Mortgage repayments by loan size: $300,000 to $1,000,000

At the average advertised one-year fixed rate of 5.06% (as at 10 November 2026), each $100,000 borrowed over 30 years costs about $540 a month, or about $588 over 25 years. So a $500,000 loan is $2,702.48 a month over 30 years and a $1,000,000 loan $5,404.95. The tables below give weekly, fortnightly and monthly repayments for loans from $300,000 to $1,000,000, over 25 and 30 years, with total interest, plus monthly figures at the average two-year fixed (5.35%) and floating (6.31%) rates. Every figure comes from the same tested engine as our calculators, and links at the end take you to our other guides.

How to read these tables

All repayments are for a standard table loan (principal and interest, the same repayment every time; how mortgage repayments work explains the formula) and assume the rate stays the same for the whole term. In practice your rate will change each time you refix, so treat these as a snapshot at today’s rates, not a 30-year forecast.

• Weekly and fortnightly figures are true weekly and fortnightly repayments, each worked out as its own loan (yearly rate divided by 52 or 26). They are not the monthly figure divided by four or two. Our guides to fortnightly vs monthly repayments and weekly repayments explain the difference, and why paying half the monthly figure every fortnight saves money.
• Repayments are rounded up to the cent, so the loan is always repaid within its term. Banks do not publish their rounding rules, so your bank’s figure may differ by a few cents; see how banks calculate interest.
• Total interest is over the full term with monthly repayments.
• Rates are the average of each of the five largest banks’ lowest advertised rate for the term, as at 10 November 2026. Most fixed specials need at least 20% equity. See our mortgage rates page for each bank.

Repayments over 30 years at 5.06%

Average one-year fixed rate, 5.06%, as at 10 November 2026:

Over 30 years at this rate, total interest is close to the amount borrowed: you repay almost twice what you borrow.

Repayments over 25 years at 5.06%

Choosing 25 years instead of 30 adds about $48 a month per $100,000 at this rate, and cuts total interest by about a fifth. On $600,000, that is $285.58 more a month and $108,904 less interest. Our mortgage term length guide compares terms in detail.

Monthly repayments at 2-year fixed and floating rates

Monthly repayments at the average two-year fixed rate (5.35%) and the average floating rate (6.31%), as at 10 November 2026:

The gap between fixed and floating is large at these rates: on $600,000 over 30 years, floating costs $474.78 a month more than the one-year fixed average. That is one reason most borrowers fix most of their loan; see fixed vs floating, split loans and how to refix. The OCR and mortgage rates guide explains why fixed and floating rates move differently.

A quick rule of thumb

At 5.06%, each $10,000 borrowed costs about $54.05 a month over 30 years, or $58.81 a month over 25 years. Multiply by your loan in tens of thousands for a fast estimate: a $650,000 loan over 30 years is about 65 × $54.05, or roughly $3,513 a month (the exact figure is $3,513.22). For an exact figure, and to try other rates, terms and repayment frequencies, use our repayment calculator.

These tables answer “what will my repayments be?” for a given loan. If your question is how much you could borrow in the first place, our sister site homeloancalculator.co.nz covers borrowing power and deposits.

What sets your repayment

Four things decide the figures in these tables, and it helps to know how much each one matters:

• Loan size. Repayments scale in a straight line with the amount borrowed: double the loan, double the repayment. That is why the rule of thumb above works.
• Interest rate. On $500,000 over 30 years, the repayment is $2,702.48 a month at the one-year fixed average (5.06%), $2,792.07 at the two-year average (5.35%) and $3,098.13 at the floating average (6.31%), all as at 10 November 2026. Rates change at every refix, so the rate you start with is not the rate you will pay for 30 years.
• Term. A shorter term raises the repayment but cuts the interest sharply, as the 25-year table shows.
• Frequency. True weekly, fortnightly and monthly repayments cost almost the same per year. What changes the total is paying more, not paying more often.

Interest-only repayments are lower still for a time, because you repay none of the loan. On $500,000 at 5.06% that would be $2,108.33 a month, but the balance does not fall, and repayments jump when the interest-only period ends. Our interest-only calculator shows the full cost.

Half the monthly repayment each fortnight, by loan size

One of the simplest ways to cut the interest in the tables above is to pay half the monthly repayment every fortnight. Because there are 26 fortnights in a year, that adds up to 13 monthly repayments instead of 12. At 5.06% over 30 years, it clears every loan size in about 25 years 2 months:

The saving scales with the loan: roughly $17,500 of interest for every $100,000 borrowed, at this rate. The catch is that the true fortnightly repayment is what a bank sets up when you simply choose fortnightly (BNZ, for example, works fortnightly interest out on the 14 days), so you need to ask for, or set, the higher figure yourself. On a fixed rate, check it fits within your bank’s extra repayment allowance.

Ways to cut the cost

The interest columns above are what you pay if you stick to the minimum for the whole term at one rate. Most people can do better:

• Paying off your mortgage early compares the main strategies with figures.
• Extra repayments and lump sum repayments show what small regular extras and one-off payments save, and the fixed-rate limits.
• Offset mortgages and revolving credit let savings and income work against the loan.
• Interest-only loans lower repayments for a while, at a cost we quantify.
• Switching banks and break fees cover when moving lenders, or breaking a fixed rate, pays.
• If repayments become hard to meet, mortgage hardship explains your rights and where to get free help.

This is general information, not financial advice. Rates as at 10 November 2026.

Questions people ask

What are the repayments on a $500,000 mortgage in NZ?

At the average one-year fixed rate of 5.06% (as at 10 November 2026) over 30 years: $2,702.48 a month, $1,246.70 a fortnight or $623.22 a week. Over 25 years: $2,940.46 a month.

What are the repayments on a $1,000,000 mortgage?

At 5.06% over 30 years, $5,404.95 a month, $2,493.39 a fortnight or $1,246.44 a week, with $945,778 of interest over the term if the rate stayed the same.

Is the weekly repayment just the monthly divided by four?

No. A true weekly repayment is worked out as its own loan. On $500,000 at 5.06% over 30 years it is $623.22, while a quarter of the monthly repayment is $675.62. Paying the larger amount clears the loan years early.

How much does each $100,000 add to my repayments?

At 5.06% over 30 years, about $540 a month. Over 25 years, about $588 a month. At the average floating rate of 6.31% over 30 years, about $620 a month.