To establish how you are going to repay a mortgage loan , banks take into account several criteria: what job do you have, what is your contract, if you have a certain seniority, what is your salary, if you already had other debts, how old are you, what are your savings...
They take all of this into account to determine how much you are going to pay per month according to the years you have chosen for the mortgage, what your interest rate is going to be and how much you should have saved for the first payment. Many of them use a mortgage calculator to calculate your mortgage payment.
For example, for a person who wants a mortgage for a house of €200,000 and to pay in 25 years, they can determine that they must have at least €60,000 saved for the first payment and that they grant a fixed rate of 1.15 %, with which you would pay around €589 per month.
What does a mortgage simulator do?
There are several free mortgage simulators that will help you make this calculation more easily. Simply what they do is use cutting-edge technology, such as artificial intelligence, to automatically calculate which mortgage is the most interesting for you .
With just a few simple questions to find out what your circumstances are, the mortgage simulator compares this data with the information it has on dozens of types of loans at different banks and tells you which one is best for you.
We recommend you use this with which you will know the options you have with the main banks in Spain .