Skip to content

Car loan and personal loan repayment calculator

The short answer

How are car loan and personal loan repayments calculated?

A car loan calculator works out repayments from four inputs: the amount you finance (the price less any deposit or trade-in), the interest rate, the term and how often you pay. Each repayment covers that period’s interest plus part of the balance, so the loan clears on the last payment. Personal loans work the same way.

Last updated

Repayment calculator

Estimate your repayments

Move the sliders to see an estimated repayment. Adjust the rate to match a quote.

$5,000$150,000
$0Optional
8.8%30%

Example rate only. Your rate is confirmed by the lender, so enter a quoted rate if you have one.

5 years
1 yr7 yrs
Repayment frequency

Estimated repayment

$127.98per week

Amount financed
$25,000
Term
5 years
Interest rate
12.00% p.a.
Number of payments
260
Total interest
$8,274
Total to repay
$33,274
Apply now

Like the look of that? Apply online and the lender confirms your actual rate.

This calculator gives an indicative estimate only. It is not an offer, a quote, or a guarantee of finance. Your actual interest rate, fees and repayments depend on the lender, the vehicle, the loan term and your individual circumstances, and are subject to credit approval and responsible lending checks. The starting rate shown is an example and rates vary by lender and credit profile. Talk to us for a personalised quote.

Calculator results are estimates only. They leave out fees, and the lender confirms your actual rate and repayments in your loan documents.

Apply now

The maths

How do you calculate a loan repayment amount?

With a standard amortisation formula, the same one this calculator uses. It takes four steps, for a car loan or a personal loan.

  1. 01

    Start with the amount financed

    Take the price, or the amount you want to borrow, and subtract any deposit or trade-in. Interest is charged on that balance.

  2. 02

    Turn the yearly rate into a rate for each payment

    Divide the annual interest rate by the number of repayments in a year: 52 for weekly, 26 for fortnightly or 12 for monthly.

  3. 03

    Count the repayments

    Multiply the term in years by the repayments per year. A five-year loan paid monthly has 60 repayments; paid weekly, it has 260.

  4. 04

    Apply the formula

    The formula below gives a repayment that stays the same every time. Early repayments are mostly interest; later ones are mostly balance.

The formula

Repayment = P × r ÷ (1 − (1 + r)−n)

P is the amount financed, r the rate per repayment and n the number of repayments.

Using the calculator

What would the payment be on a $25,000 or $30,000 car loan?

Hands on a kitchen table beside a laptop, loan paperwork, a pen and a coffee mug, bush-covered hills outside the window

At an example rate of 12% p.a. over 5 years (60 monthly payments), a $30,000 car loan works out to about $667.34 a month, excluding fees. At the same example rate and term, $25,000 works out to about $556.12 a month. Your actual rate is set by the lender, so once you have been quoted one, the car loan calculator above gives your own estimate in seconds.

The same steps work for car loans, other vehicle finance and personal loans. For a personal loan, leave the deposit at zero and enter the amount you want to borrow.

  1. 01Enter the price or loan amount, for example $25,000 or $30,000.
  2. 02Add any deposit or trade-in, which comes off the amount financed.
  3. 03Replace the example interest rate with a rate you have been quoted.
  4. 04Choose the term. Sixty months is five years on the slider.
  5. 05Pick weekly, fortnightly or monthly, then read the total interest and total to repay.

Paying it off sooner

What happens if you pay an extra $100 a month on a car loan?

Money paid on top of the scheduled repayment comes straight off the balance, so each later repayment carries less interest and the loan can finish early.

This calculator does not model extra repayments, but shortening the term shows a similar effect: the repayment goes up and the total interest comes down. Some loan contracts limit extra repayments or charge a fee for repaying early, so check yours before you plan on it.

Total cost

How much does it cost to borrow $20,000 over five years?

The cost is the total you repay minus the $20,000 borrowed, plus any fees in the contract. At an example rate of 12% p.a. over five years, repayments of about $444.89 a month add up to about $26,693.40, or about $6,693.40 in interest, excluding fees. Your actual rate is set by the lender. Enter the amount, set five years and read the total interest line, then try a shorter or longer term to see the trade-off.

Shorter termLonger term
Each repaymentHigherLower
Total interestLess, because the balance falls fasterMore, because interest runs for longer
Loan paid offSoonerLater
Worth checkingThat the repayment sits comfortably alongside your other commitmentsHow much extra interest the lower repayment costs over the life of the loan

The lender sets the terms it will offer, and confirms your rate, fees and repayments in the loan documents.

From estimate to quote

How do you get a real figure?

The calculator gives you a ballpark. A quote is based on your own circumstances. Applications are not an offer of finance, and we are unable to arrange finance where your main income is a benefit or you are not currently working.

  1. 01

    Apply online

    Apply online when it suits you. Prefer to talk? Call 0800 995 014, or ask us to call you.

  2. 02

    We go through it with you

    We check your details line up and talk you through anything the lender needs. If you would rather apply by phone, we can do it on the call.

  3. 03

    An initial decision

    We aim to come back with an initial decision quickly, often within an hour during business hours. All lending is subject to lender criteria.

  4. 04

    Funding

    Once your loan is approved, funding usually follows within 24 to 48 hours.

Calculator questions

Questions about the numbers.

Short answers about how the calculator works. For anything specific to your situation, call 0800 995 014.

A rate you have been quoted, if you have one. The starting rate on the calculator is an example so the tool shows a result, not a rate we offer. Lenders set rates for each application, so the only way to know yours is to apply.

Yes. Leave the deposit at zero, enter the amount you want to borrow and choose a term. The maths is the same for personal loans and car loans.

No. It covers the amount financed and interest only. Any fees a lender charges are set out in your loan contract and add to the total cost, so a real quote can come out higher than the estimate.

With the same rate and term, the calculator shows slightly less total interest for more frequent repayments, because the balance falls a little sooner. Switch between the three options and compare the total interest line. The lender confirms which frequencies your loan allows.

No. The calculator runs in your browser and the figures you enter are not sent to us or anyone else. Nothing you do on this page is a credit application.

Applications are not an offer of finance. All lending is subject to lender criteria, affordability, verification and responsible lending checks. Calculator results are estimates only. This page is general information, not financial advice.

Finance Made Easy is a trading name of TrueNorth Financial Services Limited, FSP1011270, and a member of Financial Services Complaints Ltd (FSCL), membership 9517.

Get started today

Ready to talk about your finance?

Prefer to talk? 0800 995 014
Apply now