Cost of Buying a Home in Norway

The price on the listing is not what a home in Norway really costs. This calculator adds the government fees you pay when you buy, shows how much you need to borrow and whether your equity (egenkapital, your own money) is enough, and estimates what the home costs per month. The buying costs are included in what you need to finance, because banks normally require them to come out of your own savings and not out of the loan.

Worked example: a freehold home at NOK 4,000,000

You have NOK 600,000 in equity and an example interest rate of 5% on an annuity loan over 25 years. The rate is only an example; use the one your bank offers.

• Stamp duty of NOK 100,000 and registration fees of NOK 1,090 give NOK 101,090 in one-off costs.
• Total to finance: NOK 4,101,090. After your equity the loan is NOK 3,501,090, which is 87.5% of the price.
• The minimum equity is NOK 501,090, so your equity is enough.
• The monthly payment is NOK 20,467. With NOK 3,333 for estimated upkeep and running costs, the home costs NOK 23,800 a month, or NOK 20,591after tax relief on the first month's interest.

Freehold or housing co-op

In Norway you can own a home as a freehold (selveier) property, where you own the house or flat itself, or as a share in a housing co-operative (borettslag), where you own a share that gives you the right to live in a flat. Stamp duty of 2.5% applies to freehold only. A co-op usually has debt of its own (fellesgjeld), and your share of it counts towards the 90% loan-to-value limit.

Minimum equity at different prices

10% of the price plus stamp duty and registration fees with one mortgage deed. If the co-op has shared debt, your share counts towards the loan-to-value ratio, so the requirement is 10% of the price plus shared debt. The co-op transfer fee is paid by the seller and is not included.

Costs the calculator leaves out

It does not include home buyer's insurance, moving, the bank's set-up fee, or renovation after you move in. If you are selling a home at the same time, the estate agent's fee is an extra cost. It also assumes a single loan and one mortgage deed.

Next steps

Check what a bank may lend you with How much can I borrow for a mortgage in Norway, work out the repayments with the Norway mortgage calculator, or look at the fees alone with the stamp duty calculator.