Mortgage Repayments Calculator.
See how much your home loan might cost.
Get a clearer picture of mortgage repayments.
So, how much will your mortgage repayments be? You just don’t know until you crunch the numbers. This NZ mortgage calculator will help you get a sharp estimate of how much your fortnightly or monthly repayments could be. It lets you enter your home loan amount, loan type and the interest rate you think you’ll be paying. Once you understand how much is involved, you can add the figures to your budget and see whether you can realistically afford to buy that new home. With so much to consider, perhaps talking to a financial adviser can help.
What information will I need?
To make the most of our mortgage repayments calculator, you will need to know:
- Mortgage (Loan) amount – how much you would like to borrow for your home?
- Mortgage Term – over how many years would you like to repay the mortgage?
- The interest rates – get a daily snapshot of mortgage rates from different lenders here.
- Mortgage type – do you want a fixed or floating rate. Learn more about mortgage types here.
- Payments type – do you want a principal and interest or interest only mortgage?
More helpful calculators.
need advice on how to pay off your mortgage faster?
Get a financial adviser on your side.
Are you playing with a mortgage repayment calculator to see how fast you can shrink your loan? It’s a worthy mission that’s often helped along with some advice about loan structure, fixed vs floating strategy and NZ interest rates. We can introduce you to an adviser who can help you become mortgage-free sooner.
Fine tune your repayments for long-term benefits.
It’s incredible the difference a few dollars extra a fortnight or month can make to the overall cost of a home loan. Use our calculator to work out how much less interest you’ll pay over the lifespan of your loan if you make simple changes to your spending habits.
Some people make a few budget tweaks to channel some extra money into their repayments. Barista coffee is just one example of everyday spending that could be used for a different purpose. Other examples include only buying home brands when you’re grocery shopping, drinking less wine and having shorter showers (to cut the power bill).
For more information on how to calculate your mortgage repayments, view our recent Mortgage Insight below.
Happy with the numbers?
What does a mortgage broker do?
Getting a mortgage is a big deal. Where do you go to find the best lender for your circumstances? What criteria will you have to
Your guide to getting a mortgage
The journey from scanning the real estate pages to signing up for a mortgage has many steps. We’ll walk you through the process, so there
Frequently asked questions.
It’s best to use an online mortgage repayments calculator, especially when your repayments include principal and interest.
You enter the amount you’re borrowing, the interest rate, how often you’ll make repayments (in this case monthly) and the loan’s term (such as 25 years).
If your lender will include mortgage repayment insurance premiums in your regular home loan repayments, add that in as well.
Online repayments calculators use a formula that’s very similar to the one lenders use. However, it’s quite complex. That’s because most home loans are designed to keep your regular repayments the same, until the interest rate changes of course. However, as you gradually repay what you owe (the principal), each repayment includes a little less interest and a little more principal than the previous one. This is where the complexity comes in. The formula ensures the loan will be repaid by the end of its term.
This will depend on the type of loan (interest-only or principal + interest), the interest rate, the repayment frequency (monthly, fortnightly or weekly) and how long you want to take to repay the loan in full (its term).
The best way to find out is to use an online mortgage repayments calculator (like the one on this page). In the meantime, here are a few examples:
- A $300,000 interest-only mortgage on a 7% interest rate will have repayments of $1,750 a month or $808 a fortnight
- A $300,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $2,121 a month or $979 a fortnight
- A $300,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $1,996 a month or $921 a fortnight
- A $300,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $1,799 a month or $830 a fortnight
Your repayments will be determined by the features of your loan. These include your interest rate, how often you make repayments, your loan’s term (how many years until it’s fully repaid), and whether it’s an interest-only or principal plus interest loan.
An online mortgage repayments calculator (like the one on this page) will give you a quick answer and let you experiment with the effects of different loan features. Here are some examples:
- A $400,000 interest-only mortgage on a 7% interest rate will have repayments of $2,334 a month or $1,077 a fortnight
- A $400,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $2,828 a month or $1,305 a fortnight
- A $400,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $2,662 a month or $1,228 a fortnight
- A $400,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $2,399 a month or $1,107 a fortnight
It’s best to use an online mortgage repayments calculator, especially when your repayments include principal and interest.
You enter the amount you’re borrowing, the interest rate, how often you’ll make repayments (in this case monthly) and the loan’s term (such as 25 years).
If your lender will include mortgage repayment insurance premiums in your regular home loan repayments, add that in as well.
Online repayments calculators use a formula that’s very similar to the one lenders use. However, it’s quite complex. That’s because most home loans are designed to keep your regular repayments the same, until the interest rate changes of course. However, as you gradually repay what you owe (the principal), each repayment includes a little less interest and a little more principal than the previous one. This is where the complexity comes in. The formula ensures the loan will be repaid by the end of its term.
This will depend on the type of loan (interest-only or principal + interest), the interest rate, the repayment frequency (monthly, fortnightly or weekly) and how long you want to take to repay the loan in full (its term).
The best way to find out is to use an online mortgage repayments calculator (like the one on this page). In the meantime, here are a few examples:
- A $300,000 interest-only mortgage on a 7% interest rate will have repayments of $1,750 a month or $808 a fortnight
- A $300,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $2,121 a month or $979 a fortnight
- A $300,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $1,996 a month or $921 a fortnight
- A $300,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $1,799 a month or $830 a fortnight
Your repayments will be determined by the features of your loan. These include your interest rate, how often you make repayments, your loan’s term (how many years until it’s fully repaid), and whether it’s an interest-only or principal plus interest loan.
An online mortgage repayments calculator (like the one on this page) will give you a quick answer and let you experiment with the effects of different loan features. Here are some examples:
- A $400,000 interest-only mortgage on a 7% interest rate will have repayments of $2,334 a month or $1,077 a fortnight
- A $400,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $2,828 a month or $1,305 a fortnight
- A $400,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $2,662 a month or $1,228 a fortnight
- A $400,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $2,399 a month or $1,107 a fortnight
Mortgage repayments are influenced by the amount you’re borrowing, the interest rate, your repayment frequency, how long it’ll take to repay the loan, and whether you’re repaying principal and interest or have an interest-only loan.
To see the repayments for a particular setup, you need to use an online mortgage repayments calculator (like the one on this page). Here are a few examples to give you some idea:
- A $500,000 interest-only mortgage on a 7% interest rate will have repayments of $2,917 a month or $1,347 a fortnight
- A $500,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $3,534 a month or $1,631 a fortnight
- A $500,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $3,327 a month or $1,535 a fortnight
- A $500,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $2,998 a month or $1,383 a fortnight
Using data from the Reserve Bank, a January 2023 article by Canstar reported that the average mortgage for all types of borrowers was $362,553 in November 2022. This was an 8% decrease on the previous year.
However, for first home buyers the average mortgage was $567,782 in November 2022. It had decreased by only 3% on the previous year.
Owner-occupiers who weren’t first home buyers had an average mortgage of $302,925, while the average for investors was $484,067. Both were down 10% on the previous year.
Another interesting trend was in the total lending for mortgages with a loan-to-value ratio LVR above 80%. It was up 1% on the previous year for first home buyers, and 5% for other owner-occupiers and investors. However, total lending for mortgages with an LVR of 80% or less was down 4% for first home buyers and 10% for both owner-occupiers and investors.
Mortgage repayments are influenced by the amount you’re borrowing, the interest rate, your repayment frequency, how long it’ll take to repay the loan, and whether you’re repaying principal and interest or have an interest-only loan.
To see the repayments for a particular setup, you need to use an online mortgage repayments calculator (like the one on this page). Here are a few examples to give you some idea:
- A $500,000 interest-only mortgage on a 7% interest rate will have repayments of $2,917 a month or $1,347 a fortnight
- A $500,000 principal + interest mortgage on a 7% interest rate with a 25-year term will have repayments of $3,534 a month or $1,631 a fortnight
- A $500,000 principal + interest mortgage on a 7% interest rate with a 30-year term will have repayments of $3,327 a month or $1,535 a fortnight
- A $500,000 principal + interest mortgage on a 6% interest rate with a 30-year term will have repayments of $2,998 a month or $1,383 a fortnight
Using data from the Reserve Bank, a January 2023 article by Canstar reported that the average mortgage for all types of borrowers was $362,553 in November 2022. This was an 8% decrease on the previous year.
However, for first home buyers the average mortgage was $567,782 in November 2022. It had decreased by only 3% on the previous year.
Owner-occupiers who weren’t first home buyers had an average mortgage of $302,925, while the average for investors was $484,067. Both were down 10% on the previous year.
Another interesting trend was in the total lending for mortgages with a loan-to-value ratio LVR above 80%. It was up 1% on the previous year for first home buyers, and 5% for other owner-occupiers and investors. However, total lending for mortgages with an LVR of 80% or less was down 4% for first home buyers and 10% for both owner-occupiers and investors.
