Loan repayment calculator
Enter the amount, term and interest rate. You will see the monthly repayment, the total and what you pay in interest and fees.
Monthly repayment
$227.02
Total repayable
$13,621.15
Interest and fees
$3,621.15
APR (approx.)–
Loan amount 73.4 %Cost of credit 26.6 %
Compare offers on APR and total repayable, not on the monthly repayment. A longer term lowers the repayment but makes the loan more expensive.
How the repayment is calculated
The calculator uses an amortising schedule: the repayment is the same every month, only the split between interest and principal changes. Early on most of the repayment is interest; towards the end it is mostly principal.
An upfront fee does not change the monthly repayment, but it raises the total cost and the APR. That is why you should compare offers on APR and total amount repayable, not on the interest rate alone.
Good to know
Compare the APR
The APR includes interest and most fees, so it is the best way to compare offers.
Longer term = more interest
A longer term lowers the repayment, but you pay more interest overall.