Calculator
Mortgage Calculator
Calculate the monthly payment, or the mortgage amount you can take, using the Spitzer (equal total payment) or equal-principal method.
Before you go for an in-principle approval, it is worth knowing roughly what the monthly payment will be on the mortgage amount you are considering. The calculator shows an estimate using the Spitzer method, the most common repayment method for mortgages in Israel, in which the monthly payment stays fixed throughout the term.
Estimated monthly payment
₪5,846
Total payment
₪1,753,770
Total interest payable
₪753,770
The result is a general estimate based on a single fixed-rate track, for illustration only. A real mortgage usually includes several tracks, and its final terms are set by the bank.
How the calculator works
You can calculate in two directions: by the mortgage amount you want (you get the monthly payment), or by the monthly payment you want (you get how large a mortgage it can support). You also choose between the Spitzer method (a fixed payment throughout the term) and the equal-principal method (the payment gradually decreases, starting higher and ending lower).
The formula behind the calculation
Spitzer formula: monthly payment = principal × monthly rate × (1 + monthly rate)^number of months ÷ ((1 + monthly rate)^number of months - 1). In the equal-principal method: the fixed part is the principal (the loan amount divided by the number of months), and the interest is calculated each month on the remaining balance - so the total payment gradually decreases.
What the calculator does not include
The calculator assumes a single fixed-rate track - a real mortgage is almost always built from several tracks with different rates (fixed, variable, CPI-linked)
It does not include related costs such as life insurance, property insurance and file-opening fees
It does not take into account future changes in the interest rate on variable or CPI-linked tracks
Why it matters
The monthly payment is usually the first number buyers check, but it is only part of the picture - the same monthly payment can come from different mixes that differ greatly in the total cost over the years. The calculator gives a first orientation, and a proper mix is built with a professional who sees the full picture.
Frequently asked questions
What is the difference between the Spitzer method and the equal-principal method?
In the Spitzer method the monthly payment is fixed throughout the term. In the equal-principal method the monthly payment starts higher and gradually decreases, and the total interest paid is lower.
Does the interest rate I enter have to be the rate of a single track?
Yes - if your mix includes several tracks at different rates, it is worth running the calculator separately for each track according to its amount, and adding up the results.
Why is the payment the bank offered me different from the calculator's result?
The bank calculates according to the exact mix approved for you, which usually includes several tracks at different rates, and sometimes also rounding and bank-specific terms. The calculator gives an estimate for a single track, so a small gap is natural.
Is a low mortgage interest rate always better?
Not necessarily - a low rate on a volatile track (such as prime) may rise significantly in the future. It is important to examine the stability of the track as well, not only the current rate.
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