Emiro

Mortgage Calculator New Zealand

Calculate your NZ home loan repayments — monthly, fortnightly, or weekly. Check LVR, model extra repayments, and stress-test rate rises. Updated for 2025–26 NZ lending.

Your details

Fortnightly repayment
$1,760
≈ $3,814/mo equivalent
Total interest
$528,611
Total repaid
$1,128,611

You're ahead by:

$138,776 in interest

5 years off the loan

5.80% over 30 years · Property: $720,000

Balance over time

Watch how each repayment reduces your balance and shifts more money from interest to principal.

0y10y20y25y$1,128,611
Principal paidInterest paidRemaining balance

What if rates rise?

Your repayments at the current rate vs. a 1% and 2% rate rise.

At 5.80%
$1,760
fortnightly
+1% (6.80%)
$1,956
fortnightly
+$196 more
+2% (7.80%)
$2,160
fortnightly
+$399 more

Amortization schedule

Year-by-year (or month-by-month) balance, principal paid, and interest paid for the entire loan term. Download as PDF below.

25 years

YearPrincipalInterestBalance
1$11,278$34,489$588,722
2$11,951$33,816$576,771
3$12,664$33,103$564,108
4$13,419$32,348$550,689
5$14,219$31,547$536,469
6$15,067$30,699$521,402
7$15,966$29,801$505,436
8$16,919$28,848$488,517
9$17,928$27,839$470,590
10$18,997$26,770$451,593
11$20,130$25,637$431,463
12$21,331$24,436$410,132
13$22,603$23,164$387,529
14$23,951$21,815$363,578
15$25,380$20,387$338,198
16$26,894$18,873$311,304
17$28,498$17,269$282,806
18$30,198$15,569$252,609
19$31,999$13,768$220,610
20$33,907$11,859$186,702
21$35,930$9,837$150,773
22$38,073$7,694$112,700
23$40,344$5,423$72,356
24$42,750$3,017$29,606
25$29,606$604$0

Monthly view is approximated from yearly totals. Actual schedule depends on day-count and payment timing conventions used by your lender.

Splitting your mortgage — the smart Kiwi move

Unlike most countries, NZ borrowers commonly split their mortgage across multiple fixed terms — for example, one third on a 1-year fix, one third on a 2-year fix, and one third on a 3-year fix. This means only ⅓ of your loan rolls off at any given time, so a single bad year for rates can't blow up your whole repayment.

Many borrowers also keep a small floating-rate portion (perhaps 10–20% of the loan) for unlimited extra repayments without break costs.

Worked example

A typical Auckland buyer with a $700,000 mortgage on an $875,000 property (80% LVR) at a 5.8% 2-year fixed over 30 years:

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Frequently Asked Questions

What are the NZ LVR restrictions?▾
The Reserve Bank of New Zealand sets LVR (Loan-to-Value Ratio) speed limits. Owner-occupiers generally need a 20% deposit (80% LVR); some banks lend above that within a small high-LVR allowance. Investors need a 35% deposit (65% LVR) on most existing properties. New-build exemptions exist. First Home Loan and Kāinga Ora schemes can allow lower deposits for eligible buyers.
Why is fortnightly payment so popular in NZ?▾
Same reason as Australia — paying half your monthly amount every fortnight equals 26 half-payments = 13 monthly equivalents/year (vs 12 with monthly). On a $700,000 mortgage at 5.8% over 30 years, switching to fortnightly saves ~5 years and ~$160,000 in interest. Every major NZ bank (ANZ, ASB, BNZ, Westpac, Kiwibank) supports this.
Fixed or floating rate in NZ?▾
Most Kiwis split their mortgage across multiple fixed terms (e.g. 1, 2, and 3 years) so portions roll off at different times. This reduces the risk of being locked in at a peak rate. Pure floating gives total flexibility for extra repayments but is usually 0.5–1% higher than fixed. Floating is also useful for putting an offset or revolving credit account against the loan.
How does an offset account work in NZ?▾
An offset account is a savings account 'offset' against your mortgage — you only pay interest on the difference. If you have a $700k mortgage and $50k in your offset, you pay interest on $650k. ASB, ANZ, BNZ, and Kiwibank offer offset products. Useful if you have substantial savings and want to keep them liquid while reducing interest.
What is the First Home Loan scheme?▾
The First Home Loan (administered by Kāinga Ora) lets eligible first-time buyers borrow with just a 5% deposit, with the government underwriting the high-LVR portion. Income caps apply: $95,000 for a single buyer, $150,000 for two or more. The property must be your primary residence and under regional price caps.
Are there break costs if I refinance during a fixed term?▾
Yes. NZ break fees are based on the difference between the rate you locked in at and what the bank could now lend that money for, multiplied by the remaining term. They can range from a few hundred dollars to tens of thousands. Always ask your bank for an indicative break fee before refinancing.
Does this calculator include rates and insurance?▾
No — this is principal-and-interest only. Add your council rates (typically $2,500–$5,000/year) and home/contents insurance ($1,500–$3,000/year). Some lenders package an arrangement fee (~$250) which can also be added to the loan or paid upfront.