Before buying a property with a mortgage, we recommend that you first find out what the monthly payment will be. This knowledge will allow you to compare income with the loan amount and determine the optimal mortgage options. Mortgage calculator will help you make complex calculations even without knowing mathematics.
History of mortgage lending
The idea of a mortgage was born in Ancient Greece. In 621 BC, the archon of Athens named the Dragon introduced a series of laws punishing any encroachment on private property. The concept of "mortgage" came into use under the ruler Solon in 594 BC. e. According to its regulations, debts were transferred from personal liability to property. At the boundary of the land holdings of the debtor, a pole was erected indicating all debts. This pillar was called a mortgage, which in Greek means "support" or "stand". Over time, mortgage books began to be used instead of pillars.
Also, a prototype mortgage existed in the 6th century BC in Babylon. During the reign of Hammurabi, laws were issued, many of which were devoted to the procedure for returning debts and severe penalties for non-payment. In the II century BC. e. The Laws of Manu were in effect in India. In them, bail was one of the grounds for litigation.
The idea of mortgage reached a high development in ancient Rome. In this state, special institutions were created that lend on the security of property. With the collapse of the Roman Empire, the practice was forgotten and reappeared only during the late Middle Ages in Germany and France. In the United States, mortgage loans began to be issued during the Great Depression (1929-1939).
Interesting facts
- Germany is the first in Europe to legalize mortgages. This happened in the XIV century.
- The lowest mortgage rate in Japan and Finland.
- Argentina tops the list of countries with the highest mortgage rates.
- In Switzerland, a lifetime mortgage is practiced, which is issued for a period of 100 years. In this case, after the death of the borrower, the apartment, along with the loan, goes to his heirs.
Significant mortgage rates are calculated using several mathematical formulas. The online calculator calculates the terms of a mortgage loan according to the specified parameters. Although you will have to contact the bank to clarify the details and make a final decision, with the help of this service you can make a preliminary assessment of your own financial capabilities for a long period.
