One of the most important decisions we make is the purchase of our first home, to which is generally linked the almost unavoidable mortgage. Many of us have no choice but to mortgage ourselves for decades, even reaching 30 years. Although it is a term that many hate, the truth is that this bank loan is what allows us to have our own home.
In fact, when buying our first home there are many factors that we must take into consideration. Obviously the first thing will be to choose the flat, apartment or chalet where we want to spend the next years, maybe forever. Next, and depending on our economic possibilities, we will have to look for the bank that offers us the best conditions when it comes to mortgage.
Right now we talk to you so much about this monthly expense that will tie you up for decades, in many cases, due to the extraordinary rise that they have suffered in recent months. This is something that is directly affecting the majority of those who contracted this banking service in its variable modality, at the time. If we take into account the huge rise in the euribor Throughout the last year, this directly affects the mortgage expenses that we will have to pay from now on.
As you can imagine the influence of the increase in interest rates by the European Central Bank, which is the fifth consecutive rise. All of this affects the mortgage market and the expenses that mortgage holders will have to face. In reality, and focusing on what interests us, the rise in the cost of our mortgage is going to be important throughout this year 2023.
This is how you calculate what you will pay on your mortgage in 2023
Generally, the mortgages that we have contracted for a few years now are reviewed every year. Precisely because of all the comments, many of you may wonder how much this amount will increase in the revision corresponding to the current year 2023. Well, then, we are going to show you an extremely simple way to find out this fact and prepare for what is to come.
Therefore, all those of you who are interested in knowing the rise that your mortgage payment will suffer throughout this year, let’s see how to do it. Today the Bank of Spain itself offers us an interesting online calculator from which we can easily make this calculation that we are discussing. Initially, all we have to do is run our favorite web browser and go to the corresponding page of the Bank of Spain.
Obviously, and how could it be otherwise, for this calculation to be as accurate as possible we are going to need a series of our own data. Among these we find the initial capital that we request for the mortgage, as well as the interest rate that we sign at the time. We will also have to specify the years duration this.
In a simple way we will be able to make a fairly approximate calculation of what we will have to pay when our mortgage is reviewed throughout the present 2023. We must bear in mind that this is a calculator that the bank itself provides us Bank of SpainSo the data is reliable.