Introduction
This CBA Loan Repayment Calculator shows what a loan will really cost you. Type in your loan amount, term, and interest rate. The calculator shows your weekly, fortnightly, or monthly repayment right away.
It works for personal loans, car loans, and home improvement loans. You can pick a fixed or variable rate. You can also add fees, like an upfront fee or a monthly account fee, to see how much they add to your cost.
You get more than one number. The tool shows your total interest, total fees, comparison rate, and how many repayments you will make. Charts show where each dollar goes and how your balance drops to zero. A full repayment schedule lists every payment, and a step-by-step section shows the math behind the answer.
Want to test two options? Turn on compare mode and check two loans side by side. The calculator tells you which one costs less and by how much. Use it before you apply, so you know what fits your budget.
How to use our CBA Loan Repayment Calculator
Enter your loan amount, term, interest rate and how often you pay. The calculator shows your repayment, total interest, total fees, cost of credit, comparison rate and a full repayment schedule.
Loan purpose: Pick Personal Loan, Car Loan or Home Improvement Loan. This shows CommBank's advertised rate range for that kind of loan under the rate box.
Rate type: Choose Fixed if your rate stays the same, or Variable if it can change. Variable adds a note that your real repayments may move.
Loan amount: Type how much you want to borrow, or drag the slider. You can enter $1,000 up to $100,000. CommBank lends $4,000 to $50,000 on its unsecured personal loans and $4,000 to $120,000 on its Secured Fixed Rate Car Loan.2
Loan term: Choose Years or Months, then type the number or use the slider. The range is 1 to 7 years (12 to 84 months).
Annual interest rate (p.a.): Type your rate, like 6.99%. You can type any rate from 0.01% to 30.00%, and the slider moves in 0.25% steps.
Repayment frequency: Pick Weekly, Fortnightly or Monthly. This changes the size and number of your repayments.
Include fees (optional): Click this to add an establishment (upfront) fee and a monthly account-keeping fee. Fees are added to your total cost and lift your comparison rate. CommBank charges a $250 establishment fee and a $15 monthly loan service fee on its personal and car loans, though it may waive the establishment fee on unsecured loans during an offer.2 Enter them to see what they add to the cost of a CommBank loan. The loan service fee goes in the monthly account-keeping fee box.
Compare a second loan: Turn this on to fill in Loan B and see both loans side by side, with the dollar difference and which one is cheaper.
Calculate and Reset: Results update as you type, but you can click Calculate to refresh. Reset puts the default values back.
Loan Repayments Explained
A loan repayment is the set amount you pay back to the bank each week, fortnight, or month. Every repayment pays off part of the principal (the money you borrowed) and pays the interest (what the bank charges you for lending it).4 If your loan has a monthly fee, each repayment carries a share of that too. Early on, more of each payment goes to interest, because your balance is still high. As the balance falls, more of each payment goes to principal, and near the end most of it does. This slow shift is called amortisation.4
What Changes Your Repayment
- Loan amount: Borrow more and you pay more each time.
- Loan term: A longer term lowers each repayment but raises the total interest you pay. A shorter term costs more each month but less overall.3
- Interest rate: Even a small rate drop can save you hundreds or thousands of dollars.3
- Repayment frequency: Weekly and fortnightly payments chip away at the balance a little faster than monthly ones.
- Fees: An upfront (establishment) fee and a monthly account-keeping fee both add to your real cost.
Fixed vs Variable Rates
A fixed rate stays the same for the whole term, so your repayment never changes. A variable rate can go up or down, which means your repayment can change too.3 Fixed rates are easier to budget for. Variable rates can save money if rates fall, but they cost more if rates rise.
Why the Comparison Rate Matters
The interest rate alone does not show the full cost of a loan. The comparison rate rolls the interest rate and most fees and charges into one number.1 Two loans can both advertise 6.99% p.a., but the one with big fees will have a higher comparison rate. Always compare loans using this number, not just the headline rate. An advertised comparison rate is true only for the example loan the lender gives and may not include all fees and charges.2
Personal, Car, and Home Improvement Loans
Secured personal loans are backed by an asset, such as the car you are buying, so you can typically borrow at a lower interest rate.2 If you do not repay the loan, the lender can take and sell the car.3 Unsecured personal loans are not backed by any asset and usually have higher interest rates than a secured personal loan.2 At CommBank a home improvement loan is an unsecured Personal Loan, and customers with an active CommBank home loan who choose Renovations as the only loan purpose receive its lowest advertised interest rate for that loan, subject to eligibility and lending criteria.2 Lenders may look at your credit score, income, expenses and savings when they set the rate you are actually offered.3
Ways to Pay Less Interest
- Pick the shortest term you can comfortably afford.
- Make extra payments when you can. Paying extra can cut the total interest you pay, but check for fees or limits first.3 At CommBank, extra payments on its fixed rate loans are subject to an early repayment adjustment and cannot be redrawn.2
- Switch to weekly or fortnightly repayments if your lender allows it.
- Check for early repayment (break) fees before you pay a loan off ahead of time.
- If you hold several debts, rolling them together may cut your rate.
These figures are estimates to help you plan. Your real repayment will be confirmed by your lender after a credit check.