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Loan calculator

Personal Loan Calculator Australia

Work out your personal loan repayments weekly, fortnightly or monthly, and see the total interest plus the true cost once establishment and monthly fees are added. Free, no signup.

Free, no signupWeekly, fortnightly or monthlyFees included in the total
Your personal loan
How much you want to borrow
$
Your annual rate (% p.a.)
%
Most personal loans run 1 to 7 years
Fees (optional)
One-off upfront fee, if any
$
Ongoing fee charged each month
$
Your repayment
$420.04/month
Principal and interest over 5 years$5,202 total interest
Repayment per month$420.04
Number of repayments60
Amount borrowed$20,000
Total interest$5,202
Total feesEstablishment fee plus monthly account fees$850
Total cost of the loanAmount borrowed, plus interest and fees$26,052
Fees add $850 to this loan
$250 upfront plus $600 in monthly account fees over the term. The advertised rate hides these, which is why the comparison rate, not the headline rate, is the number to compare between lenders.
Repayment by frequency
FrequencyRepaymentTotal interest
monthly$420.04$5,202
fortnightly$193.54$5,160
weekly$96.70$5,143
Each frequency is worked out on its own true period, so fortnightly is not the monthly figure halved. Fees are excluded from this table.
Will the repayment fit your budget?
A personal loan repayment is a fixed commitment for the whole term. Check it sits alongside your other spending with the budget calculator before you apply.
Estimate only. Assumes a fixed rate for the full term and excludes rate changes, early repayments and any fees you leave blank. A guide, not financial advice.
Simon Chadwick
Simon Chadwick
Founder, Orbit Money
Method: standard amortisation formulaUpdated: 16 July 2026Sources: Moneysmart

How your personal loan repayment is worked out

A personal loan is repaid with the standard amortisation formula. Each repayment covers the interest charged on the balance for that period, and whatever is left over reduces the amount you still owe. Because the balance shrinks over time, the interest portion of each repayment falls and the principal portion rises, so the loan clears at the end of the term. The formula behind it is repayment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the interest rate for a single period, and n is the total number of repayments. This calculator applies it for weekly, fortnightly and monthly repayments.

Why fees and the comparison rate matter

The advertised interest rate is only part of what a personal loan costs. Many Australian lenders charge a one-off establishment fee when the loan is set up, and some add a monthly account fee for the life of the loan. On a five-year loan a $10 monthly fee alone adds $600, on top of any upfront fee. The comparison rate exists to capture this: it folds most standard fees into a single percentage so you can compare loans fairly. Enter your establishment and monthly fees above and the calculator adds them to your total cost, so the headline repayment is not the only number you see.

Weekly, fortnightly or monthly repayments

The frequency you choose changes the size of each repayment, not the maths behind it. A fortnightly repayment is worked out on a true fortnightly period, with 26 repayments a year, so it is not the monthly figure halved. Over the same term the three frequencies cost close to the same in total interest. Matching repayments to your pay cycle mainly helps with budgeting, and any real saving comes from paying a little extra rather than from the frequency itself. The comparison table above shows all three side by side.

A worked example

Take a $20,000 personal loan at 9.5% p.a. over 5 years, paid monthly. The period rate is 9.5% ÷ 12, over 60 repayments, which gives a repayment of about $420 a month. Across the full term that is roughly $25,200 repaid, of which around $5,200 is interest. Add a $250 establishment fee and a $10 monthly account fee and the total cost rises to about $26,050. Shorten the term and the monthly repayment goes up but the total interest falls, which is why the term and rate matter as much as the amount you borrow.

Frequently asked questions

How are personal loan repayments calculated?
Personal loan repayments use the standard amortisation formula: repayment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the interest rate for one period, and n is the total number of repayments. Interest is charged on the balance still owing, so early repayments are mostly interest and later ones are mostly principal. This calculator applies that formula and shows your total interest, plus any establishment or monthly fees you enter.
How much would a $30,000 personal loan cost a month?
A $30,000 personal loan at 9.5% p.a. over 5 years works out to about $630 a month, with roughly $7,800 in total interest. Change the rate or term and the figure moves a lot: a shorter term lifts the monthly repayment but cuts the interest, while a higher rate does the opposite. Enter your own amount, rate and term above for an exact figure.
How much is a $20,000 loan for 5 years?
A $20,000 personal loan at 9.5% p.a. over 5 years comes to about $420 a month. Across the full term that is roughly $25,200 repaid, of which around $5,200 is interest. Add a $250 establishment fee and a $10 monthly account fee and the total cost rises to about $26,050, which is why fees matter as much as the rate.
What is the monthly payment on a $10,000 personal loan?
A $10,000 personal loan at 9.5% p.a. over 3 years works out to about $320 a month, with roughly $1,500 in total interest. Over 5 years the monthly repayment drops to about $210, but the total interest climbs to around $2,600 because you are paying it off for longer. A shorter term costs more each month and less overall.
What is a comparison rate and why does it matter?
The comparison rate rolls the interest rate together with most standard fees into a single percentage, so it reflects the true cost of a loan rather than the headline rate alone. Two loans can advertise the same interest rate yet cost different amounts once establishment and monthly fees are counted. When you compare personal loans, compare the comparison rate, and use the fee fields above to see the dollar impact for your own loan.
Are weekly or fortnightly repayments cheaper than monthly?
Worked out fairly on their own true period, weekly and fortnightly repayments cost close to the same in total interest as monthly, because a year has 52 weeks, 26 fortnights and 12 months. Any real saving comes from paying a little extra rather than from the frequency itself. Matching your repayments to your pay cycle mainly helps with budgeting. The comparison table above shows all three side by side.

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Simon Chadwick
About the author
Simon Chadwick
Founder of Orbit Money

Simon is the founder of Orbit Money, a tool that helps people track subscriptions and recurring spend. He builds Orbit's free money calculators and writes about personal finance for Australian and UK readers.

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This tool is a guide, not financial advice.