First Home Buyer First Year Cost Calculator NZ

This calculator shows the true cost of your first year owning a home in New Zealand by adding the one-off costs of buying to a full year of the ongoing costs of owning, a figure that is far larger than most first home buyers expect. It is easy to think the hard part is over once the deposit and settlement costs are paid, but the first twelve months are the most expensive year of ownership you will have, because the upfront costs of getting in sit right alongside a complete year of running the home. The upfront side covers the one-off costs such as legal fees, the building inspection, the LIM and moving in. The ongoing side is a full year of mortgage payments, council rates, house and contents insurance and maintenance, all of which then continue every year afterwards. You enter your upfront one-off costs, your monthly mortgage payment, and your annual rates, insurance and maintenance, and the calculator shows your total first-year cost and the ongoing yearly cost from year two onward. Use it to set a realistic budget for that crucial first year and to check you can comfortably carry the home, not just buy it. Figures are estimates only and not financial advice.

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$54,200
total cost of your first year owning
Ongoing each year after$45,200
Mortgage for the year$38,400

Year one stacks one-off buying costs on a full year of running costs. Maintenance of about 1% of value a year is a useful guide. Estimate only, not advice.

How it works

The mortgage for the year is your monthly payment times 12. The ongoing yearly cost adds rates, insurance and maintenance to that annual mortgage. The first-year total adds your one-off upfront costs to the ongoing yearly cost, showing the full cost of the first twelve months before the one-off costs drop away.

Worked example

A 3,200 dollar monthly mortgage is 38,400 dollars a year. Adding 3,000 rates, 1,800 insurance and 2,000 maintenance gives an ongoing cost of 45,200 dollars. With 9,000 dollars of one-off upfront costs, the first year totals about 54,200 dollars.

Related calculators

Data sources: the rates and thresholds on this page are maintained against Kainga Ora. Figures are checked twice monthly.

Frequently asked questions

Why is the first year of owning so expensive?

The first year stacks the one-off costs of buying, such as legal fees, inspection and moving, on top of a full year of ongoing costs: mortgage payments, rates, insurance and maintenance. After year one the one-off costs fall away and the ongoing costs continue.

What ongoing costs come with a home?

The main ongoing costs are your mortgage payments, council rates, house and contents insurance, and maintenance. Body corporate levies apply to apartments and some townhouses. These continue every year you own the home.

How much should I budget for maintenance?

A common rule of thumb is around one percent of the home's value a year for maintenance, though older homes can cost more. Setting aside a regular amount avoids being caught out by a big repair.