If it is the first time that we apply for a mortgage, it is normal that different doubts arise: among them, the maximum amount that we can opt for to purchase the home. With the calculator that we present to you today, we will be able to answer the eternal doubt and know what is the maximum amount that we can request.
When we value the purchase of a home, The most common thing is to resort to mortgage loans to cover the operation. Although many of us are familiar with this product and, to a greater or lesser extent, we understand its general operation, everything changes when we face the purchase of a property. Given the amount of the transaction itself, it is normal for different doubts to arise throughout the process. And, among all of them, it is the maximum mortgage amount to which we can opt for one of the main ones.
This amount is calculated based on different aspects, with salary, our job stability and our age being three of the aspects that have the greatest strength when it comes to reach a deal with our banking entity. But how can we calculate it?
Know the maximum payment of your mortgage
Luckily, on the Internet we can find different tools that offer us an approach to know this amount. One of the most complete is the one offered by the HelpMyCash portal, which not only tells us the amount. In addition, it also offers us value, taking into account the maximum contribution that we can assume without unbalancing our domestic economy, never exceeding 30% of income.
We can access this tool from this link. As we can see from the first moment, its operation is very simple. We only have to enter two pieces of information: the net income of the family unit and the amount we dedicate monthly to paying other loans.
In the example that you can see in the previous screenshot, for a net income of 2,000 euros and 300 euros dedicated to the payment of other loans, we can choose to a maximum home value of about 83,500 euros. Of these, the amount to mortgage would be almost 66,808 euros and we would have to dedicate 16,702 euros of savings for the down payment. To this amount we should add just over 8,300 euros for expenses and taxes, as detailed below.
In the monthly distribution of our salary, the tool dedicates 300 euros to the mortgage loan, 300 euros to other credits and the remaining amount would be available for daily use.
How the amount is calculated
The same portal gives us a little more information about the elements involved in calculating the mortgage. Besides monthly income and the installments of other loans, such as a car loan or a credit card, for example, we must also evaluate possible aid and guarantees from the Government, such as the ICO, if we meet the conditions.
In case you have other economic returns, such as a dividend or rent, you should add them to the monthly net income to be able to do the calculation correctly. We must emphasize that this is an amount that we must take as approximate to get an idea during the search process. However, it will not be until the banking entity in question, study our profile when we can obtain a personalized offer taking into account our real financial situation.
