Calculate your monthly payment, total loan cost and how much you will pay in interest over the term. Compare different scenarios before deciding.
Loan details
Annual amortization
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Illustrative calculator. The real payment may vary due to insurance, notary costs and other bank charges. Consult your financial institution.
The monthly payment is calculated with the French amortization formula: C = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P is the loan amount, r the monthly rate and n the number of payments. In this system the payment is fixed but the proportion between principal and interest changes — at first you pay more interest, at the end more principal.
The general rule is that the monthly payment should not exceed 30% of your net monthly income to avoid compromising your financial stability. Some banks allow up to 40%, but that leaves little margin for unexpected events.
Before taking out a mortgage, always compare the Total Financial Cost (TFC) or the real Annual Percentage Rate (APR) that includes all associated costs — not just the nominal rate.
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