Debt payoff calculator
Put in what you owe and what you pay. See the date you will be debt-free, what the debt really costs you, and how much a few extra dollars a week would save.
List them and we will tell you which one to clear first. Pay the minimum on all of them, and put every spare dollar on the one with the highest interest rate. When it is gone, move that money to the next one. This order costs you the least.
| Debt | Owed ($) | Rate (% a year) | Minimum a month ($) | Remove |
|---|
Source Financial Markets Authority, MSDChecked 6 November 2026Streetwise. Free, no sign-up.
Works out your debt month by month, with interest and fees, until it reaches zero. Nothing you type leaves your device.
Still not sure? MoneyTalks · FMA · Community Law.
Not sure where to start? Tell us what is going on and we will point you to the right tool.
Free help with debt
You do not have to sort debt out on your own, and you should never pay anyone to "fix" it. These are free or interest-free.
| Who | What they do | How to reach them |
|---|---|---|
| MoneyTalks | Free, confidential help line. They can talk it through and put you in touch with a free financial mentor near you, who can deal with lenders for you. | 0800 345 123, text 4029, or [email protected]. Weekdays 8am to 8pm, Saturday 9am to 4pm, Sunday 10am to 2pm |
| Good Loans (Good Shepherd) | No-interest, no-fee loans for people on low incomes: up to $15,000 to pay off high-cost debts, or up to $7,000 for a car, car repairs, essential household items, or services like dental care. Not for overdue bills, rent arrears or day-to-day costs. | 0800 466 370 or goodshepherd.org.nz |
| Ngā Tāngata Microfinance | Interest-free loans up to $5,000, including to pay off high-interest debt, with a financial mentor alongside you. | ngatangatamicrofinance.org.nz |
| Work and Income | If you are on a benefit, or on a low income, you may be able to get an interest-free advance for an essential cost instead of borrowing. | Read our guide to the advance payment of benefit |
Can't keep up with repayments?
If something you could not have seen coming, like an illness, an injury or losing your job, means you cannot make your repayments, the law lets you ask your lender to change your loan. This is called a hardship application. It works for personal loans, credit cards, car loans and mortgages.
- Ask early. You cannot apply once you are two months or more behind, or have missed four or more payments in a row.
- Say what would help. The lender can make the loan longer with smaller payments, give you a break from payments for a set time, or both.
- The lender has deadlines. They must reply in writing within five working days, and give you a decision within 20 working days. They cannot charge you to apply, and they cannot put your interest rate up.
- It can cost more overall. Smaller payments for longer usually means more interest in the end. Use the calculator above to see the difference.
A financial mentor from MoneyTalks can write the application with you, for free.
How the calculator works
It turns your repayment into a monthly amount (a weekly payment times 52, divided by 12), then goes month by month. Each month it adds one month of interest and any fee, takes off your repayment, and carries on until the balance reaches zero. It then adds up everything you paid.
Real lenders work out interest daily, and some charge it at different rates on different parts of a credit card balance, so your real figure will be a little different. It is close enough to compare choices and plan.
Why paying a little more saves so much
Interest is charged on what you still owe. Every extra dollar you pay comes straight off the balance, so it stops costing you interest every month after that. On a $5,000 loan at 14.95%, paying $60 a week clears it in about 1 year and 11 months and costs about $750 in interest. Paying $85 a week clears it 8 months sooner and saves about $240.
The more-than-one-debt planner
It pays the minimum on every debt, then puts the rest of your monthly amount on the debt with the highest interest rate. When a debt is paid off, its minimum moves to the next one. This is often called the avalanche method, and it costs the least interest. Some people prefer to clear the smallest debt first for a quick win, which is fine too: the most important thing is to stick to a plan.
Watch out for
- Minimum payments on credit cards. Paying only the minimum can take many years and cost more than you borrowed. Try it in the calculator with your card's minimum payment.
- Buy now, pay later late fees. There is no interest, but missed-payment fees add up fast. Put your fees in the "account fees" box to see the real cost.
- Loans to pay off loans. A new loan only helps if its interest rate and fees are lower. Check before you sign, and look at the interest-free options above first.
- Debt "fixers" who charge fees. Free help exists. You should not need to pay anyone to talk to your lenders.
Questions people ask
How long will it take to pay off my debt?
It depends on what you owe, the interest rate and what you pay. As an example, $5,000 at 14.95% a year, paying $60 a week, takes about 1 year and 11 months and costs around $750 in interest. Put your own numbers in the calculator above to see your date.
Which debt should I pay off first?
Keep paying the minimum on every debt, and put any extra money on the one with the highest interest rate. That order costs the least overall. Payday loans and store cards usually have the highest rates, so they normally come first.
What is the most a payday lender can charge in NZ?
A loan with an interest rate of 50% a year or more is a high-cost loan. The lender can charge no more than 0.8% interest a day, cannot charge interest on interest, and can never charge more in interest and fees than the amount you borrowed. So on a $500 loan, the most you can ever pay back is $1,000.
Can I ask my lender for lower repayments?
Yes. If something unexpected like illness, injury or losing your job means you cannot keep up, you can make a hardship application. The lender must give you a decision in writing within 20 working days, cannot charge you for applying and cannot raise your interest rate. Apply before you are two months behind.
Where can I get free help with debt in NZ?
Call MoneyTalks on 0800 345 123 or text 4029. They are free and confidential, and can link you with a free financial mentor. Good Shepherd's Good Loans offers no-interest loans of up to $15,000 to pay off high-cost debt for people on low incomes.
Is what I type saved anywhere?
No. The calculator runs inside your own browser. Nothing you type is sent to us or anyone else, and it is gone when you close the page.
More free NZ tools
Sources: FMA: hardship applications, FMA: interest charges fact sheet (high-cost loans), Commerce Commission: high-cost lending review, MSD: MoneyTalks, MSD: microfinance loans and problem debt. Checked 6 November 2026. General information only, not financial advice.