Norway Mortgage Calculator

This mortgage calculator works out what a home loan in Norway costs each month and in total, for annuity and serial loans, including fees, extra payments and the tax relief on interest. The example interest rate is 5.31%, the average Statistics Norway (SSB) reported for new floating-rate mortgages in august 2026. It is only a starting point: replace it with the rate your bank offers you.

How a Norwegian mortgage works

A home loan (boliglån) is a repayment loan secured on the property. With every instalment (termin) you pay interest on the outstanding debt plus a repayment of principal (avdrag). The loan is the purchase price minus your equity (egenkapital), and under section 7 of the Lending Regulations it can be at most 90%of the home's value. That means you need at least 10% in your own money, and buying costs such as 2.5% stamp duty (dokumentavgift) on freehold homes come on top. The cost of buying a home in Norway page adds up all the one-off costs.

Worked example

You buy a home for NOK 4,000,000 with NOK 800,000 of equity, so you borrow NOK 3,200,000, a loan-to-value ratio of 80%. At 5.31% over 25 years as an annuity loan, the payment is NOK 19,289 a month and you pay NOK 2,586,811 in interest over the life of the loan. With tax relief at 22%, worth NOK 569,098, the net cost of the interest is NOK 2,017,712. In the first year NOK 168,400 goes to interest and only NOK 63,073 to repaying the principal.

Repayment plan for the example loan

Annuity loan or serial loan

Most Norwegian home loans are annuity loans: the payment is the same every month, but early on most of it is interest. With a serial loan you repay the same amount of principal each time, so the payment is highest at the start and falls over time. On the example loan the serial loan starts at NOK 24,827 and ends at NOK 10,714, while the annuity loan stays at NOK 19,289. The serial loan costs NOK 2,131,080 in interest, which is NOK 455,731 less than the annuity loan.

Effective rate and fees

Banks must state the effective interest rate (effektiv rente) when they market or offer a loan. It includes set-up and monthly fees, so it is the right number for comparing offers. In the example, fees of NOK 2,500 at set-up and NOK 50 a month lift the effective rate from 5.44% to 5.48%. The comparison site Finansportalen shows banks' rates and fees side by side (in Norwegian).

Floating or fixed rate

With a floating rate (flytende rente) the bank can change the rate, usually after the central bank changes its policy rate. With a fixed rate (fastrente) the rate is locked for a period such as three, five or ten years. In august 2026 the average on new repayment loans was 5.31% floating and 5.35% with a fixing period over three months (SSB). The table shows what a change in the rate does to the example loan.

A rise of two percentage points adds NOK 3,964 to the monthly payment. Negotiating the rate down by half a percentage point would save NOK 280,502 in interest over the term.

Monthly payment at different loan sizes

Annuity loan at 5.31% nominal interest, no fees.

Extra payments and interest-only periods

Every extra krone goes straight to principal and cuts interest for the rest of the term. Paying NOK 2,000 extra a month on the example loan clears it 4 years and 4 months early and saves about NOK 511,832. The opposite is an interest-only period (avdragsfrihet). For loans above 60%of the home's value, section 9 requires yearly repayments of at least the lower of 2.5% of the loan and the repayment on a 30-year annuity loan, so interest-only periods are mainly for borrowers with a lot of equity or those who hit a temporary rough patch.

What this calculator does not cover

It does not know which loan a specific bank will offer you or at what rate. The tax relief assumes you are taxed in Norway, and the tax value shown is the 22% rate on ordinary income. To check whether you qualify for the loan, use How much can I borrow for a mortgage in Norway.