You want to buy your house and ask for a credit of one million pesos to the National Workers’ Housing Fund Institute (Infonavit), you have to ask yourself, how much interest would you pay?
Infonavit has various creditsboth for buying, building and fixing up your house, as you can find on their website, where you will also find the requirements to apply for one of them.
However, you must consider various situations, as well as the fact that the The average price of a house in Mexico is one million 724 thousand pesosaccording to figures for the first half of 2024.
How much interest would you pay to Infonavit for a loan of one million pesos?
Before mentioning How much would you pay in interest to Infonavit? in case you request a credit for one million pesos you must consider several points.
Initially, the Infonavit credits vary and they can lend you, in the case of buying a house, from 574 thousand 291 to 2 million 716 thousand 334 pesosalthough the amount will depend on your payment capacity.
Likewise, the Payment term is also variable and ranges from one to 30 years, plus the loan discount is monthly and is established based on both your salary and your loan.
Infonavit It has the lowest interest rates in the mortgage market, ranging from 3.76 to 10.45%, something you should take into account, although at the same time, the payments are fixed throughout the debt and do not change.
Now, for Calculate how much interest you would pay to Infonavit for a loan of one million pesosyou can use the amortization formula (reduction in the value of an asset or liability over time).
To calculate the loan of one million pesoswith the example of an interest rate of 10.45% at 30 years you would pay 9 thousand 111 pesos in interest.
Likewise, in the Infonavit page presents you with a calculator In which, based on your salary, they tell you how much they can lend you, as well as the amortization table for a credit of 521 thousand 483.
Infonavit Credit: How much would you pay for a million peso loan? (Infonavit | Screenshot)
This is the housing price index in Mexico so far in 2024
As already mentioned to you, the average price of housing in Mexico For the period from January to June 2024, it stood at one million 724 thousand pesos, while the average was one million 49 thousand pesos.
This was presented by the Federal Mortgage Society (SHF) In their August 12 report, they indicated that the index with the highest growth was in Tijuana, Baja California, with 13%.
They also mention that Unlike the first quarter of 2023the index of the Housing prices appreciated by 9.4%in addition to an increase in appraisals, with 6.6%.
This is the increase in the housing index in different metropolitan areas throughout Mexico during the first half of 2024:
- Tijuana: 13%
- Monterrey: 11.5%
- Puebla-Tlaxcala: 11.2%
- León: 10.8%
- Queretaro: 10.5%
- Guadalajara 9.2%
Infonavit Credit: How much would you pay for a million pesos loan? (Unsplash)
2024-08-24 03:38:05