This New Zealand mortgage calculator will help you find out the true cost of your mortgage per payback period. By taking into account compulsory additional costs such as mortgage insurance, property rates, and possible body corporate fees it will allow you to see how much the loan will cost per payback period. To use the mortgage calculator below simply enter the value that applies to your loan for the fields in the green box below and then press calculate.
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Whilst the standard rate for a mortgage is 30 years there are other options for shorter terms that will increase the amount paid per payback period during the duration of the mortgage but will lower the overall amount paid over the lifetime of the mortgage. Typically the 30-year mortgage will cost the least per payback period but the most over the lifetime of the loan due to the amount paid in interest as interest is a function of time due to the delayed payment of a debt.
An example of this is a mortgage value of $1,000,000.00 with an interest rate of 4.55% per annum recurred through the lifetime of the mortgage. Paying the mortgage back over 30 years will see total payments of $1,824,067.12, paying the mortgage back over 20 years will see total payments of $1,518,358.50 whilst paying the mortgage back over 10 years will see total payments of $1,243,660.91.
Talking to a mortgage broker will allow you to negotiate lower interest rates with the bank or lending provider which will help lower both the amount paid per payback period as well as over the lifetime of the mortgage.
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