If you need money to pay for a new car, home renovations, a wedding or something else, you may be considering a personal loan. Canstar’s Personal Loan Repayment Calculator can help you figure out how much your personal loan repayments could be and how much interest you may pay.

By entering the amount you want to borrow, along with the loan’s current interest rate, loan term and how regularly you will make repayments (weekly, fortnightly or monthly), you can use the tool to calculate the approximate repayments you could expect.

Please note: The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Consider whether you need financial advice from a qualified adviser.

Looking for a low rate personal loan?

The table below displays some of our referral partners’ unsecured personal loan products for a three-year loan of $20,000 in NSW. The products are sorted by Star Rating (highest to lowest) followed by comparison rate (lowest to highest). Use Canstar’s Personal Loans comparison selector to view a wider range of products on Canstar’s database. Canstar may earn a fee for referrals. Read the Comparison Rate Warning.

How much can I borrow with a personal loan?

The amount you can borrow from a lender, also known as your borrowing power, is based on your personal financial circumstances. For example, when considering your application for a personal loan, a lender will generally consider factors like:

  • Your income
  • Your expenses, such as mortgage repayments or rent and other living expenses
  • Your existing debts, such as any credit cards or other loans
  • Whether you have any dependants
  • Whether you are making a single or joint application

How much will my personal loan repayments be?

The total amount your personal loan repayments will be will depend on factors like the loan amount, interest rate (including whether it is fixed or variable), loan term, fees and how regularly you make repayments.

For example, personal loans can have a fixed or variable interest rate. With a fixed-rate personal loan, the interest rate stays the same during the loan term. This means your repayments would also stay the same. In comparison, with a variable personal loan, the interest rate can go up or down at the lender’s discretion. This means your repayments may vary over time.

If you choose a longer loan term, this generally means you will have lower repayments each week, fortnight or month. However, it also means you’re likely to pay more interest over the life of the loan. You can use Canstar’s calculator to get an estimate of how much your repayments could be and how much interest you may pay.

Another factor to consider is whether you want a secured or unsecured personal loan. A secured loan is one where you offer up an asset, such as a car or other possession, as ‘security’ for the loan. This can be risky because if you fail to keep up with your repayments, the lender may be able to take possession of that asset and sell it to recover the debt.

On the other hand, an unsecured loan doesn’t require you to put up anything as security, but as the financial watchdog ASIC explains on its Moneysmart website, the interest rate will often be higher and the lender can still potentially take you to court if you don’t pay back the loan.

How do I compare personal loans?

When comparing personal loans, some key factors to look at include:

  • The interest rate and the comparison rate
  • Whether you want a fixed or variable interest rate
  • The fees charged (for example, any application, service, late payment, extra repayment and early repayment fees)
  • The loan type (secured or unsecured)
  • The loan term
  • Whether the loan can be used for your desired purpose
  • Whether you can make additional repayments and repay the loan early, and whether any fees apply for doing this.

Before applying for a personal loan, you may want to check your credit score. Lenders generally look at your credit score to help them decide whether to give you a loan. Your credit score can also impact the interest rate that you are offered. You can check your credit score through a number of online providers, including Canstar.

→ You can check your credit score for free

This page was reviewed by our Sub Editor Tom Letts and Finance and Lifestyle Editor Shay Waraker before it was published as part of Canstar’s fact-checking process.

Author: Tamika Seeto

Tamika Seeto is a Finance Journalist at Canstar. She joined the team after completing a Bachelor of Journalism and Bachelor of Laws (Honours) at QUT, and has past experience writing for a variety of publications across news, music and the arts. 

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