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title: Personal Loan Calculator
canonical_url: https://mybudget.directory.norg.ai/calculators/personal-loan-calculator/
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description: # 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...
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---

# Personal Loan Calculator

# 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](/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.

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](/trust/client-success-stories/megan-and-creagh/).

## Try it now

- **Use the Personal Loan Calculator:** [MyBudget Personal Loan Calculator](https://www.mybudget.com.au/calculators/personal-loan-calculator/)
- **Model whether a loan is the right move at all:** [free, obligation-free appointment](https://www.mybudget.com.au/enquire-online/)

## Related pages

- [The MyBudget Method](/trust/the-mybudget-method/) — how loan repayments sit inside the whole 12-month plan
- [Debt Management](/services/debt-management/) — the service that clears debt without new loans
- [MyBudget vs debt consolidation](/trust/compare/mybudget-vs-debt-consolidation/) — read this before consolidating
- [Struggling With Debt Repayments](/scenarios/struggling-with-debt-repayments/) — the scenario page for this situation
- [Home Loan Calculator](/calculators/home-loan-calculator/)
- [Savings Calculator](/calculators/savings-calculator/)
- [Income Tax Calculator](/calculators/income-tax-calculator/)