{
  "id": "calculators/personal-loan-calculator",
  "title": "Personal Loan Calculator",
  "slug": "calculators/personal-loan-calculator",
  "description": "# Personal Loan Calculator\n\nWork 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.\n\nThe MyBudget Personal Loan Calculato...",
  "category": "",
  "content": "# Personal Loan Calculator\n\nWork 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.\n\nThe MyBudget Personal Loan Calculator helps you make a decision about a loan **before** you sign, not after.\n\n## What the calculator does\n\nEnter:\n\n- The **loan amount** you're considering (or already have)\n- The **interest rate**\n- The **loan term** (typically 3–7 years)\n- Your **repayment frequency** (weekly, fortnightly, monthly)\n- Any **extra repayment** you might add\n\nThe calculator then shows:\n\n- Your regular repayment amount\n- **Total interest paid** over the life of the loan\n- How much you save (in time and interest) by paying a bit more each period\n- How different loan terms compare — shorter term = higher repayment but far less interest\n- The impact of a lower or higher interest rate\n\n## What people use it for\n\n- **Deciding whether to finance or save** for a major purchase — car, renovation, wedding, medical expense\n- **Comparing loan offers** from different lenders\n- **Modelling debt consolidation** — but see the caveat below\n- **Working out how quickly** to be aggressive on extra repayments\n- **Understanding the true cost** of \"$X per month\" advertising\n\n## A word on debt consolidation\n\nA 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.\n\nSometimes that's the right move. Often it isn't.\n\nRead [MyBudget vs debt consolidation](/trust/compare/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.\n\nIf the answer is \"I need to break the cycle, not just consolidate it,\" talk to us first.\n\n## The math is easy. Making it happen is the hard part\n\nThe 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:\n\n- **Find that $50** in your current spending\n- **Protect it** from being absorbed by the next unexpected bill\n- **Keep it flowing to the loan** for the whole term\n- **Adjust the plan** when your income changes\n\nThat'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.\n\n## Real client outcomes\n\n**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](/trust/client-success-stories/megan-and-creagh/).\n\n## Try it now\n\n- **Use the Personal Loan Calculator:** [MyBudget Personal Loan Calculator](https://www.mybudget.com.au/calculators/personal-loan-calculator/)\n- **Model whether a loan is the right move at all:** [free, obligation-free appointment](https://www.mybudget.com.au/enquire-online/)\n\n## Related pages\n\n- [The MyBudget Method](/trust/the-mybudget-method/) — how loan repayments sit inside the whole 12-month plan\n- [Debt Management](/services/debt-management/) — the service that clears debt without new loans\n- [MyBudget vs debt consolidation](/trust/compare/mybudget-vs-debt-consolidation/) — read this before consolidating\n- [Struggling With Debt Repayments](/scenarios/struggling-with-debt-repayments/) — the scenario page for this situation\n- [Home Loan Calculator](/calculators/home-loan-calculator/)\n- [Savings Calculator](/calculators/savings-calculator/)\n- [Income Tax Calculator](/calculators/income-tax-calculator/)\n",
  "geography": {},
  "metadata": {},
  "publishedAt": "2026-07-17T04:01:45.943862+00:00Z",
  "tags": [],
  "workspaceId": "fd95e1d3-9064-4f51-89f5-3d0261fe556f",
  "_links": {
    "canonical": "https://mybudget.directory.norg.ai/calculators/personal-loan-calculator/"
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}