Have you found the house of your dreams? Where do you want to build your future home? It will now be necessary to think about the financing of your property. Indeed nowadays few people buy their homes without resorting to credit. But how to know the amount of your future monthly payments? Or how to choose the duration of your mortgage, and the one that will best meet your expectations and needs? The real estate mortgage simulator is there to help you find your way around and answer your questions thanks to these simulation tools.
The mortgage and its specificities
A mortgage is granted by a bank to finance your property, whether for a house, an apartment or a land. Different types of real estate loans exist, and you will be offered, depending on your project, or your situation.
In case you want to buy your property as your main residence, you can use the loans, that is to say, granted by the State, subject to fulfill the conditions of obtaining. The zero-rate loan, also known as PTZ +, is one of them. It allows a household of first-time buyers to help them access the property, in the case of a new property, or in some cases, an old property, under certain conditions.
Among the types of loans, the bank loan corresponds to the most common financing. All banks are able to offer them. There are several kinds :
- The depreciable loan: it is the most common loan in France. The monthly payments made by the borrower amortize the capital borrowed and repay the interest on the mortgage over time. The last term of the mortgage means that the loan is fully repaid.
- In fine loan: Unlike the depreciable loan, the capital is not repaid through monthly payments. It concerns borrowers who have available savings on which the financing will be backed. All borrowed capital will be repaid on the last due date.
- The bridge loan: The bridge loan is not depreciable. It concerns borrowers who already own property, which they wish to put on sale, and which will not be sold before the purchase of a new home.
Simulate your mortgage
Thanks to the simulator, you can not only compare different types of loans, but also calculate your future monthly payments. With a few clicks, you can quickly assess the amount of monthly payments that you will have to repay based on the amount borrowed and the duration of your mortgage. It is also important to know your borrowing capacity. The simulator will also allow you to estimate the maximum amount of property you can buy and thus determine the amount of your future loan.
Finally, an important point, which will also be calculated by the bank from which you will subscribe your mortgage: the calculation of your debt ratio. The simulator will calculate for you your debt ratio based on your current income and expenses. The maximum debt ratio is about 33% of your income.
The mortgage calculator also allows you to compare the various offers of home loans, which are numerous. Many criteria must be taken into account and you must know the different points that you must compare: the interest rate of the loan, the duration of the loan, the cost of insurance and especially the total cost of credit.
Interest rate is fixed or revisable
With a fixed rate, the borrower knows the interest rate from the beginning of his loan and therefore the amount of his monthly payment. It will be fixed for the duration of the loan. For the revisable rate, the monthly payment varies over time according to a benchmark. Many adjustable-rate loans have been revised to protect borrowers from rate increases that may apply.
The mortgage simulator can also calculate the savings you can make if you want to renegotiate your loan. Indeed, current rates are more advantageous than a few years ago. With the simulator, you can calculate the impact of renegotiation, and know if you can lower the cost of your credit, and reduce your monthly payments and the duration of your mortgage.
Among all the features of the mortgage simulator, you can also assess the notary fees you will have to pay. They depend on the type of good purchased and will always be your responsibility. Finally, you can view your amortization table, with details by month or by year of your repayments throughout the life of vote mortgage.