The Finance AlgorithmTFA

Personal Loan Calculator

Calculator

Calculate your personal loan repayments with AI insights on rates and lender options

Free to useNo data storedAI insightsUpdated: February 2026

Use our free personal loan calculator to see exactly how much your loan will cost. Personal loans are typically unsecured and have higher rates than home loans, but offer flexibility for various purposes - from debt consolidation to home improvements.

Enter Your Details

Enter Your Details

$

The amount you want to borrow

%

Annual interest rate

How long you'll take to repay the loan

Real-World Examples

Car Purchase Loan

Sam wants to buy a $25,000 used car with personal loan at 9.5% over 5 years.

Inputs:

loanAmount:25,000interestRate:9.5loanTerm:5repaymentFrequency:Monthly
Monthly repayment: $524. Total interest: $6,440. Consider a 4-year term at $592/month to save $1,200 in interest.

Home Renovation

Emma needs $15,000 for a kitchen reno, offered 11% over 3 years.

Inputs:

loanAmount:15,000interestRate:11loanTerm:3repaymentFrequency:Monthly
Monthly repayment: $491. Total interest: $2,676. Tip: Check if your home loan has redraw - you might borrow against your mortgage at 6% instead.

Frequently Asked Questions

Glossary

Comparison Rate
A rate that combines interest rate and most fees into a single percentage, showing the true cost of a loan.
Secured Loan
A loan backed by an asset (like a car). If you default, the lender can take the asset. Typically has lower rates.
Unsecured Loan
A loan without collateral. Higher risk for lender means higher rates, but no asset is at risk if you can't pay.

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026

How to Use
  1. Enter the loan amount you need to borrow
  2. Input the interest rate (or use a typical rate of 9-12%)
  3. Select your preferred loan term (1-7 years is typical)
  4. Choose your repayment frequency
  5. Get your calculated repayments and AI insights
Key Information
  • Personal loan rates in Australia typically range from 7% to 15%
  • Secured personal loans (against an asset) often have lower rates
  • Shorter loan terms mean higher repayments but less total interest
  • Compare the comparison rate, not just the advertised rate
Pro Tips
  • Check if your bank offers loyalty discounts - existing customers often get 0.5-1% better rates
  • Choose fortnightly repayments over monthly - you'll make an extra month's worth of payments per year
  • Get pre-approval before shopping - it won't affect your credit score with most lenders
  • Consider secured loans if you have an asset - rates can be 2-3% lower
Avoid These Mistakes
  • Borrowing more than you need - it's tempting but costs more in interest
  • Choosing the longest term for lowest payments - you'll pay significantly more interest
  • Not reading the fine print on fees - establishment fees, ongoing fees, and early exit fees add up
  • Applying with multiple lenders at once - each application affects your credit score
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