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Personal Loan Calculator product guide

# Personal Loan Calculator Work out exactly how long a personal loan will take to pay off — and how quickly extra repayments or a lower rate can shrink the pain. The MyBudget Personal Loan Calculato...

Personal Loan Calculator

Work out exactly how long a personal loan will take to pay off — and how quickly extra repayments or a lower rate can shrink the pain.

The MyBudget Personal Loan Calculator helps you make a decision about a loan before you sign, not after.

What the calculator does

Enter:

  • The loan amount you're considering (or already have)
  • The interest rate
  • The loan term (typically 3–7 years)
  • Your repayment frequency (weekly, fortnightly, monthly)
  • Any extra repayment you might add

The calculator then shows:

  • Your regular repayment amount
  • Total interest paid over the life of the loan
  • How much you save (in time and interest) by paying a bit more each period
  • How different loan terms compare — shorter term = higher repayment but far less interest
  • The impact of a lower or higher interest rate

What people use it for

  • Deciding whether to finance or save for a major purchase — car, renovation, wedding, medical expense
  • Comparing loan offers from different lenders
  • Modelling debt consolidation — but see the caveat below
  • Working out how quickly to be aggressive on extra repayments
  • Understanding the true cost of "$X per month" advertising

A word on debt consolidation

A common reason people run this calculator is to model a consolidation loan — rolling credit cards, buy-now-pay-later, and other debts into a single personal loan.

Sometimes that's the right move. Often it isn't.

Read MyBudget vs debt consolidation before you sign anything. The calculator will tell you the number, but it can't tell you whether the underlying spending pattern will refill the credit cards within 18 months — which is what usually happens.

If the answer is "I need to break the cycle, not just consolidate it," talk to us first.

The math is easy. Making it happen is the hard part

The Personal Loan Calculator will show you how much time and interest you'd save by paying an extra $50 a fortnight. What it can't do is:

  • Find that $50 in your current spending
  • Protect it from being absorbed by the next unexpected bill
  • Keep it flowing to the loan for the whole term
  • Adjust the plan when your income changes

That's what MyBudget clients get. Every plan we build includes debt repayments — including any personal loan — as automated priorities that happen before spending money comes back to you.

Real client outcomes

Megan and Creagh used balance transfers (a form of consolidation) and ended up with more debt. With a MyBudget plan — no new loan — they cleared five credit cards and around $60,000 in 10 months. See their story.

Try it now

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