New Zealand mortgage repayment calculator
Work out your repayments at today's average bank rates, then see what the same loan would have cost when rates were at their lowest and highest. The rates come from the Reserve Bank's survey of what New Zealand banks advertise.
Pre-filled with a 20% deposit on the national median house price ($745,000, Jun 2026). Replace it with your own loan.
Repayments: $1,629 a fortnight.
Borrowing $596,000 at 5.89% over 30 years, you'd repay $1,270,650 in total - $674,650 of it interest.
That's 39% of the median household's income before tax ($109,556 a year, to Jun 2025).
Every extra percentage point on the rate adds about $180 a fortnight.
The same loan at the 2-year fixed rate over time
- The Apr 2021 low (3.46%)$1,229 a fortnight
- The Oct 2023 peak (7.60%)$1,941 a fortnight
- Latest, Aug 2026 (5.89%)$1,629 a fortnight
What this loan would have cost, month by month
The repayment a fortnight on the loan above at each month's average 2-year fixed rate since Jan 2015.
A fixed rate only lasts for its term, so the rate you get is whatever banks are offering when you fix or refix. The same loan's repayments swing a long way with that rate, which is why the one rate in the calculator above is only a starting point for a 30-year loan.
At the Apr 2021 low of 3.46%, this loan would cost $1,229 a fortnight. At the Oct 2023 peak of 7.60%, it would cost $1,941 - $713 more, every fortnight.
For borrowers, lower and steadier rates are better. Rates follow the Reserve Bank's Official Cash Rate and the banks' own funding costs, so the Interest rates page is the place to watch where they're heading.
How this is worked out
- These are estimates for a standard table loan: equal repayments that cover the interest and pay the loan off over the term. Banks calculate interest daily and round differently, so your bank's figure can differ slightly. Fees aren't included.
- Paying weekly or fortnightly instead of monthly works out slightly cheaper over the loan, because the balance comes down a little sooner.
- The calculator assumes one rate for the whole loan. In practice a fixed rate lasts only for its term - two years for the rates here - and then you refix at whatever banks are offering.
- The rates are averages of what registered banks advertise, collected by the Reserve Bank. Your bank's actual offer may be different.
- This is a calculator, not financial advice.
Mortgage rates are the Reserve Bank's figures for rates advertised by registered banks. The median house price is from MCERT's property and sales statistics, and median household income (before tax) from Stats NZ. Nothing you enter is stored or sent anywhere - the calculation runs in your browser.
See the Interest rates page for the OCR and where rates might be heading.