Gillies and Mark Real Estate, Wellington and Upper Hutt, New Zealand

Buying Your Home

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3		Work Out Finances

Now that you have a clear-cut idea of what you're looking for, it's time to work out how to finance your home. After all, buying a home is probably the single biggest investment you'll ever make in your life. This is why it's so important that you understand the cost of a mortgage. This chart will help you determine what your weekly mortgage repayments are likely to be:

Chart for Calculating Weekly Repayments for Table Mortgages

Interest Rate

Term Years

Per Annum

6.50%

4.52

2.62

2.00

1.71

1.55

7.00%

4.57

2.68

2.06

1.78

1.62

7.25%

4.60

2.71

2.08

1.82

1.66

7.50%

4.63

2.74

2.13

1.85

1.70

7.75%

4.66

2.77

2.16

1.88

1.73

8.00%

4.68

2.80

2.21

1.93

1.78

8.25%

4.71

2.83

2.24

1.97

1.82

8.50%

4.74

2.86

2.28

2.00

1.86

8.75%

4.77

2.90

2.31

2.04

1.90

9.00%

4.80

2.93

2.35

2.08

1.94

9.50%

4.85

2.99

2.42

2.16

2.02

10.00%

4.91

3.05

2.48

2.23

2.10

10.50%

4.97

3.12

2.55

2.31

2.18

11.00%

5.02

3.18

2.63

2.39

2.26

How To Use This Table

1. Find the figure for current market interest rates and term of your choice

2. Multiply amount of loan (taking off last three digits) by that figure to get weekly repayment

Example

$150,000 over 20 years at 8% interest

1. Figure from chart is 1.93

2. 150 x 1.93 = $289.50 per week

$ ______ by ______ = $ ________ per week

Amount of loan by figure from table = mortgage repayment per week