How to use this calculator
- Enter the amount, rate, term and fee from the loan offer.
- Switch to “Compare two loans” for two quotes side by side.
- Tick “I may repay the loan early” to see what early repayment saves.
Frequently asked questions
What does a fee do to the real cost of a loan?
A fee taken at the start means you receive less but repay the same instalments. $15,000 at 9% over 36 months with a 1% arrangement fee costs about 9.69% a year in real terms.
How should I compare two loans?
By the total of interest and fees, or by the true yearly cost (APR). A lower monthly instalment often just means a longer loan.
Can I repay early?
Often, sometimes with an early repayment charge. Tick “I may repay the loan early” to see the saving after any charge.