This Australia personal loan calculator turns a loan amount, comparison rate and term into a clear monthly repayment, the total interest you will pay, and a full amortisation schedule — the way an Australian lender works out an unsecured or secured personal loan.
How it works
The repayment uses the standard amortising-loan formula:
M = P · r(1+r)ⁿ ⁄ ((1+r)ⁿ − 1)
where P is the amount borrowed, r is the monthly rate (annual comparison rate ÷ 12 ÷ 100) and n is the number of months (years × 12). Every repayment is split: the interest portion is the current balance × r, and the rest reduces the principal. As the balance falls, more of each repayment goes to principal — which is why the schedule below front-loads interest.
Example
A $20,000 loan at an 8.5% comparison rate over 5 years (60 months) gives a monthly repayment of about $410. Over the full term you repay roughly $24,600, so total interest is around $4,600.
Tips
- Australian lenders must quote a comparison rate; use it here, not the headline rate, for a truer cost.
- A shorter term raises the monthly repayment but cuts total interest sharply.
- Check whether your loan allows extra repayments without a fee — fixed-rate loans sometimes penalise early payoff.