Mortgage Calculator
Calculate mortgage payments, initial deposit and total cost!
Enter mortgage data
Calculate monthly payments for mortgage loan
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What does the mortgage calculator calculate?
The mortgage calculator is an online tool that calculates monthly mortgage payments, total interest, initial deposit requirements, and the amortization schedule for mortgage repayment. The calculator uses the standard annuity payment formula, which is used by most banks in Bulgaria. This formula ensures equal monthly payments throughout the repayment period. The calculator is useful for individuals who want to buy property and need to understand the financial implications of a mortgage, for those who want to compare different mortgage offers, and for anyone who wants to plan their budget and understand how mortgage payments affect their finances. It helps you make informed decisions about property purchases and choose the best mortgage offer for your needs.
How to use the mortgage calculator?
Using the mortgage calculator is very simple. Follow these steps:
- Enter the property value: Enter the purchase price or value of the property in BGN.
- Enter the initial deposit: Enter the amount you plan to pay as an initial deposit (usually 20-30% of the property value).
- Select the interest rate: Choose the annual interest rate in percentage (this can vary depending on the bank and your creditworthiness).
- Set the repayment term: Enter the repayment period in years (usually from 10 to 30 years).
- Calculate: Click the "Calculate" button to get the results.
- Review the results: View the monthly payment, total interest, total amount to repay, and the amortization schedule.
After estimating your payment, compare binding offers from banks or a licensed credit intermediary you choose—rates, APR, fees and insurance are always confirmed in an individual offer and contract.
Example with specific numbers
Example: Property worth 200,000 BGN, 20% deposit (40,000 BGN), 4% annual interest, 20 years
- Property value: 200,000 BGN
- Initial deposit (20%): 40,000 BGN
- Mortgage amount: 160,000 BGN
- Annual interest rate: 4% (monthly interest: 4% ÷ 12 = 0.333%)
- Term: 20 years (240 months)
- Monthly payment: ~970 BGN (calculated using annuity formula)
- Total amount to repay: ~232,800 BGN (970 × 240 months)
- Total interest: ~72,800 BGN (232,800 - 160,000)
In the first month, out of the ~970 BGN payment, about 533 BGN goes to interest, and the remaining 437 BGN goes to principal. With each subsequent payment, the principal portion increases, and the interest portion decreases.
Annuity payment formula
For a standard annuity mortgage, the monthly payment M follows from loan amount L (after your deposit is deducted from the property price), monthly rate r = annual rate ÷ 12, and number of months n:
M = L × ( r (1 + r)n ) / ( (1 + r)n − 1 )
The tool rounds to cents; banks may use different accrual conventions or product features (grace periods, variable margin). Treat the output as a planning and comparison aid, not a substitute for a signed offer.
Sources and notes
The mortgage calculator uses the standard annuity payment formula, which is used by most banks in Bulgaria. The formula ensures equal monthly payments throughout the repayment period. Real interest rates can vary depending on the bank, your creditworthiness, the type of property, the size of the initial deposit, and market conditions. Banks usually require a minimum of 20% initial deposit, but a higher deposit may reduce the interest rate. The calculator does not include additional expenses such as notary fees, property appraisal fees, insurance (life, property), or commissions that banks may charge.
Data is up to date according to NRA and NOI (Bulgarian tax and social security). For official information see the sources below.
Sources:
- NRA – National Revenue Agency
- NOI – National Social Security Institute
- VAT Act – Bulgarian VAT law
- Local taxes act – Local taxes and fees
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Frequently Asked Questions about Mortgage Calculator
How large should the mortgage deposit be?
Banks usually require at least 20% of the property value, but a higher deposit typically means lower monthly payments and less total interest. Some banks may offer lower deposits (15% or even 10%), often with a higher rate and additional insurance requirements.
What is the difference between fixed and variable mortgage rates?
A fixed rate stays the same for the agreed period, so your payment is predictable. A variable rate can move with market conditions and reference rates (often EURIBOR plus a margin), which can lower or raise your payment over time. Variable rates can start lower but carry repricing risk.
What is included in the monthly mortgage payment?
Typically principal and interest. Some packages bundle life or property insurance into the monthly amount—this is not always mandatory. Always check the specific offer and contract.
Can I repay a mortgage early?
Yes, most banks allow partial or full early repayment, but fees may apply, especially in the first years. Fees are often a percentage of the outstanding balance or a fixed amount. Early repayment can materially reduce total interest and shorten the term.
What extra costs should I expect besides the monthly payment?
Besides principal and interest, expect notary fees, property appraisal, insurance (life/property—often required), possible bank fees, land registry costs, and other charges. As a rough guide, ancillary purchase and loan costs can be on the order of 2–5% of the property value depending on the case.
What is the maximum amount I can borrow?
It depends on property price, deposit, income (banks often target debt service around 40–50% of net income), credit history, and bank policy. In typical cases banks finance around 80–90% of the property value for eligible borrowers—subject to approval and product rules.