How much house can I afford?

It comes down to two things: your deposit and the mortgage repayment you can comfortably manage. This calculator turns the repayment you can afford into a loan amount at a given rate and term, then adds your deposit to estimate the house price you can reach.

What deposit do I need in New Zealand?

Most banks want at least a 20% deposit, though some lending is available with less, often at a higher rate. A larger deposit reduces the loan, the repayments, and usually the interest rate offered.

What repayment can I afford?

A common guide is to keep housing costs under about a third of your take home pay, but the right figure is what fits your budget with room for rates, insurance, and rising interest. Banks also test your loan at a higher rate than the current one.

House Affordability Calculator

See the house price you could afford. Enter your deposit, the monthly repayment you can comfortably manage, and the interest rate and term, and the calculator works out the loan that repayment supports and adds your deposit. It is a quick reality check before you talk to a bank or broker.

Calculate.co.nz is proud to be partnered with realtor.co.nz, a trusted resource for navigating the New Zealand property market. Their Helpful Articles section offers clear, well-structured insights across buying, selling, and building, making complex real estate topics more accessible. With a focus on up-to-date guidance and practical knowledge, they empower Kiwis to move forward with clarity and confidence in a constantly evolving property landscape.

Deposit

Repayment you can afford (monthly)

Interest rate

Term (years)

house price you could afford

Maximum loan$0

Deposit as % of price0%

A guide only. Banks test your loan at a higher rate and assess your full income and outgoings.

How it works

The calculator reverses the mortgage formula. From the repayment you can afford, the rate, and the term, it finds the largest loan that repayment would service. Adding your deposit gives the house price you could reach. It also shows your deposit as a share of the price, which lenders look at as the loan to value ratio.

Worked example

With a $120,000 deposit and $3,000 a month at 6.5% over 30 years, the repayment supports a loan of about $475,000. Added to the deposit, that is a house price near $595,000, with the deposit about 20% of the price.

Related calculators

Borrowing Capacity Calculator: how much a bank may lend.
Mortgage Repayment Calculator: repayments on a loan.
House Deposit Savings Calculator: save your deposit.
First Home Buyer Calculator: first home costs.

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All calculators and tools are provided for educational and indicative purposes only and do not constitute financial advice.

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