Crunching the numbers to make it work.
Why use a mortgage calculator?
Even if you’re a finance whizz, using a mortgage calculator saves time and ensures a higher degree of accuracy.
Mortgage calculators help you to understand how much a mortgage really costs, including total interest paid over the loan’s term. You can use them to calculate repayment amounts, which can be applied to your budget. And you can also use them to experiment with numbers by varying loan amounts, interest rates and loan terms. It’s always enlightening to try out ‘what if’ scenarios by increasing repayment amounts or reducing terms.
What could impact my repayments?
If you’re thinking about having all or some of your mortgage on a floating interest rate, your repayments will be affected by ups and downs in the OCR (official cash rate).
A mortgage calculator can let you see how these interest rate moves could impact your repayments.
It’s always good to be prepared for worst-case scenarios, like a significant interest rate hike that pushes your repayments up. You can also see what happens with a best-case scenario, where rates drop, causing a reduction in repayments.
Check out the latest mortgage rates.
Are you on the best mortgage rate? See a daily snapshot of the advertised rate from many of New Zealand’s top lenders. The rates have been grouped into different lender types. You can also sort the entire list of options by rate.
Buying your first home.
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Buying your first home has become more and more challenging, particularly for Kiwis who may not have the option of significant financial support from family.
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