Search

Personal Loan Repayment Calculator

Updated 13 November 2023
​​​​​​​​
​​​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.
Your free Personal Loan Calculator, thanks to co-sponsorship from First Credit Union. 
  • We place a lot of weight on fees and fairness, and First Credit Union our favourite Credit Union in our 2021 Editor's Choice Awards.
  • We believe First Credit Union is ideal for consumers looking for a better deal on deposits and loans. All loans can be applied and activated online. Best of all, First Credit Union does not charge account fees for personal loans, making it highly beneficial to New Zealanders looking for help to get ahead.  
  • First Credit Union is ideal for consumers looking for no-fee personal loans, with $500 being the minimum balance.
  • We're fans of the fact that First Credit Union refuses to charge account fees - almost unheard of in the personal loans space.

Personal Loan Calculator

Personal Loan Amount
Loan Length
Interest Rate
Payments Per Year
Personal Loan Payment
-
Personal Loan Amount
-
Total Interest
-
Total Cost
-
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.

Video Explainer
MoneyHub Founder Christopher Walsh explains how to use a personal loan repayment calculator and must-know tips to lower your overall borrowing costs.

Warning - personal loans can create long-term debt that's hard to repay if you're financial situation changes for the worst. Please consider all options before accepting a personal loan offer, and always obtain multiple quotes from lenders to ensure you're fully comparing the market. Different lenders have different criteria, meaning the interest cost varies widely.
​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 First Credit Union, Harmoney 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. 
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?

Your free Personal Loan Calculator, thanks to co-sponsorship from First Credit Union. 
  • We place a lot of weight on fees and fairness, and First Credit Union our favourite Credit Union in our 2021 Editor's Choice Awards.
  • We believe First Credit Union is ideal for consumers looking for a better deal on deposits and loans. All loans can be applied and activated online. Best of all, First Credit Union does not charge account fees for personal loans, making it highly beneficial to New Zealanders looking for help to get ahead.  
  • First Credit Union is ideal for consumers looking for no-fee personal loans, with $500 being the minimum balance.
  • We're fans of the fact that First Credit Union refuses to charge account fees - almost unheard of in the personal loans space.
Popular Guides with the Best Offers
Calculators
Popular Comparisons and Reviews: