Personal Loan Calculator

Enter how much you want to borrow, the interest rate you've been offered and the loan term in years. The calculator shows the monthly repayment, a fortnightly figure (the monthly amount × 12 ÷ 26), the total interest and the total you'll repay.

It assumes a fixed rate for the whole term, repaid in equal monthly instalments, which is how most Australian personal loans work.

• Establishment fees, monthly account fees and early repayment fees are not included. Add them to the cost yourself, or compare loans by their comparison rate.
• Results are estimates. The lender's contract and repayment schedule are what count.

Borrowing $15,000 at 11.5%:

• Over 3 years: $495 a month ($228 a fortnight), $2,807 in interest.
• Over 5 years: $330 a month ($152 a fortnight), $4,793 in interest.
• Over 7 years: $261 a month ($120 a fortnight), $6,907 in interest.

Stretching a loan out lowers each repayment but costs more in total, because you pay interest for longer. In the example above, going from 3 years to 7 cuts the monthly repayment by $234 but more than doubles the interest.

The rate matters too. The same $15,000 over 3 years costs $1,922 in interest at 8% and $3,719 at 15%. A better credit history, a secured loan or a guarantor can all get you a lower rate.

If you can afford the higher repayment, the shortest term you can comfortably manage is usually the cheapest. Check whether the lender lets you make extra repayments without a fee, so you can pay it off early if your situation improves.

Lenders must show a comparison rate alongside the interest rate. It rolls the interest rate and most fees into one figure, so it's a better guide to the true cost. It's worked out on a standard example loan, so compare loans for a similar amount and term.

A loan with a low advertised rate and a high establishment fee can end up costing more than one with a slightly higher rate and no fees, especially if you borrow a small amount or pay it off quickly.

A secured loan uses something you own, usually a car, as security. Rates are generally lower, but the lender can repossess it if you stop paying. For buying a car, try the car loan calculator, which also handles balloon payments.

An unsecured loan has no security, so rates are higher and the lender relies on your income and credit history.

Rolling credit card debt into a personal loan can save money if the rate is lower and you close the cards, or at least stop using them. The fixed term also gives you a set date when the debt is gone. See what your card is costing you now with the credit card payoff calculator.

It backfires if the cards fill up again, leaving you with the loan and new card debt. It can also cost more overall if you choose a much longer term than it would have taken to clear the cards.