Personal loan repayment calculator

Important Information

This calculator should only be used as a guide to see how personal loan repayments can vary when you change the loan amount, interest rate, loan term and extra contributions. When extra contribution information is entered, it calculates the time and interest saved on the loan. All applications are subject to lending and approval criteria.
If you move your mouse over the graph you can view your original balance as well as the balance after making extra repayments for each year over the loan term. If the time and interest saved from your extra contributions is minimal you will need to click the ‘Line Graph’ box in the top right hand corner to view the saving on the graph.

Calculator Assumptions
This information outlines how the calculator determines the interest and repayment amounts compared with the reality of how a personal loan establishes these amounts.

Length of Month
The calculator assumes all months are of equal length. However given some months are longer than others and interest is accrued on a daily basis, the interest charged on a personal loan will vary depending on the number of days in the month.

Number of Weeks and Fortnights in a Year
The calculator and a personal loan assumes one year contains exactly 52 weeks or 26 fortnights, based on 364 days a year, rather than the actual 365 or 366 days in a year.

Rounding of Repayment Amounts
The personal loan calculator uses the unrounded repayment amount as this creates a smooth line for the graph. In reality, with a personal loan the repayments are rounded to at least the nearer cent.

Rounding of Time Saved
The time saved is presented as year/month saved. The figure is rounded down to the closest month which slightly understates the saving.

Amount of Interest Saved
This number is not rounded and is approximated from the time saved.

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