The property on which we want to take a mortgage is worth PLN 300,000. Our own contribution for this flat is PLN 100,000. We want to finance the rest with a mortgage. The amount we borrow is PLN 200,000, and the loan period will be 30 years. Let’s start by checking the offer of Bank Polski.
The bank offers permanent loan installments
Their total number will be 360. Each installment will be the same for PLN 845 each. The nominal interest rate offered by the Polish Bank is 3.02% per annum.
The bank charges a margin of 1.3%. WIBOR remains at 1.72%. The total loan amount we will return to the bank after 30 years is PLN 304 332. Thus, the loan will cost us 104,332 PLN. As you can easily deduce, this will be half the amount of initial capital.
Bank Credit and Loan also offers us a mortgage with equal installments. Each of them will be 888 zlotys each. In this case, the nominal interest rate will be slightly higher and will amount to 3.41% per annum.
The margin charged by the bank will also be higher than in the offer of Bank Polski. Here it will be 1.69%. As for the WIBOR rate, it has the same value. The total amount we will give to Bank Credit and Loan is PLN 319 706. This commitment will cost us PLN 119 706.
Another proposal is the offer prepared by E-Money
Here, when taking out a mortgage for PLN 200,000 for a period of 35 years, we can count on each of the monthly installments to be PLN 901 each. The nominal interest rate offered to E-Money borrowers is 3.53% per annum.
The bank’s margin, on the other hand, is 1.8%. The WIBOR rate here is slightly higher and amounts to 1.73%. The total amount we give back to the bank is PLN 324,519. This commitment will cost us a total of PLN 124,519.
Bank Good Finance offers a mortgage on very similar terms as to E-Money’s offer. Here, we will also pay monthly installments of PLN 901 each.
The installments will be the same throughout the loan period
which allows you to predict your monthly household budget. The nominal interest rate is 3.53% per annum, the margin is 1.8%, and the WIBOR rate remains at 1.73%. In the case of a mortgage at Bank Good Finance, the amount we will repay is also PLN 324,519.
The loan will cost us a lot over half the capital we have borrowed. This is quite a lot, but mortgages are very often the only chance for many people to buy a house or dream apartment.