Monthly mortgage cost
When you own a home, there are many costs to consider. It’s important to have a clear understanding of your mortgage’s monthly payments, as they affect both your monthly budget and long-term financial health.
If you want to estimate your monthly mortgage payments in advance, you can use the calculator available on our page. This tool is designed to provide you with a quick and easy estimate, helping you plan your finances better.
Understanding your monthly mortgage costs
Monthly mortgage costs refer to the total amount you pay each month for your home loan. If you have an annuity or linear mortgage, these costs include two key elements: interest and principal repayment. Interest is the charge for borrowing the loan amount, which you pay to the lender. Principal repayment is the portion of the loan amount you pay back each month, gradually reducing your overall debt until it is fully repaid.
The specific amount of your monthly mortgage costs depends on various factors, including your income and the duration for which your interest rate is fixed.
Monthly payments with an interest-only mortgage
With an interest-only mortgage, your monthly payments consist solely of the interest on the loan. This type of mortgage does not require you to make principal repayments during the loan term. As a result, the entire loan amount remains outstanding at the end of the term and must be repaid in full at that time.
Extra repayment within the penalty-free allowance
Do you have an interest-only mortgage and want to reduce your monthly payments (or decrease your remaining debt at the end of the term)? In this case, you can choose to make interim repayments. You will then encounter the 'penalty-free allowance'. This is the amount you can repay annually without incurring a penalty. Many mortgage lenders set a limit on the amount you can repay each year without penalty. This usually varies between 10% and 20% of the original principal amount of the mortgage.
Calculating your monthly mortgage costs
Your monthly payments are determined by the interest rate, mortgage type, term, and property value. You can easily calculate your monthly payments with our free calculator tool.
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What other monthly costs do you pay for your home?
1. Insurance
When you buy a house, you are required to take out a building insurance. Additionally, home contents insurance is recommended. The premiums depend on the size of your home, the composition of your household, and where you live.
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