Work out the repayments on any New Zealand loan. Enter the loan amount, the annual interest rate, and the term, then choose how often you pay. The calculator shows your repayment per period, the total interest you will pay, and the full cost of the loan over its life. It works for personal loans, car finance, business loans, and any other fixed-rate, fixed-term loan.
Repayments are worked out with the standard amortisation formula. Each payment covers the interest charged that period plus a portion of the loan balance (the principal). Early on, more of each payment goes to interest. As the balance falls, more goes to principal. The formula is payment equals P times i times (1 plus i) to the power n, divided by ((1 plus i) to the power n minus 1), where P is the loan amount, i is the interest rate per period, and n is the total number of payments.
Aroha borrows $20,000 for a car at 12.95% per year over 5 years, paid monthly.
The monthly rate is 12.95% divided by 12, which is about 1.079%. Over 60 monthly payments, the repayment is about $454 per month. Total repaid is about $27,261, so the interest cost is about $7,261.
If Aroha shortened the term to 3 years, the monthly payment rises to about $673, but the total interest drops to about $4,233.
Paying fortnightly at half the monthly amount means you make the equivalent of one extra monthly payment each year, which shortens the loan and reduces total interest. Paying more often also reduces the balance sooner.
The repayment maths is identical. For a home loan with a deposit, equity, and property costs, use our Mortgage Calculator. For a quick repayment on any loan amount, this tool is the fastest.
If you've found a bug, or would like to contact us, or learn more about James Graham and Calculate.co.nz.
Calculate.co.nz is partnered with Interest.co.nz for New Zealand's highest quality calculators and financial analysis.
All calculators and tools are provided for educational and indicative purposes only and do not constitute financial advice.
Calculate.co.nz is proudly part of the Realtor.co.nz group, New Zealand's leading property transaction literacy platform, helping Kiwis understand the home buying and selling process from start to finish. Whether you're a first home buyer navigating your first property purchase, an investor evaluating your next acquisition, or a homeowner planning to sell, Realtor.co.nz provides clear, independent, and trustworthy guidance on every step of the New Zealand property transaction journey.
Calculate.co.nz is also partnered with Health Based Building and Premium Homes to promote informed choices that lead to better long-term outcomes for Kiwi households.
Calculate.co.nz is hosted in Auckland via SiteHost new Zealand.
All content on this website, including calculators, tools, source code, and design, is protected under the Copyright Act 1994 (New Zealand). No part of this site may be reproduced, copied, distributed, stored, or used in any form without prior written permission from the owner.
© 2019 to 2026 Calculate.co.nz. All rights reserved.