Why is my quoted payment lower than this?

Quotes usually cover principal and interest only. Property tax and insurance are often collected with the payment but are not part of the loan.

What does a 1% higher rate cost in New Zealand?

At the 6% starting rate shown here, one extra percentage point adds roughly 10% to the monthly principal and interest, and far more over the full 30-year term. Raise the rate field and watch the total interest line.

Is the currency here the one I pay in?

This page is set to New Zealand and prints NZD. Switch country at the top of the form to change both the currency and the starting values.

HomeNew Zealand · NZD

Mortgage payment calculator for New Zealand

Principal, interest, tax and insurance in one monthly number.

Country & currency

Changing country switches the currency and resets the inputs to local starting values.

Your numbers

Home price

Down payment

Interest rate (APR)

Loan term

years

Property tax rate

Annual, as a share of home value.

Home insurance

$per year

Service charge

$per month

HOA, strata, body corporate or maintenance fees.

Total monthly payment

$4,279

$3,837 of that is principal and interest

Loan amount: $640,000; $160,000 down
Principal & interest: $3,837
Property tax: $233; per month
Insurance & fees: $208; per month
Total interest paid: $741,364; over 30 years
Cost of the loan: 116%; interest as a share of principal

Remaining balance

by year

Assumes a fixed rate for the whole term. New Zealand mortgages are typically fixed for one to five years and then reprice. Council rates are a flat annual charge, so the property-tax percentage is an approximation.

How to read the result

Lenders quote you principal and interest. Your bank account sees property tax, insurance and service charges as well, which is why the quoted payment and the real payment rarely match.

This calculator builds the full monthly figure and shows how much of the loan you hand over in interest across the whole term.

This page is set to New Zealand and prints NZD. Starts at $800,000 over 30 years at 6%. Every figure is a starting point you should overwrite with your own.

Worked example in NZD

Using the values the form starts with.

Total monthly payment

$4,279

Loan amount: $640,000
Principal & interest: $3,837
Property tax: $233
Insurance & fees: $208
Total interest paid: $741,364
Cost of the loan: 116%

Questions people ask

Why is my quoted payment lower than this?: Quotes usually cover principal and interest only. Property tax and insurance are often collected with the payment but are not part of the loan.
What does a 1% higher rate cost in New Zealand?: At the 6% starting rate shown here, one extra percentage point adds roughly 10% to the monthly principal and interest, and far more over the full 30-year term. Raise the rate field and watch the total interest line.
Is the currency here the one I pay in?: This page is set to New Zealand and prints NZD. Switch country at the top of the form to change both the currency and the starting values.

Mortgage payment in other countries

Same maths, local currency and local starting values.