Mortgage
Monthly payment, total cost and outstanding balance for a fixed-rate loan.
Nominal rate offered by the bank, excluding insurance.
Calculated here on the initial amount borrowed.
Amount borrowedMAD 960,000
Monthly payment excl. insuranceMAD 6,073.43
Insurance per monthMAD 240.00
Total monthly paymentMAD 6,313.43
Total interest costMAD 497,624
Total insurance costMAD 57,600
Total cost of creditMAD 555,224
Down payment as share of price20.0%
| End of year | Interest paid during the year | Outstanding balance |
|---|---|---|
| 1 | MAD 42,580 | MAD 929,699 |
| 5 | MAD 36,616 | MAD 793,920 |
| 10 | MAD 27,485 | MAD 586,022 |
| 15 | MAD 16,055 | MAD 325,775 |
| 20 | MAD 1,746 | MAD 0 |
Good to know
The monthly payment is calculated for a fixed-rate amortising loan with equal instalments. Banks often add arrangement fees, borrower insurance and sometimes fire insurance. Compare offers on their total cost, not just the rate.
Bank Al-Maghrib's policy rate, currently 2.25%, influences the rates banks offer. See how it has moved.
Indicative simulation, not a loan offer.