NZ Mortgage Loan Calculator
This calculator determines how quickly you can pay off your loan by giving you instant access to making extra repayments per weekly / fortnightly / monthly. You can be very flexible in repayment frequency so long as you pay what the bank required minimum amount. Click here to get an idea of the latest New Zealand mortgage rates.
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- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Amortization period
- The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 30 years.
- Mortgage payment
- Your principal and interest payment (PI) per period.
- Fortnightly payments
- Fortnightly payments are a bi-weekly payment option where payments are calculated by taking your normal monthly payment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Costs such as redraw fees, early repayment fees and other costs and charges which may be applicable are not included in the calculations but may influence the cost of the loan. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.