Real estate credit: what good with monthly payments of 600 euros?
The median income in France is around € 1,800 net, which generates a debt capacity of € 600 per month with only one loan to repay and no loan assistance. But what do we have, with monthly payments of this amount? What amount of mortgage? What kind of good ? Our overview from the Credither Guide data.
Over 12 years, a budget of 80 000 €
With monthly payments of 600 € / month, one can borrow the sum of 80 000 € via a mortgage over 12 years (rate of 1.10% excluding insurance). With this budget in the Center and East of France, you can only afford a studio in Annecy (19 m²), Villeurbanne (27 m²) or Strasbourg (28 m²). We can expect a 2 rooms in Grenoble (36 m²), Dijon (41 m²), Clermont-Ferrand (45 m²) or Besançon (46 m²). In Troyes, it will be … a 3-room apartment (58 m²), just like in Mulhouse (70 m²), while one can push comfort up to a 4-room apartment in Saint-Etienne (85 m²).
€ 100,000 over a period of 16 years
Monthly payments of 600 € over 16 years lead to a mortgage of € 100,000 (rate of 1.35% excluding insurance). For this round price in the South of France, difficult to consider better than a studio on the Côte d’Azur (20 m² in Cannes, 24 m² in Nice, 26 m² in Fréjus). Large cities like Montpellier (36 m²), Marseille (40 m²) or Toulon (42 m²) are more generous on the surface. The middle towns of Occitanie are more accessible (60 m² in Nîmes, 71 m² in Perpignan, 78 m² in Béziers), like Digne-les-Bains in the Alpes de Haute Provence (74 m²).
A loan of € 120,000 over 21 years
For a larger budget (120 000 €) with monthly payments of 600 €, it is necessary to leave on a mortgage of a duration of 21 years (rate of 1.60% except insurance). In the West of France, this amount gives access to a studio or a T1 bis in Bordeaux (28 m²) and Toulouse (31 m²), same as La Rochelle (34 m²). Nantes, Bayonne and Rennes offer 2 rooms at this price (40 m²). In medium-sized towns, the surfaces are more comfortable: 75 m² in Poitiers, 88 m² in Brest, 93 m² in Niort and even 100 m² in Limoges.
€ 150,000 to borrow over 29 years
With monthly payments of € 600, you can finally take out a mortgage loan of € 150,000 over 29 years , a term that increases the rate (1.85% excluding insurance). A sufficient budget for a studio in Paris 19th (19 m²) or in West Paris (21 m² in Versailles, 23 m² in the Hauts-de-Seine). In Ile-de-France, it is difficult to hope for more than a 2-room apartment with this sum (40 m² in Seine-Saint-Denis, 43 m² in Créteil). Moving away from the Paris region – while still connected by train – there are much larger properties: 55 m² in Lille, 64 m² in Tours, 70 m² in Amiens and Rouen, 75 m² in Reims and Orléans and even more than 90 m² in Beauvais.
You can continue by making yourself, with just a few clicks and very easily, your loan forecasts using our mortgage calculator or the ability to borrow, available from our mortgage simulators.