The difference between a mortgage and a standard loan, besides the loan amount, is the collateral. Lenders base your eligibility on your credit score, current debts, money saved, and the home's value. What is a mortgage?Ī mortgage is a loan you take out to buy a home. Use our mortgage calculator to see that big picture so you know what you're getting into since a mortgage is a long-term commitment, sometimes as long as 30 years. You can talk to lenders and understand the numbers they throw at you and know what you're comfortable paying each month.īuying a home and taking out a mortgage isn't just about the interest rate – it's about the big picture. It puts you well ahead of the competition. Knowing what you can afford is the first step in buying a home. With our home loan calculator, you can play around with the numbers including the loan amount, down payment, and interest rate to see how different factors affect your payment.

Buying a house is the largest investment of your lifetime, and preparation is key. Other types of mortgage loans include development loans and construction loans.Use our mortgage calculator to help you estimate your monthly payments and what you can afford. Alternatively, you might take out a loan to renovate an existing property or to purchase an investment property. The most common type of mortgage loan is a ‘purchaser’ mortgage where you borrow to purchase a house or other property. If you have the capital available to invest in property then you may be able to get a lower interest rate on your loan than is available to someone taking out a mortgage simply in order to buy their home. For example, you may have the choice of taking out a mortgage loan for investment purposes. However, it also exposes you to the risk of higher monthly payments if the interest rates increase significantly during the term of the loan.ĭifferent types of mortgages are available to consumers in the Netherlands. This can give you more flexibility in making regular repayments to suit your budget. With a variable-rate mortgage, the interest rate can fluctuate over time depending on the prevailing market conditions. This means that your monthly payments will remain the same throughout the term of the loan, even if interest rates go up.

A fixed-rate mortgage means that the interest rate on your loan will stay the same throughout the life of the loan. However, some lenders offer ‘open’ loans where you can pay off part or all of your mortgage at any time without having to pay a penalty. In the Netherlands, most mortgage loans are ‘closed’ loans where you make repayments to your lender every month to cover both the interest and the principal of your loan. The remaining amount will need to be repaid at the end of the term. For interest-only mortgages, your monthly payment will only cover the cost of the interest on the loan each month. The interest rates for these loans are fixed for the duration of the loan, but may rise or fall during the life of the loan. Mortgage loans in the Netherlands are typically for a fixed term of between 10 and 30 years. The total cost of your loan would also be €16,311 including legal fees and insurance costs. Your total payments over the life of the loan would be €334,636. Your monthly mortgage payment would be €1,454 per month. Finally, the calculator shows you how much you’ll have to pay in additional fees and charges over the life of your loan.Įxample: Let’s say you want to purchase a home for €300,000 with a down payment of €50,000 and a 20-year fixed-rate mortgage with an interest rate of 2%. It also gives you a breakdown of the total cost of your mortgage based on your monthly principal and interest payments. From there, the mortgage calculator will automatically calculate the amount of your monthly mortgage payments. These include your purchase price, desired interest rate, loan period in years and repayment frequency per year. This mortgage calculator can help you calculate both.įirst, you’ll need to input a few key details about your property.

If you’re considering a mortgage in the Netherlands, it’s important to know how much money you’ll need down payment and what your borrowing capacity is.

House mortgage calculator down payment