Personal Loan Calculator
Repayments, Fees and the Real Rate
Work out your weekly, fortnightly or monthly personal loan repayments, the total interest and fees, and the rate you are really paying — and whether a loan beats leaving the debt on a credit card.
Read the full answer — method, rates and figures
Quick answer: A $20,000 personal loan at 11% over 5 years, with a $250 establishment fee and a $10 monthly fee, costs $450.28 a month: $6,167 of interest and $850 of fees over the life of the loan. Counting the fees, the loan costs 12.53% a year on the money you actually receive — the figure to compare between lenders, rather than the headline rate.
The same $20,000 left on a credit card at 20% and paid off at the same $450.28 a month would take 82 months and cost $16,726 of interest. Lenders must also advertise a comparison rate, which the National Credit Code calculates on a standard loan amount and term, so your own loan can differ from it.
How much will my personal loan repayments be?
$20,000 at 11% over 5 years with a $250 establishment fee and a $10 monthly fee is $450.28 a month, costing $7,017 in interest and fees.
Repayment / month
$450.28
Total interest
$6,167
Total fees
$850
All-in rate
12.53%
Borrowing $20,000 at 11% over 5 years costs $450.28 a month and $27,017 in total — $6,167 of interest and $850 of fees. With the fees included you are paying 12.53% a year, not 11%.
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Repayment / month
$450.28
Total interest
$6,167
Total fees
$850
All-in rate
12.53%
Borrowing for a car? The car loan calculator adds a deposit and a balloon. To see what any existing debt is costing you, use the loan cost calculator, and the emergency fund calculator helps avoid the next loan.
Last reviewed 13 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
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The loan is amortised at your rate divided evenly across the repayment periods, with the establishment fee added to the amount owed and the monthly fee added to each repayment. The all-in rate is the annual rate at which the money you receive equals the value of every repayment and fee — the true cost of the loan as quoted to you.
It is not the advertised comparison rate, which the National Credit Code requires lenders to calculate on a standard loan amount and term. The credit card comparison repays the same balance at the same monthly amount, with interest charged monthly and no new spending.
$20,000 at 11% over different terms
| Term | Per month | Interest + fees | All-in rate |
|---|---|---|---|
| 2 years | $953.81 | $2,891 | 13.32% |
| 3 years | $672.96 | $4,227 | 12.90% |
| 4 years | $533.37 | $5,602 | 12.68% |
| 5 years | $450.28 | $7,017 | 12.53% |
| 7 years | $356.73 | $9,965 | 12.34% |
Fixed fees weigh more on a short or small loan, which is why the all-in rate rises as the term shortens.
Personal loan vs leaving it on a credit card
Paying $450.28 a month off $20,000 on a card at 20% takes 82 months and $16,726 of interest. The loan clears it in 60 months for $7,017 of interest and fees — $9,709 cheaper, provided the card is not used again.
How to use this calculator
- Enter the amount you want to borrow, the interest rate and the term.
- Add the establishment fee and any monthly account fee from the lender's quote.
- Choose weekly, fortnightly or monthly repayments.
- Read the repayment, the total interest and fees, the all-in rate, how the term changes the cost, and what the same debt costs on a credit card.
❓ Frequently Asked Questions
How are personal loan repayments calculated?
Like any amortising loan: each repayment covers the interest charged since the last one, and the rest reduces the balance, so the interest share falls over time. Any establishment fee is usually added to the amount you owe, and a monthly account fee is added to each repayment.
In the example, $20,000 at 11% over 5 years is $450.28 a month including the $10 fee.
What is a comparison rate, and why does it differ from my rate?
The comparison rate combines the interest rate with most fees into one figure, so loans can be compared. Under the National Credit Code it is calculated on a standard loan amount and term, so for a smaller or shorter loan than the standard the fees weigh more heavily and your real cost is higher than the advertised comparison rate.
This calculator's all-in rate uses your own amount, term and fees.
Is a shorter loan term better?
A shorter term means higher repayments but less interest, because the balance is outstanding for less time. The table on this page shows the same loan over 2 to 7 years.
If the higher repayment is affordable, the shorter term is cheaper; if not, choose the longer term and make extra repayments when you can — check first whether the lender charges an early-repayment or break fee, which is common on fixed-rate loans.
Should I use a personal loan to pay off credit cards?
It can save a lot of interest if the loan's all-in rate is well below the cards' rate and you do not run the cards back up. The saving comes from the lower rate and from a fixed end date; the risk is ending up with the loan and new card debt.
Compare the loan's total interest and fees with what clearing the cards at the same repayment would cost, as this page does.
Secured or unsecured personal loan?
A secured loan uses an asset — usually a car — as security, so the lender can take it if you do not repay; in return the rate is usually lower. An unsecured loan has no security and a higher rate.
The repayment arithmetic is the same, so enter the rate you are offered either way.
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Further Reading
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