Loan summary
Total repaid$0
Total interest$0
Interest saved with extra payments$0
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⚠️ These figures are estimates only, calculated on the assumption that your interest rate remains constant for the full loan term. In reality, interest rates change at refix and your actual repayments will vary. This calculator does not constitute financial advice. For personalised mortgage advice, get in touch with Briana.
Minimum vs Extra Repayments — Side by Side
Making Extra Repayments on a Fixed Rate Mortgage
Did you know you can often make extra repayments — even on a fixed rate?
Many people assume that being on a fixed interest rate means they cannot make extra repayments — but this is not always the case. Most New Zealand lenders allow you to make additional regular repayments on top of your minimum payment, even during a fixed term, up to a certain annual threshold (often $500 to $1,000 per year without penalty, though this varies by lender and loan type).
Small extra payments can make a big difference over time
As you can see in this estimate, even a modest increase in your regular payments can significantly reduce the total interest you pay and shorten your loan term. The earlier you start making extra repayments, the greater the compounding benefit — because every dollar you pay down reduces the principal on which interest is calculated.
What about break fees?
Larger lump sum payments during a fixed term may incur break fees from your lender. The rules vary between lenders — which is exactly why it pays to speak with a mortgage adviser before making any changes to your repayment structure.
Want to know exactly what this looks like for you?
Get in touch with Briana for a free, no-obligation conversation — brianamortgageadviser.co.nz/get-in-touch
⚠️ Important — Please Read
These figures are estimates only, prepared for illustrative and planning purposes. They are based on the assumption that the interest rate shown remains constant for the entire loan term. In reality, most New Zealand mortgages are fixed for periods of 6 months to 5 years, after which the rate is refixed at prevailing market rates. Your actual repayments, total interest paid, and loan term will vary. These calculations do not account for: changes in interest rates at refix; lender-specific break fees for early repayment during a fixed term; changes to your personal financial circumstances; or loan structuring choices (e.g. split loans, revolving credit). This document does not constitute financial advice under the Financial Markets Conduct Act 2013. For personalised advice, please speak directly with Briana McDonagh, mortgage adviser at Guardian Smith Mortgages.