What a home loan costs each week, fortnight or month, starting from today’s lowest advertised rate, with the interest over the whole loan and what paying a little more saves.
The rate is held for the whole term here, which no New Zealand loan is: fixed terms run out and are refixed at whatever rates are then. Interest is charged each repayment period. A guide, not a lending offer.
| Rate | Repayment, a fortnight | Interest over 30 years |
|---|---|---|
| At 6.00% | $1,659 | $694,408 |
| At 7.00% (+1) | $1,842 | $836,393 |
| At 8.00% (+2) | $2,031 | $984,251 |
| Year | Interest | Principal | Owing at year end |
|---|---|---|---|
| 1 | $35,790 | $7,357 | $592,643 |
| 2 | $35,336 | $7,811 | $584,832 |
| 3 | $34,853 | $8,294 | $576,538 |
| 4 | $34,341 | $8,806 | $567,732 |
| 5 | $33,797 | $9,350 | $558,382 |
| 6 | $33,220 | $9,927 | $548,454 |
| 7 | $32,606 | $10,541 | $537,914 |
| 8 | $31,955 | $11,192 | $526,722 |
| 9 | $31,264 | $11,883 | $514,839 |
| 10 | $30,530 | $12,617 | $502,223 |
| 11 | $29,751 | $13,396 | $488,827 |
| 12 | $28,924 | $14,223 | $474,603 |
| 13 | $28,045 | $15,102 | $459,501 |
| 14 | $27,112 | $16,035 | $443,467 |
| 15 | $26,122 | $17,025 | $426,442 |
| 16 | $25,070 | $18,076 | $408,365 |
| 17 | $23,954 | $19,193 | $389,172 |
| 18 | $22,769 | $20,378 | $368,794 |
| 19 | $21,510 | $21,637 | $347,157 |
| 20 | $20,174 | $22,973 | $324,184 |
| 21 | $18,755 | $24,392 | $299,792 |
| 22 | $17,248 | $25,899 | $273,893 |
| 23 | $15,649 | $27,498 | $246,394 |
| 24 | $13,950 | $29,197 | $217,198 |
| 25 | $12,147 | $31,000 | $186,198 |
| 26 | $10,232 | $32,915 | $153,283 |
| 27 | $8,199 | $34,948 | $118,335 |
| 28 | $6,041 | $37,106 | $81,229 |
| 29 | $3,749 | $39,398 | $41,831 |
| 30 | $1,316 | $41,831 | $0 |
A table mortgage is repaid in equal instalments. Each one pays the interest charged since the last and the rest comes off the balance, so early repayments are mostly interest and later ones mostly principal.
A little, because the balance falls sooner and less interest builds up between payments. The bigger difference comes from paying more: an extra amount each payment shortens the loan by years.
The lowest 1-year rate advertised by a New Zealand lender in today’s rates, with the lender and date shown under the field. Type your own rate to replace it.
Most New Zealand loans are fixed for one to five years and then refixed at whatever rates are then, so the rate changes over the life of the loan. Banks also round repayments and some charge fees. Use the rising-rates table to see what a higher rate would cost.
An indicative borrowing limit and a readiness check, from your own figures.
Your balance as a price, and homes at it in the suburb you pick.
What a median home costs against local incomes, town by town.
What your KiwiSaver could put toward a deposit.
The steps from saving a deposit to settlement day.
Buying with 5–20% deposit, and what it costs.
What it is, what to bring, and how long it lasts.
What extra repayments or a lump sum save.
A rough cost of breaking a fixed rate early.
Whether moving your mortgage pays, after every cost.
Every lender’s advertised rates, side by side.
Advisers and firms near you.