Finance

Personal Loan Total Cost Calculator

Find the total cost and total interest of a personal loan.

These figures show the monthly payment, the total amount paid including the fee, and how much of that total is interest plus fees.

Formula

Monthly payment uses the amortising formula; total cost is payment times months plus fees, and total interest is total cost minus amount received.

How it works

Fees matter: a loan with a lower rate but a large fee can cost more overall. Compare total cost, not just the monthly payment or the headline rate.

Worked example

For example, a $15,000 loan at 10% per year over 4 years with a $300 fee gives a monthly payment of $380.44, a total paid of $18,561.06, and total interest plus fees of $3,561.06.

FAQs

Should fees be added or deducted?
Here they are added to total cost; some lenders deduct them from the amount you receive.

Does a longer term help?
It lowers the payment but raises total interest.

What about early repayment?
Check for prepayment penalties before choosing.

Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.

Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.

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