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16 July 2026
Fact Checked

Personal Loan
Repayment Calculator

Estimate your repayments and see what your personal loan may cost before you apply.

100% free. No impact on your credit score.

Reviewer: Aaron McAllister View Aaron McAllister's profile
Reviewed by Aaron McAllister
Sophie Hale View Sophie Hale's profile
Written by Sophie Hale
Created by our team of experts.
Personal Loans Banner - Young couple calculating their personal loan repayments

If you’re planning to take out a personal loan, it helps to understand what it could cost before you apply. Our personal loan repayment calculator gives you a quick estimate of your repayments, interest and overall loan cost, so you can budget with more confidence.

Personal Loan Repayment Calculator

It’s important to have an idea of what your loan might cost you overall before you apply. Fortunately, Savvy’s personal loan calculator is simple to use and lets you know how much your repayments could be.

$500
$200,000

Your estimated repayments

$98.62

Weekly Fortnightly Monthly
Total interest paid: Total amount to pay:
$1233.43 $5,143.99

How do I use the personal loan repayment calculator?

Using our personal loan repayment calculator is simple, requiring you to enter just three things:

  • The amount you'd like to borrow
  • How long you'd like to pay off the loan
  • An estimated interest rate

Based on this information, the calculator will work out your estimated weekly, fortnightly and monthly repayments, the total interest you may pay and how much the loan could cost overall.

You can also adjust the loan term or interest rate to see how changes may impact your repayments.

Our personal loan calculator gives you an estimate based on the loan amount, term and interest rate you enter. It is not a quote. It can’t predict your final interest rate and doesn’t include fees or charges.

If you're not sure what interest rate to use, our personal loans comparison can give you a better idea of the rates currently available and what might suit your situation.

How the rate and term can impact your loan cost

Small changes to rate or term can shift the total cost significantly, which is why it's worth running a few different scenarios through the calculator to see what works best with your budget.

For example, a $10,000 personal loan repaid monthly over five years at 7.5% p.a. would cost around $2,023 in total interest. Drop the rate to 6.5% p.a. and you'd pay closer to $1,740, a saving of around $283 for the same loan amount and term.

Shortening the term also makes a difference. That same $10,000 loan repaid over three years instead of five, at 7.5% p.a., cuts total interest to around $1,198, though your monthly repayment would be higher, rising from $200 to $311.

Why apply for a personal loan with Savvy?

Help from the experts

When you submit your application, one of our consultants will compare the best available options and walk you through the process.

Paperless applications

You don't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.

Reputable lending partners

We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.

What else affects the cost of your loan?

Your loan amount, term and interest rate aren’t the only things that affect your personal loan costs. Other factors include:

  • Fees: loans will often come with fees such as establishment fees, ongoing fees and late payment fees charged on top of interest. The comparison rate rolls the interest rate and certain fees into one figure, making it easier to compare the overall cost of different loans.
  • Your financial profile: lenders look at things like your income, employment stability, expenses, existing debts and credit history when setting your rate. In general, a stronger financial position can help you access a lower rate.
  • Whether the loan is secured: secured loans use an asset as collateral, which can make them cheaper because there’s less risk for the lender. Unsecured loans don’t require an asset as security, but they usually come with higher rates and may have lower borrowing limits.

Top tips to reduce the cost of your personal loan

  • Choose a shorter loan term

    By reducing your time spent paying interest and fees, you can reduce the cost of both and save yourself a meaningful amount of money.

  • Make additional repayments

    Paying above the minimum will allow you to clear your debt sooner and reduce the interest and fees you'll have to pay.

  • Improve your credit rating

    The better your rating, the lower your interest is likely to be. Simple things such as paying off your debts and lowering the limit on your credit cards can improve your score.

  • Refinance down the track

    Refinancing can help you consistently keep your rates as low as possible. If you come across a great deal, make the switch (though check you won't be hit with costly fees).

  • Pay your loan fortnightly

    While it may only be worth a small amount overall, paying off your loan on a fortnightly schedule can help you save on your personal loan.

What our customers say about their finance experience

Feefo Platinum Trusted Service Award 2026 Feefo Platinum Trusted Service Award 2025 Feefo Platinum Trusted Service Award 2024 Feefo Platinum Trusted Service Award 2023
5/5
Customer Feedback
Communication and professional throughout a very easy and well explained loan process.
 
5/5
Very helpful and friendly service by Anthony.
Anthony was very attentive and helpful. Called me multiple times, and was texting me helpful things every step of the way. If you want a pain free loan application process, he’s your guy.
 
5/5
Awesome experience shoutout Anthony
Anthony is an absolute legend was extremely helpful made the process very easy and quick have good honest advice I didn’t feel pressured at any point to accept the service. Top bloke happy with how everything went
 
5/5
Customer Feedback
We thought everyone was great every help. We where told by you that we repay $328per week. When I rang the company the lady said $355. Per week. What the hell. Not happy. The lady didn't speak English very well at all. I gave up. Now where stuff with it. Its not your fault.
 
5/5
Lee from savy is the real deal
When I first started looking for a broker for personal loan there was a lot of options. I decided to go with savy as there was good reviews, got directed to Lee and he was outstanding.went above and beyond,and he was very relatable.by the end felt like I new the guy for years.such a good experience.lee was top notch
 
5/5
Awesome service thank you
The service from Alex was sensational. Alex was quick to respond to all my questions, very polite and friendly to talk to and informative and factual.
 
5/5
Great professional service
Samantha Coverlid was very helpful and professional, she made the process very easy and I will definitely be referring her to friends and will certainly contact Samantha Coverlid in the future for any financial services
 
5/5
top quality broker
very good service. very helpful. very knowledgeable broker.
 
5/5
Sam the best broker ever!
Sammy was great, he was very professional, respectful, realistic and helpful with the process. He went above and beyond to get things over the line with care not to blow any budgets. Happy days! Thanks Sammy!
 
5/5
Super quick
Very quick and efficient service.
 
5/5
Great time
Jack the guy I dealt with and help me do my loan was incredible not only at his job but as a person and professionally, I couldn’t fault him he gave me tips and tricks for next time, I can’t recommend Jack enough, I hope he gets a pay rise too
 
5/5
Friendly, efficient and fast.
Very knowledgeable and pleasant to deal with. Helped tremendously to make sure I got the best deal and approvals. Highly recommend.
 

Savvy is rated 4.9 for customer satisfaction by 494 customers.
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Personal loan lenders you can compare

Common personal loan questions

How much will my personal loan cost me?

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.

Can I use the calculator to include fees in the cost of my loan?

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.

Why should I use comparison rates to compare personal loans?

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.

Which is better: fixed or variable interest?

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.

Can I still apply if I have a bad credit score?

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.

Will my type of work and income affect the cost of my personal loan?

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.

What can I use my personal loan for?

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.

Can I get a loan if I'm self-employed?

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.