Mortgage Calculator NZ
Enter the property price, your deposit, the interest rate and the term: you'll see the monthly repayment, the total interest and the cash you need to settle. Open «More options» to test extra repayments.
More options
General values (New Zealand). They don't account for regional rules or other costs that may apply. Check them with your lender or advisor.
Rate discounts for bank products
Enter the rate above with every discount applied. Here, each product the bank asks for: how much it lowers the rate and what it costs a year. The discount is assumed to last the whole term.
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Count as cost what you pay extra for having it with the bank: if the same insurance costs $150 elsewhere and the bank's costs $250, that's $100. If the premium rises over the years, as life insurance does, enter the average.
Enter the price, deposit, interest rate and term.
The repayment is principal plus interest: it doesn't include insurance, fees or council rates.
Yearly repayment schedule
Enter the price, deposit, interest rate and term.
Results are estimates. Solvemis accepts no responsibility for the results obtained or for how they are used. Always double-check the result and talk to a qualified professional before making decisions.
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How it works
How to use it
- Enter the property price and your deposit.
- Add the annual interest rate and the term in years.
- Open «More options» to change the repayment type or buying costs, or to add an extra repayment.
- Check the monthly repayment, the total interest, the cash needed to settle and the yearly schedule.
How it is calculated
The monthly rate is the annual rate divided by 12, and the loan is simulated month by month, like a bank's repayment schedule. If the rate changes after some years, the payment is recalculated in the year it changes, on the outstanding balance and the months left. Extra repayments are applied at the end of the chosen year. The income needed is the loan divided by 6, the Reserve Bank's debt-to-income threshold. Buying costs and loan-to-value ratio are general values for New Zealand that you can change. With rate discounts, the rate you enter is the one you pay with every product; without each one, the rate goes up by its discount (also after a rate change) and the extra interest is compared with its cost over the years the mortgage lasts.
Repayment = L · i / (1 − (1 + i)^−n) · L = loan, i = annual rate ÷ 12, n = months
Sources
- RBNZ Debt-to-Income restrictions activated — Bell Gully
- Loan-to-Value Ratio (LVR) Restrictions in New Zealand — Opes Partners
About this calculator
Fixed repayment or fixed principal
With standard table repayments the monthly amount stays the same, but in the early years most of it is interest, so the balance falls slowly. With fixed principal, you repay the same part of the loan each month: the first repayment is higher, then it falls, and you pay less interest overall. The chart shows each year’s interest in blue.
Extra repayments: shorter term or lower repayment
When you repay extra, you choose what goes down. Shortening the term keeps the repayment and pays the mortgage off sooner, which usually saves the most interest. Lowering the repayment keeps the term. Many fixed-rate loans limit how much you can repay early without a break fee; check your loan.
What the values for New Zealand don’t cover
Since July 2024, banks can lend to owner-occupiers at 6 times gross income or more only for a limited share of their lending, and most owner-occupiers need a 20% deposit, although banks can lend a share of their loans with less. Most New Zealand mortgages are fixed for one to five years at a time: to see the payment after a fixed period, choose «Changes after some years» in «More options». There is no stamp duty: buying costs are mainly legal fees, a building report and valuation. The 1% is a general value: check it with your bank or adviser.
Frequently asked questions
What does the monthly repayment include?
Only principal and interest. Home insurance, council rates and any low-equity fees come on top.
Should an extra repayment shorten the term or lower the repayment?
Shortening the term usually saves more interest, because the loan ends sooner. Lowering the repayment frees up money each month. The calculator shows both with your numbers.
How much income do I need?
The calculator applies the Reserve Bank's debt-to-income rule: for owner-occupiers, banks can lend 6 times gross annual income or more only to a limited share of borrowers. It shows the gross income at which your loan is 6 times income.
Is it worth taking the bank's products to get a lower rate?
It depends on what they cost. Under «Rate discounts for bank products», in «More options», enter the discounted rate (with every product) as the interest rate and, for each product, such as insurance, a card or having your salary paid into the account, how much it lowers the rate and what it costs a year. You'll see how much interest each one saves and whether it's worth it; if you don't know the cost, how much it could cost a year and still pay off. Count as cost only what you pay extra for having it with the bank: if the same insurance is cheaper elsewhere, the difference.
Updated 20 October 2026
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