Before you can buy a house, you first want to know how much you can borrow and how high the maximum mortgage you can get. Most mortgage lenders nowadays have simple calculation tools on their website where you can calculate your maximum mortgage yourself. Here you can calculate your mortgage in different ways. At simulation loan.be you get a clear overview.
Most mortgage lenders give you the choice to calculate your mortgage on the basis of income or your monthly payments. There are also online calculation tools where you can easily calculate how you can transfer your mortgage.
Calculate mortgage based on income
When calculating based on your income, you often have the choice to calculate your maximum mortgage, including the corresponding monthly payments. You can also calculate the mortgage based on the purchase price of the new house. In addition, you choose a mortgage type and a fixed-rate period, which affects your monthly payments. Various variables may be requested during the calculation. For example, you are asked about your own income, but also the income of your partner and whether this should be included in the calculation. You can also indicate whether and how much own money you put in and whether you have surplus value from a previous house. Finally, many calculation tools ask whether you or your partner have to pay partner maintenance and whether you have other loans. All this input is important on your maximum mortgage.
Calculate mortgage on the basis of fixed monthly payments
If you have an amount in mind as the maximum monthly payment you can also choose to base the mortgage on this. For example, if you currently have a rental property with the corresponding monthly rental amount. If you want to equate the monthly mortgage costs with your current rent, you can base your calculation on that data. In addition, you state in which tax scale you fall with your income. Based on this, a gross and net monthly payment is given and the amount for the maximum mortgage.
Only an indication
The calculations made with these calculation tools are always fairly general and do not take your specific situation or wishes into account. The calculation would become too complex for that. It is, however, a useful indication to check for yourself how high your maximum mortgage can be and how much your monthly charge would be. It is advisable that you always make an appointment and make a personal calculation together with a specialist.