Mortgage repayment calculator
How do you calculate mortgage repayments in New Zealand?
A New Zealand table loan charges interest on the balance each period and takes a level repayment covering interest plus some principal. The repayment depends on three things only: the amount borrowed, the interest rate, and the term. Enter those below to see the weekly, fortnightly or monthly figure and the total interest.
Use the rate you have been quoted. interest.co.nz publishes what every NZ bank is advertising today.
Anything above the required repayment comes straight off the principal.
Repayment per fortnight
$1,895.31
- Required repayment
- $1,895.31
- Total interest
- $828,342
- Total repaid
- $1,478,342
This is a general estimate, not financial advice.
Rates change weekly. interest.co.nz publishes what every New Zealand bank is advertising today, and Sorted is the government’s own calculator if you would like to check these numbers against a second source.
Common questions
- Is it better to pay a mortgage weekly or fortnightly in NZ?
- Paying fortnightly or weekly reduces interest slightly, because interest is calculated on a balance that comes down more often. The bigger effect is accidental: 26 fortnightly payments equal 13 monthly payments a year rather than 12, so you repay more per year without noticing. Set the frequency to match your pay cycle and compare the totals above.
- What is a table loan?
- The standard New Zealand home loan. Repayments are level for the whole term, and each one covers the interest accrued plus a slice of principal. Early on most of the payment is interest; late in the term most of it is principal. This calculator models a table loan.
- Does paying an extra $50 a week actually make a difference?
- Yes, and the effect compounds because every extra dollar reduces the balance all future interest is charged on. Enter an extra amount above to see the interest saved and the time cut off the term for your own numbers. Check whether your fixed loan caps extra repayments before committing.
- Can I make extra repayments on a fixed-rate mortgage?
- Usually only up to a limit. New Zealand banks commonly allow extra repayments of around 5% of the balance a year on a fixed loan, and charge a break cost beyond that. Floating and revolving credit portions have no such limit. Confirm your own loan's terms with your lender.