Calculate∑ What your result means
A fixed monthly payment on a revolving or instalment debt takes longer — and costs more in interest — the closer that payment is to the minimum interest charge each month.
Australia Personal Loan & Credit Card Repayment Calculator
See how long it will take to clear a balance at a fixed monthly payment, and the total interest cost.
Your details
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Verified for 2026-27Methodology 2026-27.1 · reviewed 2026-08-08 · review by 2027-06-01
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Compare scenarios
Change balance owing to see how months to pay off responds.
Understand your result
Clear context for the values above.
Months to pay off
Months to pay off is included so you can interpret this estimate and make a better-informed comparison.
Total interest paid
Total interest paid is included so you can interpret this estimate and make a better-informed comparison.
Total repaid
Total repaid is included so you can interpret this estimate and make a better-informed comparison.
Months using minimum-payment rule
Months using minimum-payment rule is included so you can interpret this estimate and make a better-informed comparison.
How to use this calculator
- 1Enter your current balance owing, annual interest rate, monthly payment, minimum payment percentage, minimum dollar payment.
- 2Review the headline months to pay off and the supporting figures beside it.
- 3Change one input at a time to see which assumption has the biggest effect.
- 4Confirm current Australian rates and thresholds with an official source before acting.
Explore this calculator
What your result means →The headline months to pay off is based on the inputs currently shown above.Key terms explained →Review the key terms and figures used to calculate this result.How to use this calculator →Enter your figures, review the live result, compare scenarios, then save or print your estimate.The calculation formula →The calculation follows the standard formula for this calculator. Results update whenever an input changes.Worked example →Using the current values produces 24 months.Assumptions and limitations →Review the assumptions used to produce this estimate before relying on it.Costs or factors not included →Review any costs, fees or rules not automatically included before making a decision.Frequently asked questions →How accurate is this estimate? What should I check before relying on it? Can I save or share the result?
▦ How this calculator works
The calculator uses the standard payoff-time formula for a fixed payment against a balance accruing monthly interest, solving for the number of months until the balance reaches zero.
◇ Assumptions and what's not included
This assumes no further spending on the balance, a constant interest rate, and a payment that stays above the monthly interest charge — if your payment doesn't exceed the interest accruing, the balance never clears and no result is shown.
▤ What to do next
To pay off debt faster, increase the monthly payment above the minimum and stop adding new charges to the balance while you pay it down.
Australia-specific contextFigures use AUD and current published rates and thresholds.
Reviewed for clarityUpdated 3 August 2026.
ImportantFor planning and educational use — not tax, legal or financial advice.
Your privacy mattersInputs stay in your browser.
Frequently asked questions
What if my payment is too low to make progress?+
If your monthly payment doesn't exceed the interest charged each month, the balance will never reduce — the calculator won't return a payoff time in that case.
Does this include annual fees or other charges?+
No, only interest on the outstanding balance is modelled — add any annual or account-keeping fees to your payment plan separately.
Is a credit card's interest rate calculated the same way as a personal loan's?+
Both are modelled the same way here using monthly compounding, though real credit cards may use daily compounding, which can produce a slightly higher actual cost.
What happens if I keep spending on the card?+
This estimate assumes no new charges — ongoing spending will extend the payoff time and increase the total interest paid beyond this estimate.
Official references
Rules and thresholds used by this calculator are labelled for 2026–27 or formula-labelled period. Review the primary guidance before making a filing, borrowing, benefit or investment decision.
Last source review: 3 August 2026. Calculator results are estimates and may exclude circumstances described in the methodology.