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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
What type of loan are you looking for?
Easy-to-use personal loan calculator
Does your budget have extra room for a personal loan? BestFind’s personal loan calculator helps you work out how much credit to take on board and the cost per month.
How does the personal loan calculator work?
- Enter your loan amount. Explore your borrowing capacity by inputting different values. Moving the slider towards the upper range means your repayments will cost more over the same loan term.
- Choose your loan term. Taking longer to pay off debt helps to keep your cash flow smooth. But, your loan’s total cost will likely be higher due to interest piling up. On the other hand, a shorter loan term means you offload the debt sooner while sacrificing a bigger chunk of your budget to higher repayments.
- Calculate your repayments. When you scroll down, you can view the results in our comparisons table. Compare the available offers and look for the most competitive option that suits your needs.
BestFind’s calculator only displays estimated monthly repayments. Other factors like fees, charges, and variable interest rates may also affect the size of your repayments. Keep in mind the information provided does not guarantee loan approval. Neither should it be taken as recommendations or financial advice in any form.
How do I benefit from using the personal loan repayment calculator?
At times borrowing money is the best means to an end. Your goal might be an exotic holiday trip or a home renovation worthy of a magazine. In any case, our calculator empowers you to make a smart and informed decision. Here’s how:
- It’s a loan comparison tool. Want to see which personal loan is kinder on your monthly budget? Compare different offers using the same loan term and amount. Apply the filter to make sure you are comparing similar loan types. For instance, look at unsecured loans first before cross-checking your findings with those for secured loans.
- You can refine your final decision. Once you have a potential winner, it’s easier to work out the finer details before you apply. You may want to tweak your loan amount or term to single out the best repayment amount. Considering different loan scenarios in this way won’t harm your credit score, so click the “Calculate Repayment” button as much as you’d like.
Can I use the calculator for all personal loan types?
Personal loans have an impressive range of features suitable for all situations. Whether you are a student, entrepreneur, Uber driver, or self-employed, our personal loan calculator mirrors this flexibility. Here are a few examples where familiarity with your repayments comes in handy:
- Buying a car – Driving a car while paying it off on the go can be incredibly convenient. But, only if you choose affordable repayments and a payment plan that aligns with your income flow and expenses.
- Consolidating debt – Dealing with several loan repayments every month can be a hassle, and choosing a debt consolidation loan might be the life pro-tip you need for better debt management. Our calculator helps to show if this move is worth it and whether there are any interest savings in store for you.
- Medical bills – Emergencies don’t always knock on the door to announce themselves, but you can still do some damage control. Use the calculator to choose a repayment that doesn’t leave you struggling after an unforeseen medical expense.
- Wedding – Planning for an extravagant affair but not sure how far your budget stretches? Try a longer loan term or lower the loan amount until the calculator comes up with a favourable solution.
- General-purpose – Personal circumstances are unique, and making a selection from the pool of secured and unsecured loans might be challenging. Luckily, you can use the personal loan repayment calculator to find a product that closely matches your needs.
What other factors should I consider when comparing personal loans?
You’re off to a great start when you can answer the question: what is the estimated cost for my monthly repayments? Next, consider extending your personal loans comparison to cover the following factors for even better, tailored results:
- Interest rates – Interest rates have fixed or variable options. They can also vary depending on whether you have bad credit, average credit, good credit, or excellent credit. In any case, go for the lowest available rate, but only after confirming you’re getting the best deal on all sides.
- Comparison rate – The comparison rate does a much better job than the advertised rate when it comes to indicating your loan’s total cost. It ropes in the interest rate together with associated loan charges, so it’s easier to avoid low-interest offers that have hefty charges and considerable establishment fees behind them.
- Repayment flexibility – Finding a loan that allows you to make early repayments can also make the repayment process more comfortable. Some lenders offer a redraw facility that enables you to cash out those extra repayments if you’re in a tight spot. Ideally, there should be no redraw fees or early payment fees involved.
Personal loan calculator FAQ
When using the calculator, how much can I borrow and for how long?
Loan amounts range between $1,000 and $100,000. You can repay the borrowed money over one to ten years, but personal loans generally have maximum terms of 5 years.
Will my monthly repayments cost more if I choose an unsecured personal loan?
Unsecured loans carry more risk and higher interest rates compared to secured loans. Because the lender can’t claim your assets when you default, your repayment will likely cost more.
Does a variable rate personal loan have cheaper monthly repayments?
Your repayment amount may go up and down if you choose a variable rate. If you wish to lock in a lower rate with consistent repayments, consider a fixed rate personal loan.
How do I apply after using the loan calculator?
Click the appropriate “Go to Site” button in the comparison tables above and link through to your preferred lender’s website.
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