First Home Buyer First Year Cost Calculator

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.

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.