Mortgage Calculator

A mortgage is a massive financial commitment, so you need to know how much it’s going to cost – and we’re here to help. Our mortgage calculator lets you work out what your payments will be, whether you’re a first-time buyer, moving home, re-mortgaging or buying-to-let.

How much mortgage can you get?

A mortgage calculator can help you get a better idea of how much your mortgage would cost you in weekly, fortnightly or monthly repayments and over the whole mortgage term to see if it’s affordable.

You can use the calculator to work out the cost of a mortgage deal you’ve seen before applying and to help you get a better idea of what you need when you’re searching for mortgage deals and comparing costs.

How do you calculate your mortgage payments?

Your mortgage loan amount is called the principal

It will have an annual interest rate added to it – for example; your mortgage deal might have a yearly interest rate of 4.5%.

But that is 4.5% per year. 

The 4.5% interest is added to the first year and then again to the second year and every year of the mortgage. This is called compound interest. 

If the interest is fixed for a term, the repayments will be fixed during the term agreed. 

The amount you pay each week or month takes into account all these interest charges and the fact that, by paying each month, you will reduce the principal each week, month and year. 

The reduced sum borrowed means the annual interest rate will be applied to a smaller amount of outstanding mortgage. 

The LifeCovered mortgage calculator can help you get more of an idea of how much a mortgage will cost you in monthly repayments and total interest, and whether or not the mortgage repayments would still be affordable if interest rates rose.

We work with all the major banks

ASB Bank
ANZ Bank
Westpac Bank
TSB Bank
Liberty Financial
resimac home loans