Loan Repayment Calculator: Monzi’s Go-To Guide

Looking for a loan? Want to know how much it might cost? It’s super easy to calculate the cost of your loan with a loan repayment calculator. Here is Monzi’s guide to accessing free financial resources online.

Note: certain ideas and products presented in this article may not be offered by Monzi, nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, or legal advice to check how the information and ideas presented on this website relate to your unique circumstances.

What is a loan repayment calculator?

A loan repayment calculator is a useful financial tool for those considering applying for any personal finance.

In other words, it provides you with an estimate of what your loan repayments may be, based on your loan details. From there, you can decide whether that loan is suitable for your personal budget and situation.

Still unsure of what a loan repayment calculator is? In short, you input the numbers, and it spits out the answers!

How does a loan repayment calculator work?

Often, they can be easier to use than a normal calculator! Simply enter your loan details as required, and the loan repayment calculator will generate what your regular repayments may be on the quick cash you borrow.

For example, some basic loan details you may have to input could include:

  • Your expected loan amount
  • The interest rate
  • The repayment period

However, it is important to note that all calculated values are only an estimate. If you decide to apply for a loan online, your lender will determine your actual repayments.

So, now that you know exactly what a loan repayment calculator is, we can delve into the details. Continue reading for Monzi’s easy guide on calculating loan repayments.

Loan repayment calculator: secured vs. unsecured

There are two main kinds of personal loan: secured and unsecured loans. The key difference between the two is the use of security against the loan.

With a secured loan, the borrower must nominate an asset as security in order to finalise the loan agreement. This asset, which usually takes the form of a vehicle, is used to guarantee the loan. Typically, Monzi works with lenders that may be able to accept a car, motorbike, caravan, or boat as security against a personal loan.

In short, if the borrower is unable to fulfil the required repayments, the lender may recover their losses by repossessing the nominated asset. Still, rest assured ― credit providers view this as a last resort, and there are a number of protocols that must be followed before this occurs.

In contrast, unsecured loans require no security, but may have higher interest rates and fees than secured loans. Generally, unsecured personal loans are smaller, short-term cash loans. We find lenders offering small, unsecured loans from $300 to $2,000 that can be repaid over a fixed 12-month period.

However, other than the use of collateral, there are a few other differences between the secured and unsecured personal loans that Monzi’s network of lenders might offer. For example:

Secured personal loansUnsecured personal loans
$2,100 to $10,000$300 to $2,000
13 to 24 month repaymentsRepaid over 12 months
Security requiredNo security required
Bad credit welcomeBad credit welcome
Centrelink consideredCentrelink considered

Note: Lenders may differ in the terms they offer.

Loan repayment calculator: bad credit

Do you have poor credit? A history of missed repayments? Fear not — you may still be able to access personal loans online through our range of online lenders.

While many lenders may check your credit score, that only represents one minor stage of the process. Lenders will do their best to determine what repayment amount you could afford, based on your current income and expenses.

Therefore, if you are currently in a financially stable position, it is possible to be offered loans for bad credit. However, note that lenders cannot offer guaranteed approval loans for bad credit.

Calculating your repayments if you’ve got bad credit

You may be able to determine what your repayments will be through a loan repayment calculator. This option allows potential bad credit borrowers to calculate whether they can comfortably afford to repay their desired loan.

However, each loan repayment calculator can merely provide estimates. Therefore, please note that the value of your actual repayments will largely be determined by your credit provider.

In addition, bad credit loan approval is at the lender’s discretion. As a result, loans offered to customers with bad credit may incur higher fees and interest rates. This is generally to offset the additional risk that lenders face when offering personal loans for bad credit.

Still, it is important to remember that lenders will often review more than your credit score. Credit providers may also base their approval on your income, expenses, and employment status.

So, if a past default or two is looming over your head like a dark cloud, don’t give up! Consider consulting a loan repayment calculator to determine what your repayments could look like, and whether they will be right for you.

Personal loan repayment calculator

On the hunt for a personal loan, but don’t know where to start? You’ve come to the right place!

Before we get into the personal loan repayment calculator, what exactly is a personal loan? Well, a personal loan is a loan that the borrower may use for any personal reasons. For example, you could use a personal loan to cover anything from an emergency expense to a last-minute holiday.

However, sometimes it can be tough to figure out whether you can afford to repay a personal loan. Monzi’s best answer? A personal loan repayment calculator!

A personal loan repayment calculator is a quick and easy way to calculate what your regular repayments on a personal loan might be— all from the comfort of your own home.

Typically, this estimate is based on what you intend to borrow and over what period. In other words, you input numbers, it spits out answers! Then, you can decide whether that loan suits your personal budget and terms. However, all values generated are only estimates.

Business loan repayment calculator

Do you own or work for a business? Need a quick loan online to keep the ball rolling? Fortunately, Monzi has the answers you need to get started.

But first, what exactly is a business loan? In short, a business loan is a loan intended specifically for business purposes. For example, business loans can help companies fund operations, invest in new equipment, or cover any other business-related expense.

Like any other loan, you typically repay business loans to the lender with added interest and fees. However, Monzi understands that businesses come in all different shapes and sizes. Similarly, loans can vary greatly in their size and terms. The loan that suits your business won’t necessarily suit another.

So, how do you know if you can afford a business loan? A business loan calculator is an efficient way to determine what your regular repayments on a business loan may be, without even leaving the office! Not only are they totally free, but they are also offered by a range of financial institutions.

Home loan repayment calculator

Not sure whether you can afford a home loan? Monzi may be able to help you! A home loan repayment calculator is a quick and easy way to get an idea of what you’ll be paying.

But how does it work? In short, simply input the key details of your loan, including your preferred amount, interest rate, and repayment term. Then, the calculator will provide you with an estimate of your repayments and the total loan cost.

However, where can you find a home loan calculator? Fortunately, many credit providers and financial entities offer these calculators for free through their websites. So, take advantage of them! Still, bear in mind that the figures produced are simply estimates and not always accurate.

Car loan repayment calculator

On the hunt for some new wheels? Not sure whether you can afford them? A car loan repayment calculator just might be your answer!

But first, what is a car loan? In short, a car loan is a type of loan that borrowers use to purchase a vehicle.

Most Aussies will, at some point, look to purchase a new or used vehicle, including a car, motorbike, or caravan. As a result, Monzi understands that different people require different financing options to make the purchases they want.

However, how do you know if you can afford a car loan? Well, a car loan calculator is a handy online tool that allows Aussies to estimate their car loan repayments.

All you have to do is select the amount you wish to borrow, your ideal interest rate, and repayment period. Then, the car loan repayment calculator will estimate your regular repayments.

Bear in mind, however, that a car loan repayment calculator can only provide estimates. The actual cost of your car loan can vary depending on lender policies and how you manage repayments.

personal loan repayment calculator

Extra loan repayment calculator

Aiming to get out of debt sooner? Calculate how extra payments could affect your loan with an extra loan repayment calculator.

But first, what is an extra payment? Put simply, it is an extra payment you make alongside or between your regular repayments. Generally, extra payments are used for home loans, but they may also apply to personal finance as well.

Overall, the goal of an extra payment is to shorten your loan period. By making these payments, you are able to repay more of your outstanding balance and become debt-free sooner.

If you think you’d like to make extra payments on your loan, contact your lender to confirm that you can do so within the terms of your contract.

Not sure how an extra loan repayment will impact your loan? An extra loan repayment calculator could help!

With one quick search, you’ll find a wealth of lenders and financial institutions offering these resources for free. In short, enter your loans details and the calculator will estimate how your loan terms may change.

However, keep in mind that these extra loan repayment calculators only provide a guide. Your lender will determine the actual impact of extra repayments on your loan.

What is the average interest rate on a loan repayment?

Overall, it’s impossible for Monzi to predict what the average interest rate on your loan repayments will be.

Generally, interest rates vary between loans and lenders. They are influenced by a variety of factors, including lender policy. As a result, the interest rate you may be offered could differ from loan rates offered to other borrowers.

Therefore, it can often help to use a loan repayment calculator. In short, you enter the details of your loan to determine what you may repay. Change the interest rate to see how your repayment costs might differ.

What determines the loan interest rate?

As mentioned, a loan repayment calculator cannot tell you everything. There are a number of factors that lenders consider when calculating your loan’s interest rate.

Although not an extensive list, some key considerations could include:

  • Secured or unsecured: Lenders may reduce your interest rate if you are prepared to secure the loan with an asset.
  • Your credit history: cash loans for bad credit may attract higher interest rates, as lenders consider your loan to be riskier.
  • Type of loan: The kind of loan you’re applying for can impact your interest rate, as payday lenders may sometimes charge higher rates.
  • The loan amount and repayment term.

How are loan repayments calculated?

Good news: you don’t always need a loan repayment calculator to work out your possible repayments. After all, it’s just simple maths!

First, you start with the loan amount, and multiply it by your given interest rate (as a decimal). This will give you the amount of interest you will be paying at each repayment period.

Next, multiply that value by the number of repayment periods (weeks/fortnights/months) over which you will repay the loan. This will give you the total interest you will pay on your loan.

Then, add that value to your loan amount, and you will have your total amount to be repaid.

Finally, to calculate your regular repayments, divide that number by your expected number of repayment periods.

Personal loan rates: an example

Ok, let’s say you want a loan with the following terms:

  • Loan amount: $1,000
  • Interest rate: 4% monthly fee
  • Repayment period: 12 months

First, we multiply the loan amount of $1,000 by the monthly interest rate of 4%. This gives us the amount of interest paid monthly: $40. If we multiply this by the number of months over which the loan will be paid, we get the total interest to be paid: $480. Next, if we add this to the loan amount, we get the total amount to be repaid: $1,480.

However, this is a very simplistic approach and likely will not be accurate for your loan. Instead, it outlines how the costs may be calculated.

What is the best online loan repayment calculator?

Want to calculate your possible payments, but don’t know where to look? Monzi is here to help. Thanks to the power of the internet, there are numerous loan repayment calculators available online and for free.

Though we try not to toot our own horn, Monzi’s loan slider at the top of this page operates as an easy loan repayment calculator. Simply drag the slider to set your preferred loan amount and select your ideal repayment period.

Next, you will be offered an estimate of your regular repayments, whether weekly, fortnightly, or monthly. However, any outcomes are only a guide, and actual repayment values may vary depending on your lender.

Otherwise, a good place to start might be the Australian Government’s Moneysmart personal loan calculator. This resource will quickly estimate your regular repayments, based on your loan terms.

Additionally, the Moneysmart website provides plenty of financial tips that you may consider before applying for a loan.

How do I make loan repayments?

If you thought using our lender-finder service was simple, wait until you learn about making repayments.

If you accept your loan offer, the lender will usually set up a direct debit from your account. As a result, your repayments are automatically withdrawn from your account until the loan is repaid. You don’t even need to lift a finger!

So, all you need to worry about is whether there is enough money in your account each cycle. Therefore, a useful tip could be to align your repayment cycle with your typical ‘pay day’.

Finally, if you cannot afford an upcoming repayment, contact your lender immediately. If you give them enough notice, your lender may be able to cancel or reschedule your payment.

What if I can’t afford my repayments anymore?

Here at Monzi, we know even the most full-proof plans can come undone. Therefore, if your situation changes, you may find yourself unable to continue your regular repayments. For example, you may have lost your job, or even been injured at work.

If this is the case, you may be eligible to apply for financial hardship. In short, a hardship adjustment can reduce or give you a break from your repayments amount, until you’re back on your feet.

Follow these steps to apply for financial hardship:

  1. Contact your lender directly, and inform them of your situation.
  2. Provide evidence of your hardship, including but not limited to:
    • A separation certificate from your employer
    • A bank statement showing your decrease in income
    • A medical certificate
  3. Wait while your lender evaluates and responds to the claim
  4. Re-negotiate your repayment plan with your lender, if your hardship claim is approved

About Monzi

At this point, you probably know how loan repayment calculators work. However, you may be wondering, how do loans work with Monzi? Here are three easy steps to apply for a loan with Monzi:

  1. You apply online: To apply, scroll up. Select how much you intend to borrow and for how long. Then, you’ll see an estimate of your weekly, fortnightly or monthly repayments. Of course, all costs are subject to individual lenders. Once you’re happy with the proposed loan terms, click the ‘Apply Now’ button, fill in your application, and submit!
  2. We get busy: After you apply, we’ll start searching for a lender willing to assess your application. If you apply during business hours, this may take as little as 60 minutes.
  3. Meet your lender: If we find you a lender, we’ll pass on your application and they will be in touch. If your lender approves your request, they should send you an electronic contract to review and return. If all goes well, you’ll have cash in your pocket quick-smart!

So, apply with Monzi today, and we’ll take care of the rest! It’s that easy.

Apply Now!

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.