Buying a house means paying out part of your salary to cover the monthly payments of the mortgage loan you agreed to when signing the contract. Although it may be difficult at first to know how much money you can receive in financing based on your salary, the Institute of the National Housing Fund for Workers (Infonavit) has a tool to help you clarify these doubts.
It is a loan simulator that allows you to determine the maximum amount of money that Infonavit can lend you if you decide to use your points and buy a house through financing.
This tool tells you how long it would take you to pay off the house and what monthly payments you would make on it, which would be tied to your salary.
With this simulator you can not only determine the amount of money Infonavit would lend you, but also know how much money you need as a down payment. For example, if the institution can lend you 700,000 pesos depending on your salary and age, and the property you want to buy is worth 1 million 200,000 pesos, know that you will have to contribute 500,000 pesos separately, either through savings or with the support of one Bank.
Infonavit credit simulator: How does it work and what data is requested?
You don’t need any document or email account to use this Infonavit tool as it is available for free on the internet.
The step-by-step instructions for use are:
Infonavit’s methodology in this loan simulator uses the measurement and update unit (UMA) value as a reference. Therefore, it is possible that the amount borrowed by the agency is updated every year, which may cause fluctuations because the value of these units tends to increase.
So you can use the loan simulator to calculate how much Infonavit will lend you
The most important aspects that the Infonavit credit simulator takes into account are your income and your age. These will determine the amount the agency believes it can cover and the period over which it expects you to provide the funding.
Age is crucial for Infonavit to decide how much it will lend you. Because, for example, if you earn 25,000 pesos at 25 years old, your loan would pay out approximately 819,960 pesos in 30 years, while if you earn 25,000 pesos, your financing would be 678,000 pesos if you have the same amount but are 55 years old Pesos payable in 15 years.
Salary is the other important aspect that Infonavit takes into account when granting a loan. Proof of this is that the institute will only lend you 280,000 pesos if you earn the minimum wage at 33, which is about 6,200 pesos per month, and if you receive a salary of 10,200 pesos, which is the average income according to Citizen Action Against Poverty , the financing is 510,898 pesos.
In the same example, if you earn a living wage at age 33, which is about 12,400 pesos, according to the Employers’ Confederation of the Mexican Republic (Coparmex), the amount increases to 548,000 pesos.
According to the National Institute of Statistics and Geography (Inegi), a middle-class house is one in which 22,297 pesos are earned per month, and with this income a 33-year-old person would receive 325,350 pesos.
According to Inegi’s parameters, which assume that the upper class in Mexico earns 77,975 pesos, a person with this income would access a loan of 2.5 million pesos.
Although these amounts are not exact, the Infonavit mortgage loan simulator allows you to know how much money you will need if you want to buy a home according to your preferences and needs, which is why the tool is so important.