Mortgage repayment calculator
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.
Mortgage repayment calculator
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.
If rates rise
| 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-by-year balance
| 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 |
Questions
How are mortgage repayments worked out?
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.
Is paying fortnightly cheaper than monthly?
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.
Which rate does the calculator start with?
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.
Why will my real repayments differ?
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.
More home loan tools
How much can I borrow?
An indicative borrowing limit and a readiness check, from your own figures.
Pay off your mortgage faster
What extra repayments or a lump sum save.
Break fee calculator
A rough cost of breaking a fixed rate early.
Switching banks
Whether moving your mortgage pays, after every cost.
Buying your first home
The steps from saving a deposit to settlement day.
What could your KiwiSaver buy?
Your balance as a price, and homes at it in the suburb you pick.
KiwiSaver first-home withdrawal
What your KiwiSaver could put toward a deposit.
First Home Loan and low deposits
Buying with 5–20% deposit, and what it costs.
Mortgage pre-approval
What it is, what to bring, and how long it lasts.
Today’s mortgage rates
Every lender’s advertised rates, side by side.
Home loan affordability by town
What a median home costs against local incomes, town by town.
Find a mortgage adviser
Advisers and firms near you.