Personal Loan Repayment Calculator
Personal and car loan repayments per week, fortnight or month from the amount, rate and term, with establishment and monthly fees and the total interest.
Repayment per month
$415.17A $20,000 personal loan at 9% over 5 years costs $415.17 a month, $4,910 in interest over the term.
| Amount borrowed | $20,000 |
|---|---|
| Principal and interest per month | $415.17 |
| Total interest | $4,910.20 |
| Total cost of the loan | $4,910.20 |
| Total repaid | $24,910.20 |
How this was calculated
| Amount borrowed | $20,000.00 |
|---|---|
| Monthly repayment over 5 years at 9.00% p.a.P × r ÷ (1 − (1 + r)^−n), r = 9.00% ÷ 12, n = 60 | $415.17 |
| Total interest over the term | $4,910.20 |
| Total cost of the loan (interest + fees) | $4,910.20 |
A $20,000 personal loan at 9% over 5 years costs $415.17 a month, $4,910 in interest over the term.
Source: Moneysmart Last verified How we keep this accurate
How loan repayments are calculated
Personal and car loans are usually principal-and-interest loans with a fixed repayment: each payment covers the interest accrued since the last one, and the rest reduces the balance, so early payments are mostly interest and later ones mostly principal. The repayment comes from the amortisation formula, where r is the rate per period and n the number of periods:
repayment = principal × r ÷ (1 − (1 + r)⁻ⁿ)
A $20,000 loan at 9% over five years has r = 0.75% a month and n = 60, giving $415.17 a month. Over the term that is $24,910 repaid and $4,910 of interest.
Fees and the comparison rate
Lenders charge an establishment fee (often $150 to $500, sometimes added to the loan) and a monthly fee ($5 to $15). Both change the true cost, which is why advertised loans carry a comparison rate: the rate that would produce the same total cost on a $30,000 loan over five years if the fees were interest. Enter the fees here to see the total cost; the comparison rate on the lender’s page should be close to the rate that gives the same total.
Weekly, fortnightly or monthly
Paying weekly or fortnightly rather than monthly does not by itself save much on a loan with a fixed term, because the schedule is just divided finer. The saving people notice from fortnightly repayments comes from paying half the monthly amount every two weeks, which makes 26 half-payments, or 13 monthly payments a year instead of 12. That is an extra repayment, not a different frequency, and most personal loans allow extra repayments without penalty on variable rates.
Frequently asked questions
How much are the repayments on a $20,000 personal loan?
At 9% over five years, $415.17 a month, $191.31 a fortnight or $95.59 a week, with total interest of about $4,910. Over three years the monthly repayment rises to $635.99 but the interest falls to about $2,896. Rates on unsecured personal loans in 2026 range from around 6% to 20% depending on credit score, so the same loan can cost between $387 and $530 a month.
What is the difference between the interest rate and the comparison rate?
The interest rate is what is charged on the balance. The comparison rate folds most fees (establishment and ongoing) into a single rate for a standard $30,000, five-year loan so loans can be compared. A loan advertised at 7.99% with a $250 establishment fee and $10 a month has a comparison rate near 9%. The comparison rate does not include optional fees such as early repayment or redraw charges.
Is a secured or unsecured personal loan cheaper?
Secured loans, where the car or other asset can be repossessed, carry lower rates, typically 1 to 3 percentage points below an unsecured loan for the same borrower. New-car loans through a dealer or bank are usually secured. Unsecured loans suit debt consolidation or purchases without an asset to secure.
Can I pay a personal loan off early?
Usually yes. Variable-rate personal loans generally allow extra repayments and early payout without penalty; fixed-rate loans may charge an early termination fee or break cost. Paying an extra $100 a month on the $20,000 example clears it about 13 months early and saves roughly $1,100 in interest.
Does a personal loan affect my borrowing power for a home loan?
Yes. Lenders deduct the monthly repayment from your surplus when assessing a mortgage. A $415 monthly personal loan repayment reduces home loan capacity by roughly $50,000 to $60,000 at current assessment rates. The borrowing power calculator on this site includes other loan repayments for that reason.
Sources and assumptions
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