More and more consumers can currently afford the purchase or construction of a property, which is particularly due to the low financing costs. While real estate prices have risen sharply in recent years, especially in large cities such as Munich, Dusseldorf or Hamburg, construction rates are characterized by a declining trend.
Depending on the creditworthiness of the loan seeker, it is now possible to carry out real estate financing at an interest rate of less than 1.8 percent. Nevertheless, it is important to calculate an upcoming house financing optimally, so that the later burden is really easily portable.
How can the house financing be calculated?
Before the real estate financing with all its details is calculated, the offers should first be compared. It depends on various points, such as on the payable interest rate. This is often dependent on the creditworthiness of the customer as well as equity, which can be included in the financing.
Once a suitable provider has been found, the second step may be to calculate the upcoming mortgage lending.
This can be done, for example, by using online computers, which are often provided free of charge. The operation of these computers is almost identical, so that the use is relatively straightforward.
The revenue and expenditure account as an important basis
Before calculating the optimal loan installment, a revenue and expenditure statement should be made. This calculation is the basis for the later calculation of the real estate financing, since the amount of disposable income is the prerequisite for the possible loan rate.
The revenue and expenditure account compares all regular income and expenses, such as rent, cost of living and insurance premiums.
On balance, this results in the freely disposable income, which can largely be used to pay the later loan installment. Therefore, care should be taken to ensure that the credit rates are not higher than this disposable income. Consequently, this point must necessarily be included in the calculation of the house financing.
How is the actual calculation of real estate financing done?
When calculating mortgage lending, attention must be paid to various points. First and foremost, it is about determining the loan installment. The other variables, such as required loan amount, maturity and interest rate, are usually determined by the borrower or the lending bank anyway.
Therefore, the calculation of house financing mainly focuses on determining the monthly loan installment based on the loan amount, interest rate and interest rate. However, this can only happen after the individual interest rate has been set.
For example, since the equity ratio, creditworthiness of the borrower, duration and loan amount often have an influence on the interest rates, these must always be determined in concrete terms before the calculation of the house financing can begin.
Adjust the amount of the loan installment
Not infrequently, it results from the calculation of the real estate financing that the determined loan rate is either not at all or only with much effort portable. In this case, care should be taken to adjust the loan installment, that is, to reduce it.
Since the interest rate set by the bank is unlikely to change, there are basically only two ways to reduce the previously calculated loan installment. The first option is to reduce the loan amount, which is often not possible because the borrower naturally needs this money to finance it. The alternative is to extend the term of the property loan or to change the initial repayment by one or two percent.
In conclusion, it should be noted that there are several important aspects that have to be considered with regard to the calculation of real estate financing.