NZ Mortgage Payoff
This helps you determine how much interest you can save by increasing your mortgage repayments. It also determines the number of years it will take you to pay off your mortgage and the dollar savings on your mortgage. Click here to get an idea of the latest New Zealand mortgage rates.
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Definitions
- Annual interest rate (APR)
- The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
- Mortgage length (years)
- Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years.
- Original mortgage amount
- The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Scheduled payment
- Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
- Accelerated payment
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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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.
