Free NZ mortgage tool
Put in your loan amount, interest rate and term to see what you’d pay each week, fortnight or month. Then add an extra amount and see how many years and how much interest it takes off the loan.
Last reviewed
Use the rate you’ve actually been offered if you have one. If you’re still looking, try two or three rates so you can see how much a change in rates moves your repayments.
Indicative only
Enter your loan details once — see what you'd pay, and what paying a little extra would do.
Drag to see how much time and interest you'd save.
What you'd pay
$947
per week · principal & interest
Pay it off faster
Add an extra amount on the left to see what you'd save.
7 years
off your loan term
Balance over time
These are estimates. Want your actual numbers, properly structured?
Book a free chatFigures are indicative only and assume a constant interest rate for the full term. Actual rates change, and lenders apply their own criteria. All lending is subject to lender assessment and approval criteria. This is not financial advice.
The calculator uses a standard table loan, which is how most NZ home loans are set up. Your repayment stays the same while the rate stays the same, and the split between interest and principal slowly shifts. In the early years most of each payment is interest. By the end most of it is paying down the loan.
Paying weekly or fortnightly instead of monthly makes a small difference on its own. The bigger lever is paying more than the minimum. Extra money early in the loan comes straight off the principal, so you pay less interest on everything after it.
One thing I always point out to clients: if your loan is fixed, most banks cap how much extra you can pay each year before break costs apply. Floating and revolving credit portions let you pay extra freely. That’s why the way the loan is split usually matters as much as the rate. I cover this in how to choose the best bank for your home loan.
$600,000 at 5.50% over 30 years
about $786 a week
That’s about $1,571 a fortnight. Over the full 30 years you’d repay about $1.23 million in total, so roughly $626,000 of that is interest.
Add $75 a week
about 5.7 years sooner
Paying $861 a week instead clears the same loan in about 24 years and saves around $137,000 in interest.
Add $150 a week
about 9.4 years sooner
An extra $150 a week saves around $222,000 in interest. These figures assume the rate stays at 5.50% the whole time, which it won’t, so treat them as a guide.
On its own it makes little difference to the total cost. What matters is the amount. Most people pick the frequency that lines up with their pay, so the money goes out the day it comes in.
On a floating or revolving credit loan you can usually pay extra whenever you like. On a fixed loan most banks allow a set amount of extra repayments each year, and paying more than that can trigger a break fee. Check your loan documents or ask your bank before you pay a lump sum.
Small differences come from rounding and the exact number of days in each period. Bigger differences usually mean the loan term, rate or loan type isn’t the same as what you entered.
No. It only covers principal and interest. Low equity margins, account fees and insurance premiums are extra, so your actual outgoings will be a little higher.
Repayments are only half the picture. Banks test your income, expenses and debts at a higher rate than you’ll actually pay. Try the borrowing calculator or read how much can I borrow in NZ.