Personal Loan Calculator

Estimate what a personal loan would cost you — repayments, term and total interest — before you apply.

What it does

Enter the amount, an interest rate and a loan term, and the calculator estimates your regular repayment and what the loan costs in total. It can be used for car loans, debt consolidation and other personal lending.

Reading the result properly

The figure that matters is not the monthly repayment — it is the total cost over the life of the loan.

Stretching a loan over a longer term lowers each repayment while increasing what you pay overall. That is the trap in consolidating short-term debts into a long-term loan: the monthly number improves and the total quietly gets worse.

Also check for fees the calculator does not capture: establishment fees, ongoing account fees and early-repayment costs.

Whether borrowing is the right answer

Sometimes consolidating genuinely helps. Sometimes a structured budget does the same job without adding a debt. The honest test is whether the new loan's rate and fees actually beat what you are paying now, and whether the budget underneath can service it.

MyBudget Loans compares products across over 15 major Australian lenders and can review your options. Where borrowing is not the right answer, a budget is the alternative.

Important information

This calculator provides general information only. It does not take your personal circumstances into account and is not personal financial advice or a credit quote. Estimates are not an offer of finance, and approval, rates and terms are subject to the lender's assessment.

MyBudget is not a licensed financial adviser and does not give personal financial product advice.

Next step

Call 1300 300 922, or contact MyBudget Loans on 08 8215 7519.