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Mortgage Calculator New Zealand 2026

Calculate your mortgage repayments with NZ monthly compounding, compare fixed vs floating rates, and see how extra payments can save you years of interest.

NZ mortgages use standard monthly compounding. RBNZ LVR restrictions: 80% max for owner-occupiers (20% deposit), 70% max for investors. Most borrowers fix for 1-5 year terms.
$
Total mortgage amount (after deposit)
%
Annual interest rate (monthly compounding)
Total repayment period — most NZ mortgages are 25-30 years
Weekly/fortnightly can reduce total interest slightly
—

Estimates only. Actual rates and approval depend on your lender. Not financial advice.

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How to Use This Calculator

Tab "Repayment"

Enter your loan amount, interest rate, and loan term. Choose your payment frequency (weekly, fortnightly, or monthly). The calculator uses standard NZ monthly compounding to show your repayment amount, total interest, and total cost.

Tab "Extra Payments"

See how additional repayments reduce your total interest and shorten your mortgage. Enter your loan details and the extra amount you can pay per period. The calculator shows interest saved, years saved, and your new payoff date.

Tab "Fixed vs Floating"

Compare fixed and floating interest rates over a 5-year period. Enter both rates and see which option costs less, including the break-even floating rate where both options are equal.

The Formula

Standard monthly compounding (NZ):
Monthly rate = annual_rate / 12

Monthly repayment (PMT formula):
M = P × r × (1 + r)^n / ((1 + r)^n − 1)
where P = principal (loan amount), r = monthly rate, n = total months

Weekly repayment:
W = M × 12 / 52

Fortnightly repayment:
F = M × 12 / 26

RBNZ LVR limits (March 2026):
Owner-occupier: max 80% LVR (20% deposit)
Investor: max 70% LVR (30% deposit)
First home buyer (DTI < 6): up to 90% LVR

Example

Sarah & James — First Home in Auckland, $600,000 Loan

Loan amount: $600,000. Interest rate: 6.0%. Term: 30 years. Monthly repayments.

Monthly repayment$3,597
Total interest (30 years)$695,000
Total cost$1,295,000
With $200/month extra$3,797/month
Interest saved with extra~$119,000
Years saved with extra~5 years

Frequently Asked Questions

New Zealand mortgages use standard monthly compounding — the annual interest rate is simply divided by 12 to get the monthly rate. This is the same as US mortgages but different from Canadian mortgages, which use semi-annual compounding (resulting in a slightly lower effective rate). At the same quoted rate, a NZ mortgage will have marginally higher repayments than a Canadian one.
Most NZ borrowers choose fixed rates for certainty. Fixed rates are usually lower than floating but lock you in — you may face break fees for early repayment. Floating rates offer flexibility for extra repayments but are typically 1-2% higher. Many borrowers split their loan: fixing most of it while keeping a floating portion for extra payments. Use the Fixed vs Floating tab to compare costs.
New Zealand does not have a general capital gains tax on property. However, the bright-line test applies: if you sell a residential property within 2 years of purchase, any gain is taxed as income. The family home is exempt. The bright-line period was reduced from 10 years to 2 years in July 2024.

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