• finanse.uokik.gov.pl – on this website you will find a mortgage interest rate change calculator.
• There you can check not only the approximate instalment amount in case of an increase in interest rates, but also how much you can save through overpayment.
• Do you have the financial resources and consider overpayment? Enter the parameters of your mortgage and the amount you would like to overpay and see what effect it will have when you lower the instalments or shorten the loan term.

Are you planning to take out a mortgage? Or are you already paying it off but have the financial resources and are considering overpayment? Visit finanse.uokik.gov.pl and check what the amount of your loan instalment may be with different interest rates. Learn about the new calculator features:

• You can enter the amount you want to overpay and see how much your loan instalment or term will decrease and how much you will save.
• Not sure whether it is better to shorten the loan term or to lower the instalment amount when overpaying? You can also check this on our calculator.
• You can see how much more per year you will have to pay when the interest rate on the loan increases.

How can you do that? Enter the parameters of your loan – the amount you have to repay, the instalments or the interest rate (this is the sum of the spread and the reference rate, e.g. WIBOR; you will find them in the current repayment schedule) and the date of the last instalment. Specify whether you want to overpay the loan and enter the amount.

- I encourage you to use our financial calculator. Mortgage is taken out for several decades and for large amounts of money, so it is worth to look at the instalment increase simulation very carefully and prepare yourself for a larger burden. With our financial calculator, any person can check not only the mortgage instalment amount in the case of interest rate changes, but also see how much can be saved by overpaying. If you have spare financial resources, you should consider overpaying your loan right now. Our calculator will show you how much you can save on interest over the loan's duration – says Tomasz Chróstny, President of UOKiK.

The calculator shows two options for early repayment: lowering the instalment amount or shortening the loan term while maintaining the instalment amount. The first option is more beneficial when you want to reduce the current burden on your household budget with loan instalments, while the second option is more beneficial when you want to reduce all costs over the entire duration of the loan.

In our "Calculate and Don't Miscalculate" campaign we highlighted the risk of rising interest rates, and thus the interest rate on mortgage loans. The spots prepared for broadcast on TV and radio warned against both risky investments and the inability to repay the loan in the event of rising interest rates.

Are you planning to take out a loan?

• Check the calculator available at finanse.uokik.gov.pl to see how a change in the interest rates can affect your instalments.
• You can estimate with a high degree of precision – by specifying interest rates down to a hundredths of a percent – how high your loan instalments will be for a specific amount and for a specific loan term.
• Pay particular attention to the simulation of mortgage instalment upon a change in interest rates. Are you prepared for higher instalments after a few years?
• Banks offer mortgage loans with floating, fixed and periodic fixed interest rates. The former carry a higher risk of changing instalments. In contrast, loans with a fixed interest rate for the entire duration of the loan or loans with periodic fixed interest rate are safer, but at the date of the contract or annex, their interest rate is slightly higher than in the case of loans with floating interest rate. You should be able to switch from a floating rate plan to a fixed or temporarily fixed rate. This stems from Recommendation S of the Financial Supervision Authority. Check the cost of such an operation and the terms of the offer.
• Are you taking out a mortgage? Read the information form. You will receive it before the contract conclusion from any lender, broker or agent. This will make it easier for you to compare offers, as the form includes information about the total loan amount, the repayment terms, the interest rate and the rules for changing the rate, among other things.
• You have the option to overpay your loan or pay it off early at any time. See your contract and the table of fees and comissions for the conditions under which you can do this.

Consumer support:

Phone: 801 440 220 or 22 290 89 16 - Consumer Helpline
Email: [SCODE]cG9yYWR5QGRsYWtvbnN1bWVudG93LnBs[ECODE]
Consumer Ombudsmen – in your town or district
Financial Ombudsman – [SCODE]cG9yYWR5QHJmLmdvdi5wbA==[ECODE]

Additional information for the media:

UOKiK Press Office
Pl. Powstańców Warszawy 1, 00-950 Warszawa, Poland
Phone +48 695 902 088, +48 22 55 60 246
E-mail: [SCODE]Yml1cm9wcmFzb3dlQHVva2lrLmdvdi5wbA==[ECODE]
Twitter: @UOKiKgovPL