Are you looking for a **mortgage simulator**? Here is one that will help you see how your mortgage will evolve until you pay off your house.

In order for the mortgage simulator data to be as accurate as possible, e**t is imperative that you enter the requested information** as accurately as possible, otherwise the mortgage calculation may vary from reality.

Article sections

## How the mortgage calculator works

To begin with, the **mortgage loan simulator** asks us for a series of data that will be used to calculate the mortgage that corresponds to you and how it evolves. These data are:

**Borrowed capital**The amount of money that the bank has granted you for the mortgage.**Years of amortization:**the time it will take you to pay the mortgage. That is to say, the mortgage simulator also serves as a**amortization calculator**.**Euribor**is an interest rate that affects how your mortgage evolves over time, therefore, you must check the current Euribor value in the link we have just left you.**Differential**The value must be zero for fixed rates, replacing Euribor.**Month of award**the month in which your mortgage was granted**Year of award**the corresponding year in which you are granted the mortgage loan**Floor clause**if applicable.

With these data, the mortgage simulator will show you a table and a graph of how the loan evolves over time, as well as other important parameters such as the **monthly payment or the amount of interest** you are going to pay for the purchase of your home.

## Mortgage Calculator

If you are thinking about **buy a house and want to calculate your mortgage**With our calculator you can easily simulate the installments you will have to pay per month based on the amount of the property, the amortization term and the interest rate of the loan you are subject to. It is a simpler option than the simulator but it will also allow you to make an approximate mortgage calculation in much less time.

### How does the mortgage calculator work?

Our **online mortgage calculator** will allow you to calculate the variations of your loan to buy the house you want. You only have to fill in the fields with the data of your mortgage to be able to know the monthly payment that you will have to pay automatically. To make the calculation it is essential to know:

**Amount to be financed**The total amount of money you have to pay back on your mortgage.**Amortization period**is the time in years that you will be paying the different installments of your mortgage. You can adjust this value according to your preferences and thus make your payments more or less.**Interest rate**interest rate: is the percentage of interest you have to pay on your mortgage. You already know that every loan carries a series of interests and in the case of mortgages, this figure varies depending on the one you have agreed with your bank.

Knowing the value of the three previous data, you will be able to instantly calculate the amount of your monthly payment.

An important factor when buying a house is that the longer we extend the mortgage loan, the more interest we will pay. Sounds trivial, I know, but **there are people who pay almost as much interest as the price of the house.**which doubles the money you will owe the bank. If you can't afford a house that big or in the area you want, it is better to be conscious and save or buy something within your means.

## Calculating the salary expense for the mortgage

When thinking about taking out a mortgage, it is recommended that you **your salary expense is 30 or 35% at the most**. If you have to spend more money than your salary, you run the risk of not being able to pay the installments in case of unforeseen events.

We would all like to have a big house, but the truth is that if we have a big house, we can't afford it. **with the income you have each month you cannot pay the mortgage** of the house you want, then you can't afford it. That's the first step you need to be clear about.

For calculate 30% of your salary you can use the calculator that you have in the link that we have just left you or **apply the following formula**:

Money for the mortgage = net salary x 0.3

If you think you can stretch a bit further and get to the **35% of your paycheck for the mortgage**then you must perform this formula:

Money for the mortgage = net salary x 0.35

For example, if you earn 1,500 euros per month, what is your monthly income?**how much of my salary I can put towards my mortgage**?

1500 x 0,3 = 450€

1500 x 0,35 = 525€

Therefore, you can spend between €450 and €525 from your paycheck. This will leave you between €1,050 and €975 for day-to-day expenses, paying bills and, if you manage it well, saving.

**If you live as a couple and between the two of you you generate an income of 3.000 euros** net, then you can allocate between €900 and €1,050 for the mortgage. In this case, we will be left with a comfortable €2,100 or €1,950 to live on.

## Tips to avoid mortgage problems

**Mortgage simulator will save you a lot of trouble** but still, there is a list of basic tips to keep in mind before taking out your mortgage with the bank. These are the most important ones:

### Compare with different banks

Each one has its own conditions, so before taking out a mortgage, **compare what other entities offer you**.

There is usually quite a difference from one to the other and that can make you** save a lot of money** if you choose the one that best suits your needs. You can even negotiate your own conditions in some cases, in exchange for other products.

### Shorten the duration of the mortgage

Having a 40-year mortgage is tempting because it allows us to reduce what we pay to the bank each month or opens the door to a larger house, however, it is also **interest rates are rising sharply**.

You must also always keep in mind that 40 years is a long time and **the employment situation may change** Are you going to have financial stability for the duration of the mortgage?

### The value of Euribor

As we have seen in the mortgage simulator, the value of the Euribor directly influences what we will have to pay for our house to the bank.

If the economic recovery is tangible, interest rates may rise and you will have to pay more each month for your mortgage payment.

### Never order more than an 80% for the cost of the house.

When you go to the bank to apply for a mortgage, it is highly recommended that you have saved 20% of the value of the property you want to buy.

This will allow you to pay off the house in less time and ease your financial burden.

### Have a cash cushion for unforeseen events

To be with the water to the neck is not good if some unforeseen event or expense that we did not expect arrives, for that reason, it is very advisable that you have saved and available a 10% of the value of the house. You will gain peace of mind.

## Other mortgage simulators

Below we leave you with the mortgage simulator that some banks have developed so that if you are interested, you can contract it with them:

Mortgage calculation at Unicaja

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