Mortgage Calculator for Cyprus Real Estate

Purchasing real estate is a significant financial decision, and understanding the financial implications is crucial. Our mortgage in Cyprus calculator is designed to provide you with a clear understanding of what your monthly mortgage payments might be based on various factors. Use this tool to plan your budget and make informed decisions about your property investments in Cyprus.

Total Monthly Payment:

Monthly Principal + Interest:

Loan-To-Value Ratio (LTV):

Understanding Mortgage Additional Terms

Property Taxes: In Cyprus, property transfer tax is progressive, depending on the property value. For example, 3% for up to €85 000, 5% for up to €170 000, and 8% for amounts above that.
Home Insurance: This is a compulsory insurance that covers risks such as fire and earthquakes. The cost typically ranges from €350 to €1 200 per annum, depending on the property’s value and other factors.
HOA Fees: Homeowners Association (HOA) fees are monthly or annual charges for maintaining communal areas and services in a residential community. These fees vary widely based on the property and location.
PMI (Private Mortgage Insurance): If your down payment is less than 20% of the property value, lenders usually require PMI, which protects the lender in case you default on the loan. The cost of PMI varies but is typically around 0.3% to 1.5% of the original loan amount per year.

Benefits of using Our Mortgage Calculator

Financial Planning: Helps you budget effectively by understanding your monthly payment obligations.
Comparison: Compare different loan scenarios to find the most suitable option for you.
Transparency: Provides a clear breakdown of principal and interest payments over the loan term.

How to Use the Loan Calculator

Our mortgage calculator takes into account several key factors:

Property Price (€): The total cost of the property.
Interest Rate (%): The annual interest rate on the loan.
Loan Term (years): The duration over which the loan will be repaid.
Down Payment (€): The initial amount paid upfront.

By inputting these values, you can calculate your estimated monthly payments.

Example Calculations

Here are some example calculations to illustrate how the mortgage calculator works:

Property Price (€)	Interest Rate (%)	Loan Term (years)	Down Payment (€)	Monthly Payment (€)
250 000	4.26	30	50 000	953
900 000	3.75	25	180 000	3 466
3 000 000	3.45	20	600 000	14 026

Recommended Banks for Mortgage Loans

Obtaining a house loan is a crucial step for many individuals looking to purchase their dream home, as it provides the necessary financial support to make homeownership a reality.

For your convenience, we have compiled a list of reputable banks in Southern Cyprus where you can apply for mortgage loans. These institutions offer various mortgage options and can provide detailed information on loan terms and conditions. Feel free to reach out to them for personalized assistance.

By contacting these banks, you can discuss mortgage options tailored to your needs and find the best solutions for financing your real estate investments in Cyprus.

FAQs

What is the mortgage interest rate in Cyprus? The mortgage interest rate in Cyprus typically ranges from 2% to 4% per year, depending on the lender and your financial situation.

How much can I borrow for a mortgage in Cyprus? The amount you can borrow generally depends on your income, credit history, and the property’s value. Lenders usually offer up to 70-80% of the property’s value.

How much are mortgage fees in Cyprus? Mortgage fees in Cyprus include arrangement fees, legal fees, valuation fees, and stamp duty, usually totaling around 1-2% of the loan amount.

How is my mortgage calculated? Your mortgage is calculated based on the loan amount, interest rate, and loan term. Monthly payments consist of both principal and interest.

Mortgage Calculator for Cyprus Real Estate​​