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Australia Loan / EMI Calculator

Estimate the monthly repayment on an Australian car loan or personal loan in AUD, with total interest — plus what a variable rate and redraw change.

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Monthly payment
$400.76
Total interest
$4,045.54
Total paid
$24,045.54

How it works

The Australia edition of the loan calculator. It works out the level monthly repayment on an amortising loan — a car loan, a personal loan or any borrowing repaid in equal monthly instalments — along with the total interest and the total amount repaid. Enter the amount financed in Australian dollars, the annual interest rate and the term in years. Advertised prices in Australia already include GST at 10%, so the drive-away or invoice figure you are financing is GST-inclusive and needs no adjustment.

The formula is repayment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), with P the amount financed, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly repayments. Interest is charged on the balance outstanding, so the repayment stays the same while the interest share shrinks and the principal share grows. A 0% offer becomes amount ÷ months.

Worked example at a hypothetical 8.25%: finance $38,000 over 60 months. The repayment is $775.06 a month, $46,503.45 is repaid in total and $8,503.45 of that is interest. Push the same loan out to 84 months and the repayment drops to $597.02 — $178.04 less a month — but interest jumps to $12,149.70, which is $3,646.25 more. Over seven years on a car, that is a lot to pay for a smaller monthly number.

Two Australian conventions to keep in mind. Lenders here usually calculate interest daily and charge it monthly, whereas this tool applies one month of interest to the month-end balance; the answers are close, but a real statement will differ by small amounts depending on exactly when your repayments land. And many Australian loans are variable rate rather than fixed, often with redraw available on anything you have paid ahead. A variable rate means the figure here is a snapshot at today’s rate, not a promise for the term, so it is worth re-running the numbers a percentage point or two higher to see whether the repayment still fits.

Extra repayments are the lever this calculator cannot show. On a variable loan with daily interest, anything paid above the required amount reduces the balance interest is charged on from that day, cutting both the interest total and the time to payout; redraw then lets you pull that money back if you need it, at the cost of the saving. Establishment and monthly account fees, insurance sold alongside the loan and any dishonour fees are all excluded — the result is principal and interest only. Buying a home? Use the Australian mortgage calculator. These are estimates for planning — confirm the figures with your lender or a qualified adviser.

Other regions: United States, United Kingdom, Canada.

Frequently asked questions

Does the amount I enter include GST?
Yes, if GST applies to what you are buying. Australian prices are advertised GST-inclusive at 10%, so the drive-away or invoice price is the amount to finance — do not add GST on top of it.
My loan is variable. Is this still useful?
It is useful as a snapshot at the current rate, not a forecast. Because a variable rate can move, run the calculation again one or two percentage points higher to check the repayment would still be comfortable if rates rise.
Australian lenders calculate interest daily. Does that change the result?
Slightly. This tool applies a month of interest to the balance each month, while a lender accrues interest on the daily balance and charges it monthly. The totals are very close, but your statements will differ by small amounts depending on the timing of your repayments.
How much do extra repayments help?
A lot, and this tool does not model them. On a variable loan, money paid ahead lowers the balance interest is calculated on from that day, so it reduces both the interest bill and the payout date. Redraw lets you take it back later if you need to, which gives up the saving.
What does 84 months cost compared with 60?
On $38,000 at a hypothetical 8.25%, five years is $775.06 a month with $8,503.45 in interest; seven years is $597.02 a month with $12,149.70. You save $178.04 a month and pay $3,646.25 more in total.
Are fees included in the total?
No — the figures are principal and interest only. Establishment fees, ongoing monthly account fees, insurance products and dishonour fees are all extra, so your real cost of credit is higher than the interest shown.
Does anything I enter leave my device?
No — the whole calculation happens in your browser.

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