Fixed vs Floating Mortgage Calculator

This calculator compares a fixed mortgage rate against a floating rate on a New Zealand home loan, showing exactly what the flexibility of floating costs you in dollar terms. Enter your loan amount, the fixed rate on offer, the floating rate on offer, and your loan term in years, and the tool works out the standard table repayment at each rate. You get back the fixed repayment, the floating repayment, the extra amount you pay each month on the floating rate, and the extra interest that adds up to over a year. Floating rates run higher than fixed because you are paying for the ability to make extra repayments, change your repayment amount, or refinance at any time without a break fee, while fixing locks in a lower rate but commits you to it for the term. Use the calculator to see whether that flexibility is worth the extra cost for your situation, or to compare offers from different lenders before you fix. Many borrowers split their loan between fixed and floating to get some certainty and some flexibility rather than choosing one or the other outright. The figures are based on standard table loan repayments and do not capture the value of making lump-sum repayments or the cost of breaking a fixed rate early, so treat the result as an indicative comparison rather than a loan offer.

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Compares table repayments at each rate over the term. The flexibility of floating (extra repayments, no break fees) has real value not captured here. Many borrowers split the loan between fixed and floating. Estimate only, not a loan offer.