Dreaming of owning a charming property in France? Before you embark on this exciting journey, let's figure out what fits your budget. Our mortgage calculator is here to help you lay the groundwork for your home-buying adventure.
Why use a French mortgage calculator?
Our goal is to give you a clear starting point for your real estate journey, helping you assess your budget and explore properties that match your borrowing capacity. For non-residents and foreigners, this step is especially crucial.
So, how does the calculator help you?
Our mortgage calculator isn't just personalized to your profile and income—it’s specifically designed for those looking to buy property in France while living abroad or not speaking French. With everything in English, you'll understand each step effortlessly.
In fact, it's the only calculator of its kind on the market today. At Pretto, we understand the importance of grasping every detail of financing your property, and we're dedicated to giving you the best tools and solutions. Plus, our calculator is completely free.
Do you have complex income sources? Is your desired property a fixer-upper? Already juggling other loans? Our home loan simulator covers the basics, but our credit experts are here to dive into the details and clarify any concerns.
After using the calculator, you can consult with an expert remotely for a more precise mortgage simulation. Plus, you'll receive a free financing certificate with your results, demonstrating the viability of your financing and building the foundation of trust with your contacts.
How does the home loan calculator work?
Using an online credit simulation is great, but truly understanding it is even better! That’s why we harness the power of data from thousands of files we send to the bank each month, delivering ultra-precise results. And that's not all, our tool follows the same rules that banks adhere to when granting mortgages, guided by the French Consumer Code (such as the usury rate) and regularly reviewed by the French High Council for Financial Stability (HCSF).
Our free mortgage simulator incorporates these regulations to provide you with accurate and reliable insights:
- Annual Income Considered by Banks: Banks consider your annual income based on several factors: Salary, business Income (if you have at least three years of balance sheets), retirement pension, rental Income (up to 70% of the income from your rental investments).
- Down payment: For non-residents, the bank requires a 20% down payment of the property’s price. Additionally, you must have savings equivalent to another 20% of the property's price. This demonstrates your financial stability and seriousness to the bank.
- Mortgages Term: Mortgages for non-resident borrowers typically cannot exceed 20 years (240 monthly payments). However, some banks may extend this to 27 years if they are also financing renovations or if you are purchasing a new property, including a two-year grace period.
- Nominal Interest Rate: The interest rate on your mortgage must comply with the current usury rate, which includes all costs associated with your loan (borrower’s insurance, application fees, guarantees, etc.). Our free mortgage simulator will suggest a rate that's no more than one point lower than this limit, ensuring accuracy and compliance.
Banks are generally more cautious when granting them to non-resident borrowers. They must provide additional documentation, such as proof of their professional and financial situation in their country of origin.
