Debt Consolidation Calculator

  • Compare personal loan rates in 60 seconds
  • Quotes from multiple New Zealand lenders
  • No credit score impact

Calculate how much you’ll save with debt consolidation

For existing debt calculations, enter the following details about your existing debts into the calculator:

  • Outstanding debt amount
  • Interest rate of the debt
  • Repayment frequency
  • Click ‘Add’ to include another debt amount in the calculation.
  • Once you have added all the details about your existing debts, click ‘Calculate’

To compare the savings you’ll make on a new loan, enter the following details into the calculator:

  • Borrowing Amount - The amount of money you plan to borrow from a lender.
  • Interest Rate - The interest rate of the loan offer you want to calculate.
  • Loan Term - The length of time you want to repay the loan. You can adjust this to see how longer or shorter terms affect both regular repayment amounts and the total interest paid over the term of the loan.
  • Loan Fees  - If the loan offer includes any upfront fees such as an establishment fee, you can include the amount to separate it from your regular repayment calculations.

This debt consolidation calculator uses amortisation when calculating interest and repayment amounts.

Amortisation is a more accurate calculation of repayments across the lifetime of a loan as it accounts for interest charges relative to the remaining loan balance, instead of using a fixed interest amount for each repayment.

Help with debt consolidation

A debt consolidation loan should streamline your payments into one payment instead of several and provide an overall lower interest rate than the average of the existing rates combined. This way, you can repay your debt faster, and you’ll be charged less for doing so.

Be aware that any credit application for a debt consolidation loan will impact your credit score. However, if your application is approved for a better loan, debt consolidation is more likely to improve your credit score and borrower profile than lower it. 

From a lender perspective, you’re showing that you can manage and simplify your debts, and by acquiring a new loan at a lower rate (and with lower repayment amounts) it’s likely you’ll repay your outstanding debt sooner than if you’d kept your loans separate. 

If you’re not absolutely certain you’ll get approved for the loan, you may wish to consider repairing your credit score before applying to ensure you get approved at a decent rate. 

If you're experiencing financial hardship and struggling with debt, you may find speaking to a financial expert can help determine your next steps.

You can speak to an expert for free by calling the MoneyTalks helpline operated by FinCap on 0800 345 123.

MoneyTalks Helpline operates between 8 a.m. and 5 p.m. Monday to Friday, and between 10 a.m. and 2 p.m. on Saturdays.

See If You Qualify For A Debt Consolidation Loan

Check if you qualify

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