Car Loan Calculator
Repayments, Balloon and True Cost
Work out your weekly, fortnightly or monthly car loan repayment, the total interest and fees, the loan's all-in rate, and what a balloon really costs — then compare a novated lease.
Read the full answer — method, rates and figures
Quick answer: Car loan repayments depend on the amount borrowed, the interest rate, the term, any balloon, and the fees. Borrowing $40,000 towards a $45,000 car over 5 years at 8.5%, with a $400 establishment fee added to the loan and a $10 monthly fee, costs $386.59 a fortnight (about $838 a month), $9,256 in interest and $1,000 in fees — $50,256 in all.
Counting the fees, the loan's all-in rate is 9.44%, not 8.5%. A 30% balloon cuts the repayment to $303.08 a fortnight but leaves $13,500 to pay at the end and adds $2,644 of interest.
If you are an employee, a novated lease on the same car may cost less: for an eligible electric car on a $100,000 salary it saves about $4,978 a year against a loan.
How much will my car loan repayments be?
On a $45,000 car with $5,000 down, over 5 years at 8.5% with typical fees: $386.59 a fortnight, $9,256 of interest, and an all-in rate of 9.44%.
Repayment per fortnight
$386.59
Total interest
$9,256
All-in rate
9.44%
Balloon at the end
$0
Over the whole loan
- Amount borrowed (incl. establishment fee)$40,400
- 130 repayments of $386.59$50,256
- Balloon$0
- Total paid$50,256
- of which interest$9,256
- of which fees$1,000
All-in rate 9.44% on the $40,000 you actually receive — the interest rate plus the effect of the fees.
Last reviewed 24 September 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
This is the textbook answer. Want to see this calculated against your actual accounts?
Connect them to Richify →Put the Loan and the Car in One Picture
Richify tracks your car's value, your loans, super, savings and property in one net worth view, so you can see what a car really does to your wealth. Free, no ads.
Get Richify — It's FreeHow it works
The loan amount is the car price less your deposit or trade-in, plus the establishment fee (most lenders add it to the loan). Each repayment covers interest on the balance and pays down enough principal to leave exactly the balloon at the end; the monthly account fee is added on top, converted to your repayment cycle.
The all-in rate is the annual rate at which the money you actually receive equals everything you pay back — repayments, fees and the balloon. It is how much the loan really costs as a rate. It is not the advertised comparison rate, which lenders calculate on a standard loan amount and term under the National Credit Code, so the two can differ for your loan.
What a balloon really costs
| Balloon | Per fortnight | Due at end | Interest |
|---|---|---|---|
| 0% | $386.59 | $0 | $9,256 |
| 20% | $330.92 | $9,000 | $11,019 |
| 30% | $303.08 | $13,500 | $11,901 |
| 40% | $275.25 | $18,000 | $12,782 |
A balloon lowers the repayment because you are not paying that part off, not because it is cheaper. You pay interest on it for the whole term, then owe it in one go.
Car loan vs novated lease
If you are an employee whose employer offers salary packaging, a novated lease pays for the car and its running costs from pre-tax pay and claims the GST back. For a $45,000 car over 5 years at 8.5% on a $100,000 salary, with $4,000 a year of running costs, that works out about $4,978 a year cheaper than a loan for an eligible electric car, and about $1,542 for a petrol car.
Run your own numbers with the novated lease calculator, or see what either option does to each pay with the pay calculator.
How to use this calculator
- Enter the car's price and your deposit or trade-in.
- Enter the interest rate and term from your quote, and a balloon if the loan has one.
- Add the establishment fee and any monthly account fee.
- Pick weekly, fortnightly or monthly repayments.
- Read the repayment, total interest and fees, and the all-in rate — then compare balloons and a novated lease.
❓ Frequently Asked Questions
How are car loan repayments calculated?
The lender spreads the amount you borrow, plus interest at the loan rate, over the number of repayments, leaving any balloon to be paid at the end. Account fees are added to each repayment.
In the example, $40,400 over 5 years at 8.5% is $386.59 a fortnight including the $10 monthly fee.
What is a balloon payment and should I use one?
A balloon (or residual) is a lump sum left owing at the end of the loan. It lowers every repayment, but you pay interest on that amount for the whole term and then have to pay it, refinance it, or sell the car.
In the example, a 30% balloon saves $83.50 a fortnight but costs $2,644 more in interest and leaves $13,500 due at the end.
What is the difference between the interest rate and the comparison rate?
The interest rate is what the lender charges on the balance. The comparison rate, which lenders must show when they advertise fixed-term consumer loans under the National Credit Code, folds in most fees and charges — but it is calculated on a standard loan amount and term, so it can differ from the true cost of your own loan.
This calculator shows an all-in rate for YOUR amount, term, balloon and fees instead.
Weekly, fortnightly or monthly repayments?
Paying more often at the same annual rate reduces interest slightly because the balance falls sooner. The bigger effect comes from rounding up: paying half a monthly repayment every fortnight makes 26 half-payments, the same as 13 monthly payments a year, which pays the loan off noticeably faster.
Check your lender allows extra repayments without a fee.
Is a novated lease cheaper than a car loan?
Often, if you are an employee and your employer offers salary packaging, because the car and its running costs come from pre-tax pay and the GST is claimed back. For a $45,000 car on a $100,000 salary over 5 years at 8.5% with $4,000 a year of running costs, an eligible electric car saves about $4,978 a year against a loan and a petrol car about $1,542.
Provider fees reduce those savings, and you owe a residual at the end.
Secured or unsecured car loan?
A secured car loan uses the car as security, so the lender can repossess it if you stop paying; in return the rate is usually lower. Unsecured personal loans cost more but leave the car unencumbered, which matters for older or private-sale cars that some lenders will not secure.
Compare the all-in cost, not the headline rate.
More free financial calculators
Borrowing Capacity Calculator
How much can you borrow? Estimate your home-loan power with APRA's buffer.
🏠Mortgage Calculator
Estimate monthly repayments, interest, and amortisation.
🔄Refinance Calculator
See how much you could save by switching lenders.
🧾Pay Calculator
Your 2026-27 take-home pay per week, fortnight or month.
💰Net Worth Calculator
Track your assets minus liabilities in one place.
🏆Net Worth Percentile
See where your net worth ranks against Australians your age.
🔥FIRE Calculator
Find out when you can reach financial independence.
Further Reading
Put the Loan and the Car in One Picture
Richify tracks your car's value, your loans, super, savings and property in one net worth view, so you can see what a car really does to your wealth. Free, no ads.
Get Richify — It's Free