Mortgage calculator

Thinking of buying a home?
Use our simple mortgage calculator to help work out your costs.

This calculator is intended as a guide/illustration only. All amounts entered by you are assumed not to vary and are valid only at the time of entry. Calculations are based on a table repayments term loan. Actual loan repayment amounts may vary slightly due to rounding. Calculations are based on the interest rate selected being constant for the entire term of the loan.

Your bank deposit

The bank deposit is the initial money you’ll need if you borrow money from a bank or other lender to purchase a property. Most lenders require first home buyers to have a deposit of at least 20% of the amount you are borrowing. 

Read more about saving a bank deposit here.

Conditional pre-approval

It’s a good idea to have conditional pre-approved finance arranged with your chosen lender before you start looking at property to buy. Conditional pre-approval lets you know the price range you can buy in. 

Read more about conditional pre-approval here.

Your mortgage

A mortgage (or “home loan”) is money borrowed from a bank or other lender to buy a property. The home loan is secured by that property.

A mortgage can help you buy a home sooner than if you were to save for the full price. In return, you pay the bank or lender interest on the amount of money you have borrowed over the period of the mortgage. A mortgage agreement can take years or even decades to pay off. To work out your potential costs when taking out a mortgage, use the mortgage calculator above.

Read more about mortgages here.

Government help to buy your first home

You may be able to get government help to buy your first home if you're a KiwiSaver member, purchasing in certain areas, want to buy a house owned by Housing New Zealand or are Māori and want to live on your ancestral land.

Read more about government help for home buyers here.

Getting help from friends and family

If you have family who would like to assist you to buy your first home, this can be helpful if you’re able to meet the repayments on a home loan, but don’t have the bank deposit. 

Read more about getting help from friends and family to buy a home here.