Mortgage simulator: compare banks
Calculate the monthly payment on a mortgage using the rates that Caixa, Itaú, Bradesco, Santander and other banks reported to Brazil’s central bank, under SAC (constant amortization) or Price (fixed installments), and compare it with rent. An independent simulator, not tied to any bank and with no sign-up.
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Mortgage simulator
Enter the property and choose the bank. The rate is pre-filled with the average across banks, and you can replace it with the one in your offer.
Results appear as soon as the rates are loaded.
The simulation holds the month's TR (or IPCA) constant and excludes insurance and fees (unless you fill in the optional field). It is not a credit offer or financial advice: the total effective cost (CET) is the figure the bank gives you.
Buy or rent: which builds more wealth?
Buyers pay a down payment, installments and property costs, and end up with an asset that may or may not appreciate. Renters invest the down payment and the monthly difference. Compare the net worth of each over the years.
The result appears as soon as the rates are loaded.
The model ignores the cost of selling the property, capital gains tax and rate changes over the years. The appreciation and yield defaults are assumptions, not forecasts: change them and see how the result responds.
Mortgage rates by bank
Average interest rate that each institution reported to the Central Bank for the most recent month. Regulated rates use funds from the FGTS (employee guarantee fund) or from savings accounts.
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Source: Central Bank of Brazil, “Interest rates” database. The rate a bank offers you may differ.
How mortgages work
With a mortgage, the bank pays the seller for the property and you repay the amount borrowed in monthly installments, usually over 20 to 35 years, with the property itself as collateral. The bank decides how much of the property’s value it will finance; the rest is the down payment, which can come from savings and, when the rules allow, from the FGTS (employee guarantee fund).
What makes up the installment
- Amortization: the portion that reduces the debt.
- Interest: the bank's rate, in % per year, applied to the outstanding balance. This page shows each bank's average rate as reported to the central bank.
- Balance adjustment: on contracts tied to the TR, the balance is adjusted every month by the Referential Rate (TR); some contracts use the IPCA inflation index instead. The simulator adds the month's TR (or IPCA) to the bank's rate.
- Insurance and fees: there is mandatory insurance (death and disability, and physical damage to the property) and, at some banks, an administration fee. Use the simulator's insurance and fees field with the figures from your offer.
SAC or Price
The SAC has a larger starting installment that decreases over time and costs less in total interest; Price has a fixed installment in the simulation, lower at the start. The simulator lets you switch systems and see the effect on the total paid.
How to compare offers
Always compare the total effective cost (CET), which combines interest, insurance and fees, not just the interest rate. Ask more than one bank for a written simulation, and check the amortization system, the index, the term and the conditions for paying down or paying off the loan early. If you already have a mortgage, see the loan portability.
Mortgage simulator for Santander, Bradesco, Itaú, Banco do Brasil and Caixa
The rates table on this page lists the average rate each bank reported to the central bank, and choosing the bank in the simulator fills in the rate. For the Caixa mortgage simulator there is a dedicated page, covering market-rate loans and those regulated with FGTS and savings funds. The simulator is independent and does not belong to any bank: the offer and the credit analysis always come from the financial institution.
Pages by bank: Santander mortgage simulator, Bradesco mortgage simulator, Banco do Brasil mortgage simulator, Itaú mortgage simulator.
Steps until you get the keys
In general, the process includes the buyer's credit check, the bank's appraisal of the property, signing the contract and registration at the property registry office, when the property is put in your name with the property pledged as collateral to the bank. Before that, set aside the money for the ITBI, the deed and the registration, which are not covered by the mortgage. If your household income is up to R$ 13,000 a month, also check Minha Casa Minha Vida.
The rates on this page are the averages reported to the central bank, and each customer’s rate depends on income, banking relationship, down payment and credit analysis. The result is a simulation, not a credit offer.
Frequently asked questions about mortgages
How do I simulate a mortgage?
Enter the property value, the down payment and the term, and choose the bank: the rate is pre-filled with the one reported to the Central Bank, and you can replace it with the one in your offer. The simulator shows the first installment, the total paid and how much of it is interest alone, under SAC or Price.
Where do the rates for Caixa, Itaú, Bradesco and the other banks come from?
From Brazil's central bank, which publishes each institution's average rate on mortgage loans. This simulator is independent: it does not belong to any bank and is not a credit offer. Only the bank can state the total effective cost (CET) in its proposal.
Which bank has the lowest mortgage interest rate?
The table on this page ranks each bank’s average rates for the month, but the rate you get depends on your income, your relationship with the bank, the size of your down payment and the credit analysis. Compare the total effective cost (CET) of each offer.
How much do I need to earn to get a loan?
Banks usually cap the first installment at about 30% of household income. The simulator result shows the reference income that would cover the first installment in the simulation.
Can I use FGTS funds?
In many contracts, FGTS (employee guarantee fund) can go toward the down payment or reduce installments, as long as the property and the buyer meet the rules. The simulator does not factor in FGTS: check the terms with your bank.
Is the data I enter saved?
No. Everything runs in your browser, and nothing you type is sent to or stored by RaisLife.