Extra Repayment Calculator
See how extra payments, rate changes, or repayment pauses affect your mortgage.
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Paying fortnightly instead of monthly can save thousands — you make 26 half-payments a year (equivalent to 13 monthly payments) and chip away at the principal faster.
Interest saved
$117,720
Term shortened by 4 yrs 8 mos
| Base | With extras | |
|---|---|---|
| Repayment | $3,160 | $3,360 |
| Total interest | $637,722 | $520,003 |
| Total paid | $1,137,722 | $1,021,543 |
| Term | 30 yrs | 25 yrs |
Year 1
Principal $8,061Interest $32,263$491,939 left
Year 2
Principal $8,601Interest $31,723$483,337 left
Year 3
Principal $9,177Interest $31,147$474,160 left
Year 4
Principal $9,792Interest $30,532$464,368 left
Year 5
Principal $10,448Interest $29,876$453,920 left
Year 6
Principal $11,147Interest $29,177$442,773 left
Year 7
Principal $11,894Interest $28,430$430,879 left
Year 8
Principal $12,691Interest $27,633$418,188 left
Year 9
Principal $13,541Interest $26,784$404,647 left
Year 10
Principal $14,447Interest $25,877$390,200 left
Year 11
Principal $15,415Interest $24,909$374,785 left
Year 12
Principal $16,447Interest $23,877$358,338 left
Year 13
Principal $17,549Interest $22,775$340,789 left
Year 14
Principal $18,724Interest $21,600$322,065 left
Year 15
Principal $19,978Interest $20,346$302,087 left
Year 16
Principal $21,316Interest $19,008$280,771 left
Year 17
Principal $22,744Interest $17,580$258,027 left
Year 18
Principal $24,267Interest $16,057$233,760 left
Year 19
Principal $25,892Interest $14,432$207,868 left
Year 20
Principal $27,626Interest $12,698$180,242 left
Year 21
Principal $29,476Interest $10,848$150,766 left
Year 22
Principal $31,450Interest $8,874$119,316 left
Year 23
Principal $33,557Interest $6,768$85,759 left
Year 24
Principal $35,804Interest $4,520$49,955 left
Year 25
Principal $38,202Interest $2,122$11,754 left
Year 26
Principal $11,754Interest $147$0 left
Most NZ lenders allow extra repayments without penalty on fixed rates up to a certain cap (often $500–$1,000/year). Check your loan terms to avoid break fees.
How it works
Extra mortgage repayments reduce the principal faster, which means less interest accrues on the outstanding balance. Even small extra payments can save thousands of dollars in interest and shorten your loan term by years.
Source data