Personal Loan Repayment Calculator

Updated 01 October 2020

​​​MoneyHub's calculator can work out the cost of personal loans that can be paid back over periods of between 1 - 5 years.

To find out what you will pay monthly and in total, simply insert:

1. The loan amount (the total amount of money you want to borrow)
2. The loan length (how long you want to repay the loan)
3. The likely interest rate

​Be aware that advertised interest rates from lenders may vary from your actual rate due to your personal circumstances.

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​MoneyHub's Top 3 Personal Loans - Avoid high interest rates and high fees with our top three trusted lenders.

• Our car finance and personal loan research highlighted three leading lenders that reliably and consistently offer fair interest rates to the majority of borrowers.
• We suggest contacting Harmoney, Simplify Loans (car finance only) and Lending Crowd to see what interest rate they will offer.
• Remember, its the interest rate you agree to now that makes a huge difference when you repay your loan week after week. Signing up for finance with a car sales person is unlikely to be the cheapest option. 

Harmoney loans

Simplify Loans

Lending Crowd

Personal Loan Calculator

Principal & interest Interest only

Principal is the amount borrowed or still owing on a loan.

Interest is the charge you pay for borrowing money, usually expressed as an annual percentage of the principal (p.a.).

Interest only is when your payments cover only the interest owing on the loan amount outstanding. This means the outstanding loan balance (principal) will not reduce.

Personal Loan Amount

Loan Length

Interest Rate

Payments Per Year

Monthly Fortnightly Weekly

Personal Loan Payment

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Personal Loan Amount

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Total Interest

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Total Cost

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Our calculations are based on the assumption that you make the same fixed personal loan repayment for the entire loan period, the interest rate does not increase or decrease, you don't miss any repayment deadlines, overpay or underpay.

Know this: Missing a payment on a personal loan will have severe consequences on your credit history and will likely make borrowing in the future far more difficult

If you have security over your loan, if you do not keep up with repayments, your security will be repossessed - this could mean losing your car, boat or another asset. 

Personal loans and you

• Many New Zealanders apply for personal loans to pay for a large purchase, usually a car, home improvements, a wedding or even a holiday.
• Unless you have a decent level of savings, a personal loan is the only way to get the financing in place to buy what you want.
• But be aware that personal loans often can be costly, and you will need to know exactly what you're signing up for. 

Loan limits and repayments

• Personal loans usually have a maximum amount you can borrow, typically around $20,000. Some lenders require security, others do not - generally, interest rates will be lower if you can provide security. But if you later default on the loan, you could lose your property.
• Most loan terms run from one year up to five years - the longer your loan, the more interest costs you will pay overall so having a shorter term is better for you financially. 
• Interest rates are usually fixed which means what you pay will always be the same throughout the term of the loan.

What is the maximum limit for a personal loan?

• It really depends on what the loan is for, rather than the maximum you can borrow.
  
• As such, spending no more than 10% of your monthly pre-tax income on a personal loan is a smart way to avoid financial worries.
  
• For example, if you earn $50,000 a year, that's around $420 per month. This leaves you money for essential living expenses while you repay your loan.

Where can I get the best personal loan deal?

• Our guide to personal loans explains everything you need to know to make the right decision and has a list of best-buy finance deals.
• Know how to boost your credit score to get the best personal loan deal.