Mortgage Snapshot
Warning: an online mortgage calculator will never be as accurate as a complete application review.
When building it we gathered information from the five major banks in New Zealand and compiled it. The results are not specific to one bank or lender but represent a holistic market estimate.
Our free calculator takes just 90 seconds to complete online – find your answers here by using the mortgage snapshot.
Scroll down to find links to calculators for borrowing power from each bank.
Repayment Calculator
Use the mortgage calculator to instantly calculate your mortgage payments.
When banks calculate what you can afford to borrow which is known as your borrowing power, they use additional criteria and an alternative interest rate known as a ‘test interest rate’. To discover your borrowing power and more use the mortgage snapshot.
Instructions:
- Loan Amount: Loan you are considering getting. the house purchase price less your deposit.
- Rate: Your expected interest rate. To find out roughly what rate you could get, book a 10-minute call with an advisor.
- Term: Number of years you want your mortgage to be paid off over.
- Loan Type: Principal & Interest loans are structured so you pay the interest and the total mortgage down, interest-only loans you are paying interest only so your mortgage balance remains static.
- Payment Frequency: We suggest paying your mortgage fortnightly.
Free Calculator
Instructions:
- Loan Amount: Your current (or potential) mortgage balance.
- Loan Term: Number of years you have remaining on your mortgage (not your fixed term interest rate, but your actual mortgage).
- Interest Rate: Your current interest rate – or the average rate you expect to pay over the future.
- Payment Frequency: Your repayment frequency.
- Extra Contribution Per Payment: How much extra you could afford to pay on your repayments.
- Watch the graph change and see: How much interest you can save and how many years earlier you can get mortgage-free.
