What does a 1 million loan cost

Borrowing one million kroner is in most cases just something you can do through your bank. You cannot borrow such a large amount online, which is why you need to prepare well for a conversation with your bank. As mentioned above, there are various factors that play a role in borrowing money. The same is true of course if you would like to borrow a million dollars through the bank.

Depending on what you have to borrow

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The prices of your loan will often differ. It is primarily a mortgage and a bank mortgage, which are your two options for taking out such a large loan. As a rule of thumb, it will cost you around 300-400 DKK per day. NOK 100,000 you borrow in the bank. This can be very fluctuating and right now you are getting a very low interest rate, which makes it far cheaper for you.

If you borrow with 0 years of repayment, it will cost you around DKK 3,500 to borrow money in the bank at an interest rate of 1%. This interest rate can fluctuate depending on the market and it makes it a little more uncertain for you. On the other hand, if you choose a fixed-rate loan, it will cost you around DKK 4,200 to borrow a million kroner in the bank.

Here you get an interest rate of around 2%

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Do you choose a loan with interest-free interest in eg. 10 years, your loan will be far cheaper to begin with. It can be an advantage if you are still a student or want to save up for a new kitchen in your new home.

This way, you should only start paying off your loan once your repayment period has expired. Until then, you only have to pay your interest rates and that makes your loan far cheaper. Here it is an advantage to have a chat with your bank and find out what is the best solution for you.

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