Jump To Italian Mortgage Calculator Instructions
Our Italian mortgage calculator enables you to quickly and simply estimate your Italian mortgage monthly repayments.
Use our Italian mortgage calculator to calculate the monthly repayments for your Italian mortgage and check that your Italian property will be affordable. How to use
Italian Mortgage Calculator
When Should You Use The Italian Mortgage Calculator
The Italian mortgage calculator should be used as an aid to establishing a realistic initial budget for your Italian mortgage and the amount you might be able to invest in your Italian property.
However you should remember that there are two significant limitations to using any online Italian mortgage calculator:
- Your financial profile is unique so the Italian mortgage calculator, which is designed to cover all cases, may not be a good guide to what is possible in your specific case which will depend on your actual financial profile.
- The Italian mortgage calculator is only intended to give an indication of the overall profile of your Italian mortgage but it does not guarantee that you would be able to obtain an Italian mortgage.
If you need a more accurate figure or to be sure that you could obtain an Italian mortgage just get a free, no obligation Italian mortgage quote.
French Mortgage Calculator Instructions
Italian Mortgage Calculator Step 1: Mortgage Amount
In this field you should enter the amount of the Italian mortgage you need.
If you will need additional finance to carry out any building works or renovations when you buy your Italian property the cost of these should be included in the mortgage figure you enter in this box.
N.B. Some banks will not fund renovations.
Don’t forget, you will normally not be able to include the cost of Notaio fees in your mortgage. Though you should not include the estimated cost of Notaio fees in the purchase price you should ensure that you have sufficient funds available. As a very rough guide you can estimate the Notiao fees as around 2.5% of the purchase price and the property tax on purchase for non-residents at around 10% – for a more accurate estimate you can use the official Consiglio Nazionale del Notariato website to obtain up to date information.
Italian Mortgage Calculator Step 2: Mortgage Term
In this field you should include the number of years of your desired mortgage term.
Because the banks do not have identical lending rules we suggest you set a term of 20 years which is the most common term for most Italian mortgage lenders.
Most Italian banks require an Italian mortgage to be repaid within 20 years OR by the time the main borrower reaches the age of 75.
If your actual age subtracted from 75 gives a figure of less than 20 you should use this figure instead of the default value. (Example: If your age is 60 then 75 minus 60 = 15 in which case you should use 15 years in this field.)
If your mortgage is not affordable over this term don’t despair. For some Italian mortgage clients we can arrange an Italian mortgage term of up to 30 years and some lenders will allow an Italian mortgage to be repaid by age 80 rather than the more usual age of 75.
Italian Mortgage Calculator Step 3: Interest Rate
In this field you should include the estimated interest rate the bank will charge for your Italian mortgage.
We suggest you use 4%, which will be sufficient to give you a “ball park” estimate of your Italian mortgage monthly repayments for budgetary purposes.
Italian Mortgage Calculator Step 4: Extra Monthly Payments
If you don’t intend making accelerated monthly mortgage payments you can leave this field at the default rate of €0.
Italian Mortgage Calculator Step 5: Extra Yearly Payments
If you intend making additional annual payments to accelerate the repayment of your Italian mortgage, for example from an annual bonus, you can enter a budget figure here. If not you can leave it at the default rate of €0.
Italian Mortgage Calculator Step 6: Extra One-Off Payments
If you intend making an additional one-off payment to accelerate the repayment of your Italian mortgage, for example from a maturing investment, you can enter a budget figure here. If not you can leave it at the default rate of €0.