The property
Rough numbers are fine — the defaults are typical NZ figures you can adjust.
Property value
Loan amount
Interest rate
Loan term
RUNNING COSTS / YEAR
Council rates
Insurance
Maintenance
A rule of thumb is ~1% of the property's value each year.
Body corporate
Apartments and some units only — leave at $0 for a standalone house.
WHAT IT REALLY COSTS
Per fortnight
$2,309
Per year
$60,023
The mortgage alone is $46,023/yr — running costs add $14,000/yr on top.
Yearly breakdown
Mortgage$46,023
Council rates$3,500
Insurance$2,500
Maintenance (1% of value)$8,000
Body corporate$0
Total per year$60,023
Over the life of the loan
Mortgage payments (30 yrs)$1,380,702
of which interest$740,702
Running costs (30 yrs)$420,000
Lifetime total$1,800,702