Calculate your mortgage quickly and in a few steps

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One of the first steps you will have to do when you decide to buy a house is to calculate how much you can allocate per month to your monthly mortgage payment. You can do it with a mortgage simulator, simply searching for " calculate your mortgage " or, you can learn to calculate it to have a more precise result. In today's blog we will see how to calculate your mortgage in the simplest and fastest way.

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How is your mortgage payment calculated?
To make the calculation, different factors are taken into account that allow you to know your solvency in order to see what type of loan you could access.

Income
Income is a fundamental part for the bank, and one of the first Chinese Overseas America Number Data conditions is that you should not allocate more than 35% of your net salary to pay loans , whether mortgage or other types of credit. That is, if you were paying other loans, the bank would add it to this calculation and therefore the percentage that you could allocate to the mortgage would be lower.

This is a fundamental condition for banks, since they have to ensure your solvency and that you will be able to pay your monthly payment without problems. This means that even if you have a minimum salary but have a lot of savings, the bank will not take it into account when it comes to seeing if your income allows you to pay the mortgage.




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Calculate your mortgage: the savings
Although we have said before that savings do not mean that the bank will give you a mortgage if you have a minimum salary, they are essential to request the loan. That is to say, although it does not serve to prove that you could allocate part of the savings monthly to pay the loan, you will need it for expenses and above all to make the initial contribution.

The more money you have saved, the more you can contribute as an entry. The most common thing is that banks provide a maximum of 80% financing and you have to provide the rest from your income. But the more you can contribute, the less connection you will have with the bank.

We know that this would be something idyllic, but reality is not like that and having more than €50,000 saved is very complicated. For this reason, at Housfy Finance, we have reached high-level agreements with the main banks to obtain the best conditions for our clients up to 100% mortgage financing .

Guarantees for the bank
Before the 2008 crisis, banks provided mortgages very easily and even gave 110%. Currently this is impossible, the maximum is 100% and it is complicated without expert help.