Know your numbers with a personal loan calculator

Personal Loan Calculator

Know your numbers with a personal loan calculator

Need some extra funds for a renovation project, an unexpected trip, or looking to take the juggling act out of your financial life with debt consolidation?

If you’re in the market for a personal loan, using an online calculator can help you work out different repayment scenarios.

Is a personal loan within your budget?
On a quest to discover your borrowing power? Would you rather choose weekly, fortnightly or monthly installments? And for how long?

Our personal loan calculators allow you to play around with different factors (loan amount, term and interest rates) to estimate what your repayments would be. It only takes a few minutes to run the numbers and see how they stack up to your budget.

That’s right – your budget. It’s not uncommon to be faced with unexpected costs or need a little extra money to accelerate your big plans. But it’s also essential to find a lending solution that you can handle comfortably - both in the short and in the long run, so that you don’t take on debt that puts ‘future-you” at risk.

That’s what our team at LoanSpot are passionate about: helping Kiwis review their options, and access funds they need on terms they can afford.

How to calculate the interest costs
As you’ll know, the longer the term of your loan, the more interest you will end up paying, so it’s a good idea to test a few scenarios.

Multiply the monthly repayment by the number of months in the loan term: that’s the total sum you will be charged. Then, to calculate your interest costs, subtract the original debt amount from that sum. Now, what happens if you reduce term of your loan? Could you afford those repayments? Would you pay less for your loan?


Try our personal loan calculator
While it’s a good idea to have some savings readily available for planned or unplanned events, life can be such that that’s not always possible. Before you jump into loan application mode, check out our handy calculator: it’s a good starting point that will give you some figures to think about.

And if you’ve decided that now’s the time to take control of the debt-juggling act, you’ll find our loan calculator a handy tool to begin crunching the numbers. If you’re unfamiliar with the term - debt consolidation means getting one loan to take over multiple personal loan and credit / store card debt - that means one interest rate and monthly regular repayment to commit to, rather than multiple repayments at different times and on different interest rates.

If you’d like to consolidate your debt into one loan: (1) find out how much you owe in total, (2) find out how much it would cost you to pay off your various loans or credit / store cards if you kept everything status quo - that is the total lending plus the cost of interest and fees, (3) then enter how much you owe into our calculator and how long you want to carry the debt for (remember, as short as possible is better). Run some scenarios; think about your affordability and goals and get in touch to talk through your options.

Time to run the numbers? 
Check out our calculator, run some scenarios, get familiar with your figures and don’t hesitate to get in touch if you’d like to talk through your options.

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure the content is correct, the information provided is subject to continuous change. Please use your discretion and seek independent guidance before making any decisions based on the information provided in this article.