Borrow for a trip or save up first? See what each one costs.
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Net loan needed
$3,000
after $5,000 contributions
Monthly repayment
$140
over 2 years
Total interest
$356
cost of borrowing
Total loan cost
$3,356
principal + interest
What you contribute up front, and what's left to borrow. The smaller the loan, the less interest you pay.
Shorter terms mean higher repayments but less interest. The highlighted bar is your chosen term.
The repayment at rates up to 2 points either side of yours.
Interest is the cost of having the money now instead of saving for it first.
Thinking of borrowing for a big trip? This compares going now on a loan with saving up first, so you can see what the loan really adds to the cost of the holiday.
As of 7 November 2026, the lowest personal loan rate is 5.80%, from Plenti Personal Loan, while the typical best across 68 institutions is 7.96%.
Mia's trip will cost $10,000. She has $3,000 saved and can save $500 a month for the 8 months until she goes, borrowing the rest at 11% over 2 years.
Saving $4,000 more leaves $3,000 to borrow: $140 a month and $356 of interest.
Tom wants a $3,000 trip in 2 months with nothing saved, saving $200 a month until then and borrowing the rest at 12% over 2 years.
He'd borrow $2,600 and pay $337 of interest. Waiting until he'd saved $3,000 at $200 a month - 15 months - would avoid the loan.