Completely free, the various mortgage simulators – whether calculating monthly payments, the amount borrowed or that of notary fees – offer a real indication, as for the available financial envelope, for the acquisition of a future property. . However, it is important to understand the limits of these calculators, often translated in the little asterisk that accompanies them…
What is the difference between a simulator and a comparator?
The various mortgage loan simulators available on the Internet make it possible to identify the key levers in the construction of a financing plan and to play with them to optimize it. A comparator will, for its part, solicit different lending institutions, to issue loan offers that you just have to compare.
In other words, when the simulation is carried out, it is done for information purposes and cannot, in any case, constitute a commercial offer!
What are the limits of the different simulators available?
Financial calculators issues a statistical value, reflecting an average and not, your personal case. If the approach remains no less interesting to draw the first contours of your real estate project, it does not refer to your reality!
For example, when the interest rate is not entered by you, it is calculated relative to the current rate, applied to the duration envisaged. It does not take into account your personal situation which, however, will influence this figure by a few points – both upward and downward depending on your borrower profile.
Please note, some home loan simulations are carried out WITHOUT insurance: however, the cost of borrower insurance represents at least 25% of the total cost of the loan. A percentage of up to 40% for certain profiles…
In other words, an important parameter is missing from the equation insofar as this will influence your monthly repayment capacity.
The simulators give a first draft of your real estate project, but they must not condemn it, before a professional targets it. Indeed, there are other levers not considered by these tools, on which a broker or a bank can work to optimize your financing plan.
For example, a smoothed nesting loan can make it possible to borrow more, by combining different borrowing durations (and therefore different rates), while offering a single monthly payment to the borrower.
Who offers the mortgage loan simulator?
The sites offering a simulated mortgage are legion on the Internet: comparators, brokers or banks, they all offer tools that they make available free of charge to visitors to enable them to develop their project.
Therefore, it is important to know how each tool works, as they will not always be based on the same assumptions! For example, for tools suggesting an interest rate based on a loan term, on what basis is it based? Does it take into account geographic credit? So much information necessary to highlight the result obtained!
Once the simulation has been made, do not hesitate to call on a broker who is an expert in real estate credit to compare it with your personal and professional situation.