Mortgage Payment Formula:
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Definition: This calculator estimates monthly mortgage payments for ANZ bank loans based on principal amount, interest rate, and loan term.
Purpose: It helps home buyers and property investors understand their potential mortgage repayments in NZD or AUD.
The calculator uses the standard mortgage formula:
Where:
Explanation: This formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.
Details: Accurate mortgage calculations help borrowers budget effectively, compare loan options, and understand long-term financial commitments.
Tips: Enter the loan amount in NZD/AUD, annual interest rate (%), and loan term in years. All values must be positive numbers.
Q1: Does this include ANZ's specific fees?
A: No, this calculates principal and interest only. ANZ's application fees, LMI, and other charges are not included.
Q2: How often is interest compounded?
A: ANZ typically compounds interest monthly for standard home loans.
Q3: What's the difference between NZD and AUD rates?
A: Interest rates may vary between ANZ New Zealand and ANZ Australia. Check current rates for your country.
Q4: Can I calculate fortnightly payments?
A: For fortnightly payments, divide the monthly amount by 2 (but you'll make 26 payments/year instead of 12).
Q5: How accurate is this calculator?
A: This provides estimates only. For exact figures, consult ANZ mortgage specialists with your specific circumstances.