Bourgeois Fincas Mortgage Simulator
Calculate the mortgage payment for the purchase of your new home with Bourgeois Fincas. This simulator allows you to calculate your mortgage payments quickly and easily, giving you the information you need to make an informed decision about purchasing your new home.
Calculate your mortgage payment
Mortgage simulator, how does it work?
The Bourgeois Fincas mortgage simulator is a tool that allows you to calculate your mortgage payment. We explain how it works in three easy steps:
1. Initial information
Enter all relevant information in the appropriate boxes. Once the information has been collected, the simulator will take this data and generate a summary of the operation and a comparison between the total cost of housing and the total cost of the mortgage.
2. Loan evolution and amortization table
The simulator provides a graph to check the evolution of the loan and an amortization table that shows how your monthly payments will be distributed over the term of the loan. You can experiment with extraordinary contributions or grace periods if you wish.
3. Make an informed decision
Once you understand the costs and financial commitments involved in a home mortgage, you can plan, make an informed decision, and choose the mortgage that best suits your financial and personal needs. The specialists of Bourgeois Fincas will accompany you throughout the mortgage application and closing process so you can make a wise investment.
Requirements to apply for a mortgage
Before applying for a mortgage, it is essential to evaluate your financial situation carefully. Banks consider several factors before granting a mortgage loan. Generally, mortgages cover up to a maximum of 80% of the cost of housing, which means that you must have 20% savings to cover related expenses.
Furthermore, the sum of the mortgage payment and other debts shouldn’t exceed 35% of your monthly income. Personal aspects such as your job stability, marital status, and whether you have other outstanding debts or assets are also analyzed.
The bank will carry out a thorough evaluation to ensure that you meet these requirements and that you will be able to meet the monthly payments. Otherwise, they may ask you for a guarantee. However, if you want to obtain a mortgage without collateral, you can do so by requesting an amount less than 80% of the value of the home you want to purchase.
What documentation is necessary to request a mortgage?
To apply for a mortgage, the following documentation is generally required:
- National ID card or NIE: Valid personal identification document or foreigner identification number of each of the holders.
- Proof of income: They may include payrolls, income tax returns, self-employed income reports, among others.
- Information about other loans or debts.
- Account movements in the last 3–6 months.
- Housing information: Documentation related to the property, such as the deed of the home and cadastral data.
- Bank references: Information about your bank accounts and your relationship with other financial institutions.
How much does it cost to change a mortgage from one bank to another?
Some common costs associated with mortgage subrogation include:
- Opening commission: The new bank may charge a commission for opening the new mortgage.
- Cancellation fee: The original bank may charge a fee for paying off the mortgage early.
- Notary and registration fees: The costs of writing and registering the new mortgage.
What mortgage can I afford?
- Calculate your monthly and annual income. Generally, the monthly mortgage payment it should not exceed 35% of your net monthly income.
- Evaluate your current debts, such as personal loans or credit cards. Your total debts should not exceed 42% of your net monthly income.
- The larger your down payment, the smaller the mortgage loan amount needed. A larger down payment can also result in more favorable interest rates.
- Remember that you must have saved 20% of the ticket purchase price because banks do not usually finance more than 80%.
Fixed or variable mortgage?
Fixed-rate mortgages offer stable monthly payments, while variable mortgages can be cheaper initially but with the risk of increasing interest rates. Consult with our financial advisors to decide which is best for you.