Mortgage Rate Change Calculator NZ
Compare your current mortgage rate with a new rate and see the repayment and long-term interest impact.
Extra per fortnight
$84Current repayment
$1,415per fortnight
New repayment
$1,499per fortnight
Assumes principal-and-interest repayments and the selected rate for the full remaining term. Actual fixed rates normally reset earlier.
Rate change versus refinancing
This calculator isolates the rate effect: the loan balance, repayment frequency and remaining term stay the same. That makes it useful when a fixed period is ending or a lender announces a rate change.
If you are changing lenders, extending the term, receiving cashback or paying legal and break costs, use the mortgage refinance calculator. For a full amortisation schedule, use the NZ mortgage calculator.
Frequently asked questions
How much does a 1% mortgage rate rise cost?
It depends on the remaining balance and term. Enter the old and new rate to calculate the repayment change for your own loan. A longer term lowers each payment but usually increases total interest.
Does an OCR change immediately change my mortgage payment?
Not necessarily. The Reserve Bank says the OCR influences mortgage rates, but a fixed-rate borrower normally keeps the contracted rate until the fixed term ends. Floating rates can change sooner.
Does this include bank fees or fixed-rate break costs?
No. It compares principal-and-interest repayments at two rates on the same balance and remaining term. Use the mortgage refinance calculator when switching lenders or including refinance costs.
Can I compare a rate decrease as well as an increase?
Yes. Enter a lower new rate and the tool reports the repayment saving and lower modeled total interest.
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