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. This mortgage calculator can help you calculate both.
First, you’ll need to input a few key details about your property. These include your purchase price, desired interest rate, loan period in years and repayment frequency per year. From there, the mortgage calculator will automatically calculate the amount of your monthly mortgage payments. It also gives you a breakdown of the total cost of your mortgage based on your monthly principal and interest payments. Finally, the calculator shows you how much you’ll have to pay in additional fees and charges over the life of your loan.
Example: 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%. Your monthly mortgage payment would be €1,454 per month. Your total payments over the life of the loan would be €334,636. The total cost of your loan would also be €16,311 including legal fees and insurance costs.
Mortgage loans in the Netherlands are typically for a fixed term of between 10 and 30 years. 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. For interest-only mortgages, your monthly payment will only cover the cost of the interest on the loan each month. The remaining amount will need to be repaid at the end of the term.
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. 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. A fixed-rate mortgage means that the interest rate on your loan will stay the same throughout the life of the loan. This means that your monthly payments will remain the same throughout the term of the loan, even if interest rates go up. With a variable-rate mortgage, the interest rate can fluctuate over time depending on the prevailing market conditions. This can give you more flexibility in making regular repayments to suit your budget. However, it also exposes you to the risk of higher monthly payments if the interest rates increase significantly during the term of the loan.
Different types of mortgages are available to consumers in the Netherlands. For example, you may have the choice of taking out a mortgage loan for investment purposes. 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. The most common type of mortgage loan is a ‘purchaser’ mortgage where you borrow to purchase a house or other property. Alternatively, you might take out a loan to renovate an existing property or to purchase an investment property. Other types of mortgage loans include development loans and construction loans.