessment.
-
Receive your funds
If approved, you can sign your loan documents electronically and the lender will release the funds to you.
Why apply for a personal loan with Savvy?
What our customers say about their finance experience
Savvy is rated 4.9 for customer satisfaction by 503 customers.
Personal loan lenders you can compare
Common personal loan questions
The cost of your personal loan will, as mentioned, be dependant on the length of your loan and the interest rate you receive. It’ll also depend on the fees that you’re charged, which will be as follows:
- Ongoing fees: $0 to $10
- Establishment fee: $0 to $595
- Late payment fees: $15 to $35
You may also be charged a fee for repaying early in some instances, with the cost depending on the time left to run on the loan, but most of our lending partners won’t do so.
The calculator itself doesn’t have a function where you can input your fees, but you can do this yourself using the following method:
- Add your establishment fee to your loan amount
- Add your ongoing fee onto your repayment cost afterwards (multiply by the number of months on your loan to find the total cost)
If you don’t yet have these figures, you can use average charges in their place. The average establishment fee will sit at around $350, while average ongoing fees are only $3 to $4.
Additionally, if you don’t have your interest rate yet, simply add 2% to the advertised rate above in your calculations for an average representation.
Comparison rates are important when it comes to choosing your personal loan, as they give an indication of what your loan will cost inclusive of both interest and fees. As such, using your comparison rate in personal loan calculations instead of your interest rate is another way to incorporate the cost of fees into your repayments. This rate still doesn’t include more conditional fees such as early or late repayments, though.
Both fixed and variable rates have their advantages. Fixed rates bring stability and certainty to your repayments, making budgeting more accurate and protecting you against rises in interest rates. Variable rates, on the other hand, leave the door open for you to take advantage of interest decreases, albeit at a higher base rate than fixed. The ultimate decision on which to go with rests with you, so it’s important to compare and find which one is best for you.
Yes – personal loans are available to borrowers who have struggled with credit in the past. These may take longer to process, given that applicants aren’t likely to meet the automatic approval criteria that those with good credit do, and are subject to higher rates and lower borrowing caps of around $10,000. You can still use the loan in the same way as any other borrower, though, ensuring it’s still a useful solution for borrowers who find themselves in this position.
Yes – because lenders assess applications based on risk, those whose income is stable and comfortable are more likely to receive a lower interest rate and less costly fees than someone without the same job stability or income.
For instance, a full-time worker in the same job for several years prior will have substantial job security in the eyes of a lender, while a part-time worker with less than six months in their existing position won’t have nearly as much. As such, the full-time worker will almost certainly receive a lower rate than the part-time employee.
Personal loans are versatile. Whether you need one to complete home improvements, consolidate outstanding debts or even fund your wedding, you have the power to do so.
Yes – even if you don’t receive your income via conventional payslips, you can still be approved for a personal loan as a self-employed worker through your tax returns.
