Mortgage Calculator

A mortgage is a long-term loan provided by a bank or financial institution for the purchase of property, usually a real estate asset such as an apartment or a house. The borrower (the customer) makes monthly payments that include the repayment of the loan itself, plus interest. The process of obtaining a mortgage involves agreeing on the loan amount, the repayment period (the number of years for repayment), and the interest rate.

What affects the amount of the monthly payment?

The monthly payment amount is influenced by several key factors:

1. Loan amount: This is the amount of the loan you take on. The higher the loan amount, the higher the monthly payment will be.
2. Repayment period: The number of years over which the mortgage is spread. A longer repayment period results in lower monthly payments but leads to paying more interest over time.
3. Interest rate: This is the annual percentage of interest added to the loan amount. The higher the interest rate, the more you will pay each month.

How to use the calculator?

Our mortgage calculator allows you to enter your personal data and quickly calculate the monthly payment:

1. Loan amount: In this field, enter the amount you plan to take as a mortgage. You can move the slider or type the amount directly.
2. Repayment period: Here, enter the number of years over which you want to repay the mortgage. The longer the repayment period, the lower the monthly payment will be, but you will pay more interest over time.
3. Interest rate: Enter the annual interest rate you will receive from the bank.

Advantages of using a mortgage calculator

• Speed and accuracy: No need for complicated formulas or manual calculations. Our calculator instantly provides the monthly payment amount.
• Flexibility in data entry: You can adjust the loan amount and repayment period to see how they affect the monthly payment.
• Saves time and effort: You can explore your mortgage options and come prepared when meeting with the bank or any financial institution.

Tips for managing a mortgage

1. Choose a repayment period that fits your budget: Ensure that the monthly payment does not strain your family’s budget.
2. Pay attention to the interest rate: If interest rates change in the market, refinancing your mortgage might be worth considering.
3. Reevaluate over time: It is always advisable to review your mortgage after a few years to see if better terms are available.
4. The calculator is a helpful tool only: It provides a general estimate of the monthly mortgage payment and is not a substitute for professional financial or legal advice. Actual loan terms may vary.
5. Interest rates may change: The calculation is based on the interest rate you enter, but actual rates can fluctuate according to market conditions and prime rates.
6. Personal responsibility: Users should ensure the accuracy of the data they enter into the calculator and its relevance to their situation.
7. Displayed monthly payment may vary: The estimated monthly payment may change due to input data, market conditions, and bank terms. Additional expenses, such as insurance and fees, may also affect the final amount.
8. Consult with experts: Before making decisions regarding your mortgage, it is recommended to consult a qualified financial advisor or mortgage consultant for advice tailored to your needs and situation.