The Finance Algorithm

Loan Top-Up Calculator

Compare topping up your existing loan vs getting a new one for additional funds

Updated October 2026Built and checked by MaverickHow it's calculatedReport an error

Your numbers

Updates as you type
$
$12k

Amount remaining on your current loan

%
11%

Interest rate on your current loan

%

The rate your current lender quotes for the topped-up loan

24

How many months left on current loan

$
$8k

How much more do you need to borrow?

%
10%

Rate on a completely new loan

$
$0

Fee charged by your current lender for top-up

$
$200

Fees for setting up a new loan

4

How long for the new or topped-up loan

The button asks our AI to explain these figures in words.

Top-up vs separate new loan

Costs less

Separate new loan

lower total repaid

Difference

$1,406

in total repaid

Monthly difference

$250

while both loans run

Top-up balance

$20,000

existing balance + new amount + fee

What you'll pay each month

Top-up: one repayment on the combined balance. Separate loan: both repayments until the existing loan finishes.

$517Top-up (11%)$767New loan (10%)

Total repaid under each option

Principal, interest and the fees you entered. The option that costs less is highlighted.

$24,812Top-up (11%)$23,406New loan (10%)

Interest under each option

Leaving out principal and fees.

$4,812Top-up (11%)$3,206New loan (10%)
At these numbers
The separate loan costs less
A separate loan costs $1,406 less in total, with two repayments until the existing loan finishes. A top-up spreads your existing balance over the new term, so a longer term adds interest on that balance even at the same rate.

How it works

Need more money but already have a personal loan? You have two options: top up your existing loan or get a new one. This calculator compares both approaches to help you find the cheaper and simpler option.

  1. 1Enter your existing loan balance and rate
  2. 2Add months remaining on your current loan
  3. 3Specify how much additional funds you need
  4. 4Compare rates and fees for top-up vs new loan
  5. 5See which option saves you money

The figures today

As of 7 November 2026, the lowest personal loan rate is 5.80%, from Plenti Personal Loan, while the typical best across 68 institutions is 7.96%.

Personal loan rates

Worked examples

Small Top-Up

$12,000 owing at 11% with 24 months left. Topping up $5,000 at 11% over 3 years, or a separate $5,000 loan at 10% with a $200 fee.

Existing loan balance
$12,000
Existing loan rate
11%
Months remaining on existing loan
24
Additional amount needed
$5,000
Top-up rate
11%
New loan rate available
10%
Top-up fee (if any)
$0
New loan establishment fee
$200
Preferred new/combined term (years)
3

The top-up stretches all $17,000 over 3 years: $557 a month and $3,036 of interest. Keeping the old loan and taking a separate one costs $727 a month for now but $2,263 of interest - $573 less.

Larger Amount

$15,000 owing at 12% with 30 months left. Topping up $15,000 at 12% over 4 years with a $100 fee, or a separate loan at 9.5% with a $300 fee.

Existing loan balance
$15,000
Existing loan rate
12%
Months remaining on existing loan
30
Additional amount needed
$15,000
Top-up rate
12%
New loan rate available
9.5%
Top-up fee (if any)
$100
New loan establishment fee
$300
Preferred new/combined term (years)
4

The separate loan costs $5,587 of interest against $7,947 for the top-up - $2,160 less - though the two repayments total $966 a month against $793.

Questions people ask

Is it better to top up or get a new loan?
It depends on rates and fees. Top-up is simpler if rates are similar. A new loan is better if current market rates are significantly lower than your existing rate, or if your credit has improved and you qualify for better rates.
Can I have two personal loans at once?
Yes, you can. However, juggling two loans complicates your finances and may reduce your borrowing power for other purposes. Consolidating into one is usually cleaner.
What fees should I expect with a top-up?
Some lenders charge a fee to top up a loan, and you may need a new credit check. Check your loan's terms on additional borrowing.

The terms, in plain English

Loan Top-Up
Adding to your existing loan balance with the same lender, usually at the same or similar rate.
Refinance
Paying off your existing loan with a new loan, often from a different lender with better terms.
Break Cost
Fee charged for paying off a loan early - important to factor in when considering a new loan.

Official sources

Loan Comparison Calculator

Compare loan offers in detail

Personal Loan Calculator

Calculate repayments on either option

Debt Consolidation Calculator

Combine loans and other debts