Finance Calculator

Loan Repayment Calculator

Q: How much are the repayments on a $30,000 loan?

As an example, a $30,000 loan at 8% p.a. over five years would have an estimated monthly repayment of about $608.29 using this calculator's standard amortisation method. The actual repayment will depend on the interest rate, term, repayment frequency, fees and the lender's calculation method.

Estimate your loan repayments, total interest and overall repayment cost based on your loan amount, interest rate, loan term and repayment frequency.

Estimate repayments
See total interest
Test extra repayments

Calculate My Loan

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Your Loan Details

Adjust the values below to match the loan you want to estimate.

Estimated Results

Your results update when you calculate.

Estimated Regular Repayment — per month

Principal—

Total Interest—

Total Amount Repaid—

Estimated Payoff Time—

Principal vs Interest

Principal — Interest —

Estimated Effect of Extra Repayments

Interest Saved—

Time Saved—

Estimates assume a standard principal-and-interest amortising loan with a constant interest rate. Actual lender calculations, fees and loan conditions may differ.

Repayment Formula

Calculating the Regular Repayment

For a standard principal-and-interest loan, the repayment is calculated so the loan balance reaches approximately zero by the end of the selected term.

Loan Repayment Formula A = P ×r(1 + r)n(1 + r)n − 1

ARepayment amount for each repayment period.

PPrincipal — the original amount borrowed.

rPeriodic interest rate expressed as a decimal.

nTotal number of repayments over the loan term.

Rate & Frequency

Converting the Annual Interest Rate

The annual interest rate is converted into a periodic rate based on the repayment frequency. The loan term is converted into the corresponding number of repayment periods.

Periodic Rate r = Annual Rate ÷ Repayments Per Year

Monthly12 payments/year

Fortnightly26 payments/year

Weekly52 payments/year

What if the interest rate is 0%?

When no interest is charged, the calculator simply divides the loan principal by the total number of repayment periods.

Worked Example

$30,000 Loan at 8% for 5 Years

Suppose you borrow $30,000 at an annual interest rate of 8%, with monthly repayments over five years. Here is how the estimate is calculated.

1Convert the annual rateConvert 8% to decimal form.8% = 0.08

2Calculate the monthly rateDivide the annual decimal rate by 12.0.08 ÷ 12 ≈ 0.006667

3Calculate the number of repaymentsFive years multiplied by 12 monthly payments.5 × 12 = 60

4Apply the repayment formulaUse the principal, monthly rate and 60 repayment periods.≈ $608.29/month

5Estimate the total amount repaidMultiply the monthly repayment by 60 payments.≈ $36,497.51

6Estimate total interestSubtract the original $30,000 principal from the estimated total repaid.≈ $6,497.51

Monthly Repayment≈ $608.29

Total Interest≈ $6,497.51

Total Repaid≈ $36,497.51

Calculation note: This calculator uses a simplified periodic-rate approach by dividing the annual interest rate by the selected number of repayment periods per year. Individual lenders may calculate or compound interest differently, so actual repayments can vary.

Regular Repayment

This is the estimated amount required each month, fortnight or week to repay the loan over the selected term, based on the interest rate and repayment frequency you entered.

Principal

The principal is the original amount borrowed. For example, if you take out a $30,000 loan, the starting principal is $30,000 before interest and other possible costs.

Total Interest

This is the estimated interest paid over the life of the loan. It is the portion of your total repayments that is above the original principal borrowed.

Total Amount Repaid

This is the estimated amount paid across the entire loan period. For this calculator, it consists of the principal plus calculated interest, excluding fees and other costs not entered into the calculator.

Estimated Payoff Time

This estimates how long it takes for the loan balance to reach zero. Without extra repayments it should broadly match the selected term. Paying extra may shorten the payoff time.

Interest & Time Saved

When you enter an extra repayment, the calculator compares that scenario with the standard repayment schedule to estimate the interest and time potentially saved.

The Big Picture

Your Repayment Is Part Principal and Part Interest

Using the calculator’s example of a $30,000 loan at 8% over 5 years with monthly repayments, the estimated total repayment is about $36,497.51. Of that, $30,000 is the original principal and about $6,497.51 is interest.

Example Cost Breakdown

Principal$30,000 · 82.2%

Interest≈ $6,497.51 · 17.8%

Estimated total repaid≈ $36,497.51

What Happens When You Add Extra Repayments?

Extra repayments are added to the regular scheduled payment in the calculator. Because more of the outstanding balance is repaid earlier, future interest may be reduced and the loan may be paid off sooner. For example, adding $100 a month to the $30,000 loan above:

New payoff time4 yrs 2 mos

Time saved10 months

Interest saved≈ $1,128

Always check whether your lender permits extra repayments and whether any conditions or fees apply.

Interest Rate Comparison

How the Interest Rate Changes the Cost

The loan amount and five-year term remain the same. Only the annual interest rate changes.

Example Loan$30,000 · 5 years · Monthly

6% p.a.Annual interest rate

Monthly repayment≈ $579.98

Total interest≈ $4,799.04

Total repaid≈ $34,799.04

8% p.a.Main calculator example

Monthly repayment≈ $608.29

Total interest≈ $6,497.51

Total repaid≈ $36,497.51

10% p.a.Annual interest rate

Monthly repayment≈ $637.41

Total interest≈ $8,244.68

Total repaid≈ $38,244.68

Loan Term Comparison

How the Loan Term Changes the Repayment

Here the $30,000 principal and 8% annual interest rate remain the same while the repayment term changes.

Example Loan$30,000 · 8% p.a. · Monthly

3 Years36 monthly repayments

Monthly repayment≈ $940.09

Total interest≈ $3,843.27

Total repaid≈ $33,843.27

5 Years60 monthly repayments

Monthly repayment≈ $608.29

Total interest≈ $6,497.51

Total repaid≈ $36,497.51

7 Years84 monthly repayments

Monthly repayment≈ $467.59

Total interest≈ $9,277.26

Total repaid≈ $39,277.26

Lower Repayments Can Mean More Interest Overall

A longer loan term generally reduces the amount due each repayment period because the principal is spread across more payments. However, the balance remains outstanding for longer, which can increase the total interest paid. A higher interest rate can also increase both the regular repayment and the overall cost of the loan.

Examples assume a standard principal-and-interest amortising loan, a constant annual interest rate and monthly repayments. Figures are rounded to the nearest cent and exclude establishment fees, ongoing fees, insurance, late-payment charges and other lender-specific costs or calculation methods.

Loan Amount

The more you borrow, the more principal must be repaid. With the interest rate and term unchanged, a larger loan generally means larger regular repayments and more interest over the life of the loan.

Interest Rate

The interest rate determines how much interest is charged on the outstanding balance. A higher rate generally increases both the regular repayment and total interest cost for the same loan amount and term.

Loan Term

Extending the loan term spreads the balance across more repayments, which can reduce the amount due each period. However, keeping the balance for longer can mean more total interest is paid.

Repayment Frequency

Repayments may be made monthly, fortnightly or weekly. The calculator converts the annual rate and loan term to the selected frequency, so each repayment amount changes with the number of payments per year.

Extra Repayments

Paying more than the scheduled repayment can reduce the outstanding principal faster. Where permitted by the loan, this may reduce future interest and shorten the payoff time.

Fees & Loan Conditions

Establishment fees, ongoing fees, early repayment charges and other loan conditions can affect the real cost of borrowing. These costs are not included in the calculator unless specifically stated.

Example

How Repayment Frequency Changes Each Payment

Consider the same $30,000 loan at 8% over five years. Switching from monthly to fortnightly repayments makes each payment much smaller because there are 26 payments a year instead of 12. The balance is also reduced slightly more often, so total interest is a little lower.

Monthly 60 repayments · $30,000 · 8% Each repayment ≈ $608.29 Total interest ≈ $6,497.51

Fortnightly 130 repayments · $30,000 · 8% Each repayment ≈ $280.34 Total interest ≈ $6,444.46

Fortnightly repayments reduce estimated total interest by about $53.05 over the five-year term. The yearly amount repaid is similar, so frequency mainly changes the size and timing of each payment rather than the overall cost.

Compare the Total Cost, Not Just the Repayment

A smaller regular repayment does not necessarily mean a loan costs less overall. A longer term may lower the payment due each period while increasing the amount of interest paid across the life of the loan. Fees and lender-specific conditions can also affect the actual cost.

Pay More Each Period

Add an amount above your normal scheduled repayment. For example, you might choose to pay an additional $100 with every monthly repayment.

Reduce the Balance Faster

Extra repayments reduce the outstanding balance sooner. A lower balance can mean less interest is charged in later repayment periods.

Potentially Finish Earlier

If the extra amount is paid consistently, the loan may reach a zero balance before the original end date, reducing both payoff time and total interest.

Worked Example

What Could an Extra $100 Per Month Do?

Using the same $30,000 loan at 8% over five years, compare the standard monthly repayment with a scenario where an additional $100 is paid each month.

Example Loan$30,000 · 8% p.a. · 5 years

Standard ScheduleNo Extra Repayment

Monthly repayment≈ $608.29

Payoff time5 years

Total interest≈ $6,497.51

Total repaid≈ $36,497.51

Extra Repayment Scenario+ $100 Per Month

Monthly payment≈ $708.29

Payoff time4 years 2 months

Total interest≈ $5,369.25

Total repaid≈ $35,369.25

Extra Each Month$100

Interest Saved≈ $1,128.26

Time Saved10 months

With the extra $100, the loan is repaid in 50 payments: 49 payments of about $708.29 and a smaller final payment of about $662.95.

Check Your Loan Conditions Before Paying Extra

Not every loan treats extra repayments in the same way. Some lenders may limit additional repayments, charge early repayment or break fees, or apply different conditions to fixed-rate loans. Check your loan agreement or ask your lender how additional repayments are handled before relying on estimated savings.

Test Your Own Extra Repayment

Enter an extra amount in the calculator to estimate how it could change your interest cost and payoff time.

Calculate Extra Repayments

Monthly

12 scheduled repayments per year

Example Repayment ≈ $608.29

Monthly repayments mean fewer individual payments during the year, so each scheduled payment is larger than the equivalent fortnightly or weekly payment.

Fortnightly

26 scheduled repayments per year

Example Repayment ≈ $280.34

Fortnightly repayments divide the repayment schedule across 26 periods each year. The calculator independently calculates the payment using a fortnightly periodic rate.

Weekly

52 scheduled repayments per year

Example Repayment ≈ $140.08

Weekly repayments spread the loan across 52 scheduled payments each year. Each individual payment is smaller because payments occur more frequently.

Example Repayment Frequency Comparison

Based on a $30,000 loan at 8% p.a. over five years, using the calculator’s simplified periodic-rate method.

Frequency	Payments / Year	Each Payment	Per Year	Total Interest
Monthly	12	≈ $608.29	≈ $7,300	≈ $6,497.51
Fortnightly	26	≈ $280.34	≈ $7,289	≈ $6,444.46
Weekly	52	≈ $140.08	≈ $7,284	≈ $6,421.70

More frequent repayments reduce the balance slightly more often, so total interest is a little lower. The difference is small because every option repays the same loan over the same five-year term.

Important Distinction

More Frequent Does Not Automatically Mean You Are Paying More

In this calculator, monthly, fortnightly and weekly repayments are independently calculated for the same principal, annual rate and loan term. Simply changing the frequency does not intentionally add extra repayments. The amounts are designed to repay the same loan over approximately the same selected term.

Your Lender’s Calculation May Be Different

The calculator estimates periodic repayments by dividing the annual interest rate by 12, 26 or 52, depending on the selected frequency. Actual lenders may calculate interest daily, use different compounding conventions, round repayments differently or apply other loan-specific rules. This can cause actual repayment figures to differ from these estimates.

Calculator Assumptions

What the Estimate Assumes

The calculator uses a standard amortising loan model based on the information you enter.

Principal-and-interest repayments are used, with each repayment contributing toward interest and the outstanding loan balance.

The interest rate remains constant for the calculation unless you manually enter a different rate and recalculate.

Repayments are assumed to be made regularly and on time throughout the calculated repayment schedule.

The periodic interest rate is estimated by dividing the annual rate by 12, 26 or 52, depending on the selected repayment frequency.

Any extra repayment entered is assumed to be paid consistently with every scheduled repayment until the loan is repaid.

Not Included

What the Calculator Does Not Model

A real loan may include additional costs and conditions that are outside this calculator’s standard repayment model.

Future interest-rate changes, including changes that may occur on a variable rate loan.

Establishment, application or ongoing account fees and other lender charges.

Late-payment fees, missed payments, payment holidays or arrears that could alter the repayment schedule.

Early repayment charges, break costs or limits on extra repayments that may apply to some loans.

Lender-specific interest calculations, compounding or rounding methods that differ from this calculator’s simplified model.

Calculator vs Lender

Why Might Your Lender Show a Different Repayment?

Even when you enter the same loan amount, interest rate and term, your lender’s repayment figure may differ from this calculator. That does not necessarily mean either calculation is incorrect; the lender may be using different timing, compounding, fee or rounding rules.

Interest TimingInterest may be calculated daily rather than using a simple periodic rate.

Fees & ChargesSome lender repayments or total-cost figures may reflect additional loan costs.

RoundingRepayments and interest calculations may be rounded differently at each stage.

Loan ConditionsVariable rates, introductory rates, fixed-rate periods ending and other product features can change the actual schedule.

Estimate Only — Not Financial Advice

Results from this calculator are estimates for general informational and educational purposes. They are not a loan offer, financial advice or a guarantee of the repayment amount a lender will provide. Check the lender’s terms, fees, repayment schedule and applicable conditions before making a borrowing decision. See our Financial Disclaimer for more information.

How are loan repayments calculated?

For a standard amortising loan, repayments are calculated using the amount borrowed, interest rate, loan term and repayment frequency. Each repayment generally includes both interest and a portion of the principal. Over time, the balance reduces until the loan is repaid.

How much are the repayments on a $30,000 loan?

As an example, a $30,000 loan at 8% p.a. over five years would have an estimated monthly repayment of about $608.29 using this calculator’s standard amortisation method. The actual repayment will depend on the interest rate, term, repayment frequency, fees and the lender’s calculation method.

Does a longer loan term reduce my repayments?

Generally, yes. A longer term spreads the loan balance across more repayments, which usually reduces the amount due each repayment period. However, because the balance remains outstanding for longer, a longer term can also increase the total interest paid over the life of the loan.

How does the interest rate affect my loan repayment?

With the loan amount and term unchanged, a higher interest rate generally means a higher regular repayment and more total interest. A lower rate generally reduces both. Even a relatively small rate difference can affect the overall cost when repayments continue for several years.

Can extra loan repayments save interest?

They can. If your loan permits extra repayments, paying more than the scheduled amount can reduce the outstanding principal faster. This may reduce the interest charged in later periods and shorten the payoff time. Check whether your lender applies limits, early repayment charges or other conditions.

Is it better to repay a loan weekly, fortnightly or monthly?

The most suitable frequency depends on your loan conditions and cash flow. This calculator independently calculates monthly, fortnightly and weekly repayments for the selected loan term. Simply choosing a more frequent schedule does not automatically mean you are making additional repayments or creating large interest savings. Your lender’s interest timing and repayment rules can also affect the result.

Does the Loan Repayment Calculator include fees?

No. The calculator estimates repayments using the principal, interest rate, loan term and selected repayment frequency. It does not automatically include establishment fees, application fees, ongoing account fees, insurance, late-payment charges or other lender-specific costs.

Can I use this calculator for a car loan or personal loan?

Yes, it can be used to estimate repayments for many standard amortising loans, including personal loans, car loans and other fixed-term loans where principal and interest are repaid regularly. Loans with balloon payments, unusual fee structures, variable repayment arrangements or other specialised features may require a different calculation.

Why is my lender’s repayment different from the calculator?

Lenders may calculate interest daily, use different compounding or rounding conventions, include fees, apply rate changes or use loan-specific repayment rules. Because this calculator uses a simplified standard amortisation model, its result should be treated as an estimate rather than an exact lender quote.

Is this Loan Repayment Calculator financial advice?

No. The calculator provides general estimates for informational and educational purposes. It does not provide personal financial advice, recommend a particular loan or lender, or guarantee the terms you will receive. Consider the applicable loan terms, fees and your own circumstances before making a borrowing decision.

Calculator results are estimates. Actual repayments and total borrowing costs can vary because of lender calculation methods, fees, rate changes and other loan conditions.

Calculate Your Loan

See What Your Loan Could Really Cost

Enter your loan amount, interest rate and term to estimate your regular repayment, total interest and overall repayment cost. You can also compare repayment frequencies and test the potential effect of extra repayments.

Estimate repayments
See total interest
Test extra repayments

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Our Calculation Methodology

Everything Calculated documents how calculator formulas, assumptions, examples and limitations are developed and reviewed. Read our Methodology for more information.

External sources are provided for educational reference. Loan products, lending rules and consumer protections vary by lender and jurisdiction.