Unlock Your Home in Portugal With Our Instant Mortgage Calculator
Estimate your borrowing capacity in just a few clicks using our mortgage calculator.
Access a more accurate and personalized estimation
Purpose of our mortgage calculator​
Estimate Borrowing Capacity
Allowing you to estimate your borrowing capacity according to the interest rates and the monthly repayment you want.
Calculate Monthly Repayments
Allowing you to calculate your monthly repayments according to the amount of mortgage and interest rate.
How Do I Use the Calculator to Find Out How Much I Can Borrow?
Enter the house value and the down payment you plan to make in the corresponding fields. The calculator will help estimate your monthly mortgage payments based on the interest rate and mortgage term you input. Keep in mind that you can borrow up to 80-90% of the property’s value, so adjust the down payment accordingly to see realistic results.
What Interest Rate Should I Enter in the Calculator?
If you’re unsure which interest rate to use, check the current market rates for Portugal. Typically, you can choose between a variable, fixed, or mixed rate mortgage. For example:
– A fixed rate provides stability over time with consistent payments.
– A variable rate might offer lower initial payments but could fluctuate.
Enter the rate that best matches your preferences or the current rate you’re eligible for. We can help you understand which rate is ideal based on your financial situation.
How Should I Enter My Down Payment in the Calculator?
In Portugal, non-residents usually need to make a down payment of 20-30% of the property’s value. Enter this amount in the Downpayment field of the calculator. For example, if the property is valued at €300,000, a typical down payment would be €90,000 (30%). Adjust the value to match the amount you are planning to pay upfront, and the calculator will show your estimated monthly payments.
What Mortgage Term Should I Choose in the Calculator?
Mortgage terms in Portugal typically range from 10 to 35 years. Choose a term that reflects how long you plan to pay off the mortgage. A longer term, such as 35 years, will lower your monthly payments but may result in more interest paid over time. A shorter term, like 20 years, will mean higher monthly payments but you’ll pay less interest overall. Experiment with different terms in the calculator to see how they affect your monthly payments.
What Does the Monthly Payment Shown in the Calculator Include?
The monthly payment displayed in the calculator is an estimate of your mortgage payment based on the house value, down payment, interest rate, and mortgage term you entered. It includes principal and interest payments, but it does not factor in additional costs such as property taxes or insurance. For a full breakdown of all costs, we recommend speaking with one of our mortgage experts.
Frequently Asked Questions
Find answers to commonly asked questions about our products and services.
How much can I borrow for a mortgage in Portugal?
In Portugal, you can typically borrow up to 80%-90% of the property’s value, depending on your financial status and the lender’s terms.
Should I choose a variable rate, fixed rate or a mixed rate?
Choose a variable rate for lower initial payments, a fixed rate for consistent payments, or a mixed rate for a combination of both stability and flexibility.
How much deposit do you need for a mortgage in Portugal?
You generally need a minimum deposit of 10%-20% of the property’s purchase price for a mortgage in Portugal.
What documents do I need to get a mortgage?
Required documents for a mortgage are:
– ID or passport
– Tax Identification Number in Portugal – NIF: essential
– Employment contract
– Last tax return
– Last 3 pay slips
– Last 3 bank statements
– Proof of capital contribution
– Credit report or document from your country’s central bank
– Existing credit agreements
– Land tax if you already own property
– Documentation on the property you are buying:
– 1. Caderneta Predial e Urbana
– 2. CertidĂŁo permanente
– 3. Plan
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If you are self-employed, you will need to provide the bank with more information, especially about your financial stability:
– Last 6 months of bank statements
– Invoices for the last 6 months
– If possible, your company’s last 3 balance sheets
Why is PORTUGAL MORTGAGE’s service free?
By referring a customer to our financial partners, PORTUGAL MORTGAGE receives a commission. This makes the process totally transparent for the customer