Written by It’s important to have an idea of what different loans might cost you overall before you apply. Fortunately, Savvy’s personal loan repayment calculator is simple to use and tells you everything you need to know about how much different offers might add up to overall based on a variety of different factors.
Why compare personal loans with Savvy?
There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.
You don't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.
We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.
How do I use the personal loan repayment calculator?
Savvy’s personal loan repayment calculator is simple and easy to use no matter where you are. All you need to do is fill out a few different boxes and the calculator will crunch all the numbers for you. By inputting your desired loan amount, term and an interest rate, you can calculate how much your weekly, fortnightly or monthly repayments would cost, as well as the total overall cost of the loan.
You can take the interest rates from different lenders and input them into the calculator to give you a rough comparison of what your loan might cost with a range of financiers. This can help you gain a greater understanding of the true difference between loans, rather than simply seeing a difference in interest rate. For example, a $30,000 loan repaid monthly over five years at 7.5% p.a. interest would cost you $6,068 overall but opting for a loan with a 6.5% p.a. rate instead would save you over $800.
When using the personal loan repayment calculator, though, it’s beneficial to input your lender’s comparison rate, rather than just their interest rate. This will give you a clearer, more accurate representation of the cost of different loans, as this rate also includes any fees which are charged. A loan might have a lower interest rate than another offer, but this counts for little if the fees charged on the agreement mean that you end up paying more overall, so comparison rates are always crucial to consider.
Top tips for reducing the cost of your personal loan
Factors that impact your personal loan borrowing power
The types of Personal Loans
Apply for your personal loan online
Personal loan eligibility and documentation
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.
