Work out what a home loan would actually cost you each week, fortnight or month. Put in the purchase price and your deposit, and the calculator fills in today’s best one year fixed rate for you. Then drag the slider to see how much sooner you would be mortgage free if you paid a little extra.
Best 1-year fixed today: 4.99% with ANZ. Change it to whatever you have been quoted.
Most lenders let you pay extra on a floating or revolving portion. Drag to see what a little more each payment does.
The numbers are the easy part. Getting the right structure, the right lender and the right rate is where a few thousand dollars actually sits. That bit is free to talk about.
Talk to PatriciaA guide, not financial advice. This calculator uses one fixed rate for the whole term, which no New Zealand mortgage actually does. Rates change every time you refix. It ignores lender fees, low-equity margins, insurance and rates. Your lender's own figure will differ. Nothing here takes your situation into account, so please don't treat it as personalised advice.
The calculator does the arithmetic. What it cannot do is tell you what a lender will actually approve, which is a different question and usually the one that matters.
The rate box starts at the best one year fixed rate available today, taken from the same daily feed as the advertised special rates page. If a bank has quoted you something different, type that in instead. Bear in mind that advertised specials generally assume a 20% deposit, so with less you may be quoted a higher rate.
Drag the extra repayment slider and watch the term drop. Because interest is charged on what you still owe, money paid early saves far more than the same money paid later. Most lenders let you make extra payments on a floating or revolving portion without penalty, though fixed lending usually has limits.
This works out repayments on the loan itself. It does not include rates, insurance, body corporate fees, a low equity margin if your deposit is under 20%, or the legal and inspection costs of buying. A lender also runs its own affordability test at a higher rate than the one you are offered.
The useful next step is turning an estimate into a real number. That takes one conversation and it costs you nothing.
Every lender treats low deposits differently, and those rules change. I put your application where it has the best chance rather than wherever is quickest.
Paperwork, lender questions, conditions coming back. I handle the back and forth so you can get on with your life.
The lender pays me once your loan settles. That is the same whether you are buying with 5% or with 20%.
I work with first home buyers in Tauranga, Mount Maunganui, Pāpāmoa and across the Bay of Plenty, and with plenty of people who live nowhere near me. Most of this happens by phone, email and video call, so where you are does not change the advice or how easy it is to reach me. If you are local and would rather sit down together, that is easy to arrange.
The things people ask me after they have played with the numbers.
That depends on how much you borrow, the interest rate, the loan term and how often you pay. As a rough feel, every $100,000 borrowed over 30 years at around 5% costs in the region of $124 a week. Use the calculator above with your own numbers rather than relying on a rule of thumb, because the term and the rate both move it a long way.
The calculator starts with the best one year fixed rate available today. If a bank has quoted you a specific rate, use that instead. Remember that advertised special rates generally assume you have at least 20% equity, so with a smaller deposit you may be quoted a higher rate.
Yes, more than most people expect. Interest is charged on what you still owe, so money paid early removes interest for every remaining year of the loan. Drag the extra repayment slider and you will usually see a modest weekly amount take years off the term.
Usually only up to a limit. Most lenders allow extra payments on floating or revolving credit portions without penalty, while fixed lending often caps how much extra you can pay before a fee applies. That is one reason many people split their loan across both.
No. This calculates repayments on a loan amount you choose. What a lender will approve depends on your income, your debts, your deposit and its own affordability test, which is run at a higher rate than the one you are offered. Most owner occupiers are also limited to around six times their gross household income.
Rates, insurance, body corporate fees, maintenance, and the one off costs of buying such as legal fees, a builder’s report and a valuation. If your deposit is under 20% a low equity margin may also apply on top of the rate.
A longer term lowers each repayment but costs considerably more interest overall. A shorter term does the opposite. Many people take the longer term for safety and then pay extra when they can, which gives you the lower commitment and the faster payoff. Try both in the calculator and compare the total.
Nothing. My service is free to you, because the lender pays me once your loan settles. If that ever would not be the case, I would tell you before we started.
