Work out your personal loan repayments weekly, fortnightly or monthly, what the loan costs in interest and fees, and the comparison rate that shows its true cost. Borrowing $30,000 over 5 years at 12.5%, with a $250 establishment fee added to the loan and a $10 monthly fee, costs $690.56 a month including the fee. You repay $41,433.76 in total, and the fees lift the comparison rate to 13.52%.
Personal Loan Calculator
Repayments, fees and the comparison rate · Updated 13 October 2026
- Loan repayment before the account fee
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- Total interest
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- Total fees
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- Total you repay
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- Comparison rate for this loan
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- Extra cost of the fees
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Fixed rate for the whole term. Weekly and fortnightly repayments use the annual rate divided by 52 or 26. The comparison rate is worked out on monthly repayments and includes the establishment and monthly fees, using the method in the National Consumer Credit Protection Regulations.
How personal loan repayments are calculated
Personal loans are usually repaid in equal instalments over a set term, and the establishment fee is often added to the loan, so you pay interest on it too. Each repayment covers that period’s interest first, and the rest reduces the balance, so early repayments are mostly interest and later ones mostly principal.
- Repayment = B × i ÷ [1 − (1 + i)−N], where B is the loan including the establishment fee, i is the annual rate divided by the number of repayments a year (12, 26 or 52) and N is the total number of repayments.
- Monthly account fees are charged on top. For weekly or fortnightly repayments the calculator spreads the monthly fee across each repayment (× 12 ÷ 52 or × 12 ÷ 26).
- Paying weekly or fortnightly saves a little interest because the balance falls slightly sooner, but the total over a year is about the same as paying monthly.
What the comparison rate is
The comparison rate rolls the interest rate and most upfront and ongoing fees into one yearly percentage, so you can compare loans with different fees. Lenders must calculate it with the formula set out in the National Consumer Credit Protection Regulations 2010: it is the yearly rate at which all your repayments and fees exactly pay back the money you actually received.
- Advertised comparison rates must use standard examples set in the regulations, including $10,000 over 3 years and $30,000 over 5 years, and for those two amounts the ad must say whether the loan is secured or unsecured.
- Because fees weigh more heavily on small or short loans, the same fees produce a higher comparison rate on a $10,000 loan than on a $30,000 one.
- The comparison rate leaves out costs that are not certain at the start, such as early repayment, late payment and redraw fees.
This calculator works out a comparison rate for your amount and term using the same method, which is more useful than the advertised example when your loan is a different size.
Examples
| Loan | Rate and fees | Repayment | Total interest | Comparison rate |
|---|---|---|---|---|
| $20,000 over 3 years | 12.5%, no fees | $669.07 a month | $4,086.61 | 12.50% |
| $20,000 over 5 years | 12.5%, no fees | $449.96 a month | $6,997.53 | 12.50% |
| $20,000 over 7 years | 12.5%, no fees | $358.42 a month | $10,107.68 | 12.50% |
| $30,000 over 5 years | 12.5%, $250 + $10/month | $690.56 a month | $10,583.76 | 13.52% |
| $10,000 over 3 years | 15%, $400 + $5/month | $365.52 a month | $2,578.70 | 18.79% |
| $50,000 over 7 years | 9.99%, no fees | $382.39 a fortnight | $19,595.85 | 9.99% |
Stretching the $20,000 loan from 3 to 7 years cuts the monthly repayment almost in half, but the interest bill rises from about $4,100 to more than $10,100. In the $10,000 example, $400 upfront and $5 a month add more than 3.7 percentage points to the cost of the loan.
Secured or unsecured, fixed or variable
- Secured personal loans use an asset, usually a car, as security. Rates are generally lower, but the lender can take and sell the asset if you don’t repay.
- Unsecured loans need no security, so they usually cost more. Your credit history has a big effect on the rate you are offered.
- Fixed rates keep repayments the same for the whole loan but may come with early repayment fees.
- Variable rates can go up or down. Moneysmart suggests checking you could still afford the repayments if the rate rose by 2 or 3 percentage points. With the Reserve Bank’s cash rate raised to 4.60% from 30 September 2026, that test matters more than it did a year ago.
FAQs
Is the comparison rate always higher than the interest rate?
It is higher whenever there are fees, and equal to the interest rate when there are none. If two loans have the same interest rate, the one with the higher comparison rate charges more in fees.
Can I pay off a personal loan early?
Usually, yes. Variable-rate loans rarely charge for it; fixed-rate loans may charge an early repayment or break fee. Check the loan contract before signing if you think you may repay early.
How much can I borrow?
Lenders look at your income, your living expenses, your other debts and your credit score, and must make sure the loan is not unsuitable for you. Try a lower amount or shorter term in the calculator to see what fits your budget.
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Sources
- Moneysmart (ASIC): Personal loans
- National Consumer Credit Protection Regulations 2010, regulations 97 to 100 (comparison rates) · compilation of 5 September 2026
- Reserve Bank of Australia: Cash rate target · 4.60% from 30 September 2026
Figures current as of 13 October 2026
Each formula is checked against a separate test sheet with at least three worked examples. Results are estimates based on the numbers you enter and the published rules; your actual figures may differ. This is general information, not financial or tax advice.
Spotted a mistake? Contact us and we will fix it and update the date above.