Payment Formula:
From: | To: |
The PMT formula calculates the fixed monthly payment required to repay a loan over a specified term, including interest. It's the standard calculation used for CommBank personal loans and most other installment loans.
The calculator uses the PMT formula:
Where:
Explanation: The formula accounts for compound interest over the life of the loan to determine a fixed payment amount that will pay off the loan exactly by the end of the term.
Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable. It also allows comparison between different loan options.
Tips: Enter the loan amount in AUD, annual interest rate (without the % sign), and loan term in years. All values must be positive numbers.
Q1: What interest rate does CommBank charge for personal loans?
A: Rates vary (typically 6.99%-19.99% p.a.) depending on loan purpose, amount, term, and your creditworthiness.
Q2: Are there any fees not included in this calculation?
A: Yes, CommBank may charge establishment fees ($150-$250) and monthly service fees ($5-$10) in addition to interest.
Q3: Can I make extra repayments?
A: CommBank personal loans typically allow extra repayments without penalty, which can reduce total interest.
Q4: How accurate is this calculator?
A: This shows the principal+interest payment. Your actual payment may differ slightly due to fees and rounding.
Q5: What's the maximum personal loan amount from CommBank?
A: Typically up to $50,000 for unsecured loans, with terms from 1-7 years.