Finance & business New Zealand
Personal Loan Calculator New Zealand
A personal loan's cost is the interest plus the fees, spread across the term. This calculator works out the repayment, the total interest and the total cost, and shows the effect of a shorter term or a regular extra payment.
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Repayment
—Total interest
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Total fees
—
Total cost of the loan
—
Time to repay
—
Interest saved by the extra
—
The cost
An estimate, not advice. General information and estimates only, not financial advice. Rates, fees and rules change, so check the lender's or provider's own terms and speak to a licensed adviser before you act.
How much will a personal loan cost me?
Use the repayment formula for the amount, rate and term, then add the fees. $15,000 at 9.5% over 5 years is $315.03 a month, $3,902 of interest, and with a $250 establishment fee the loan costs $4,152 in all.
Secured and unsecured
A secured personal loan uses an asset such as a car as security and usually has a lower rate. An unsecured loan has a higher rate because the lender has less protection. Rates also depend on your credit history, income and the amount.
Compare lenders on the comparison rate and on the cost of early repayment.
Borrowing wisely
Only borrow what the repayments leave room for after your other costs. Loans for things that lose value, such as holidays, are expensive to carry, and debt consolidation loans help only if you stop adding new debt. The regulator for credit in New Zealand is the Financial Markets Authority.
To see how a credit card compares, use the credit card payoff calculator.
How this is calculated
The rule, step by step, so you can check any figure by hand.
repayment = amount × r ÷ (1 − (1 + r)^−n), with r = rate ÷ payments a yeartotal interest = repayments × number of payments − amounttotal cost = interest + upfront fee + account feesan extra amount each payment shortens the term and cuts interest
A longer term lowers the repayment but raises the total interest, often by a lot: the same $15,000 over seven years costs about $1,692 more interest than over five. Fees matter most on small, short loans: a $250 fee on a $5,000 loan is like adding several points to the rate.
Fixed-rate personal loans keep the same repayment, but check for early repayment fees before sending extra. Compare the total amount repayable and the fees in each lender's loan disclosure, because the headline rate leaves the fees out.
A worked example
$15,000 at 9.5% for 5 years with a $250 fee.
- Monthly repayment$315.03
- Total repaid$18,902
- Interest$3,902
- Total cost with fee$4,152
$315.03 a month.
A shorter term raises the repayment but cuts the cost.
Early repayment
Paying a loan off early saves interest, and variable and many fixed loans allow it, sometimes for a fee. Use the extra amount field to test it.
What it leaves out
Variable rate changes, insurance add-ons and tax are not modelled.
What this calculator does not do
- Fixed rate, level repayments
- Fees as you enter them
- No insurance add-ons
- Not credit advice
Common questions
How are personal loan repayments calculated?
With the loan repayment formula, using the rate per payment period and the number of payments.
What should I compare between lenders?
The total amount repayable, including fees, over the same term.
Is a longer term better?
It lowers repayments but raises the total interest.
Can I repay early?
Often yes, though some fixed loans charge a fee.
Do fees matter?
Yes, particularly on small loans.
Where these numbers come from
- Sorted — Retirement Commission money guidance Independent guidance and calculators on saving, borrowing and investing
Method last reviewed 2026-10-28 This calculator uses fixed rules rather than rates that change, and its method is re-checked against the sources above at least once a year. Out of date? Tell us and we will fix it.
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