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Personal loan calculator

Calculate your monthly personal loan repayments and find out your borrowing power.

Unless you are fortunate to have savings, many Kiwis need to apply for a personal loan to pay for significant purchases, for example, home improvements or a car. Borrowers need to be aware that taking out a personal loan can be costly, and it’s essential to know how much you can afford to borrow.

Use our personal loan calculator to work out the size of your repayments and compare personal loans below.

Personal Loan Repayment Calculator

*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.

How to use the personal loan repayment calculator

The personal loan repayment calculator can help you see what your monthly repayments are and how much interest you pay over the life of the loan.

To use this calculator, you simply input your loan amount, loan term, the likely interest rate and your repayment frequency. After inputting the amounts, you can scroll over different points of the graph to see the progression of your loan at various points in time.

Calculate your personal borrowing power

Before you compare personal loans, it’s important to understand how much you can realistically afford to borrow. Use the calculator below by entering your preferred loan terms, income and expenses to work out your personal borrowing power.

Want to know which loan is more competitive?

To use the personal loan comparison calculator, simply fill in the relevant fields for two different personal loans to see how much you could save.

Why do I need to use a personal loan calculator?

A personal loan calculator helps you understand how much you can borrow and what your repayments look like over time.

Here’s how a personal loan calculator can help you in different situations:

  • When you’re buying a car. If you’ve been meaning to buy a new or used car, use a personal loan calculator to see if you should take out a secured or unsecured loan, and how long you can take the loan out for. A personal loan repayment calculator helps illustrate important differences between car loan types and can help you narrow down your choice. Please note that using a car finance company is not likely to be the cheapest choice.
  • If you’re looking to renovate. Using a personal loan calculator before taking out a loan for home renovations can help keep your expenses in check by telling you just how much you have to repay over time. A calculator can help you choose between making affordable and not-so-affordable renovations.
  • When you want to fund a holiday. Want to go on an exotic holiday but don’t know how much you can afford to borrow? Use a personal loan calculator to find out how much you can spend on your next trip. By extending the loan term, see how much you can lower your repayments.
  • If you have current debt and want to consolidate. Making multiple repayments each month can be a bother, and you might even be paying excessive interest on some of your credit cards or personal loans. By taking out a personal loan to consolidate existing debt, you can save in the form of interest.
  • If you need a cash injection for your business. Certain lenders offer personal loans for businesses, and there are business loan calculators that can help you compare crucial parameters in such instances as well. Typical business loans, for instance, offer lower interest rates when compared to personal loans for individuals, and a loan calculator highlights this difference.

Other loan calculators

Car loan calculator

Irrespective of whether you wish to purchase a new or used car, using a car loan repayment calculator allows you to see your repayments and the interest accrued.

  • Comparison rate calculator. This calculator allows you to calculate the comparison rate of any loan and requires you to enter the loan amount, loan term, interest rate and fees.
  • Repayment calculator. Enter the loan amount, loan term, interest rate, and repayment frequency to find out how much you have to repay.

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