Urgent Help - Choosing a Tamhil

[MockingJ]

Hi
Need help to figure out which "Tamhil" to take
As if the language is not the only barrier also the numbers are tough
Help highly appreciated

We are a couple with two kids
27K Shekel per month = Earnings (Net)
We got Mechir Lemishtaken a place that is worth 1233000 we must pay 1039475 for it.
In Naharia

We are putting a down payment of 11.5% ~120000 shek

The #1 Tamhil we got is
- Kavua Lo Tzmuda (Shpitzer) 294,000 - 3.63%
- Prime (keren al basis shpizer ) 486,000 - P+0.5% (2.1%)
- Ogen Tzamud Mishtane col 5 shanim (shpitzer) 100,000 - Z+3.50% (ribit shnatit 2.4%)
40,000 Maanak

Total 920,000

Monthly payments 3541


The #2 Tamhil we got (Down payment 104,000~)
- Kavua Lo Tzmuda (Shpitzer) 299,000 - 3.63%
- Prime (keren basis shpitzer) - 596,000 - P+0.7%
- 40,000 Maanak

Total 935,000
Monthly payments 3649


Can someone please let me know which option is better in the long term
Also would like to know what other banks offer in terms of %s cause I believe the Prime should not be so high even if I take 2/3 s of the mashkanta.

Both of these are from Bank Leumi.

 

[82little]

hope you can read Hebrew and read some earlier posts to learn more about the various possible Tamhilim and the rationale for
choosing each .
You should also get familiarized with a mortgage calculator and find out for each Tamhil how much you pay in total to the bank.

The monthly payment you mention here is too low , I think, given your monthly income so you should reconsider... perhaps you can pay more each month and thus save on the interests you pay to the bank.


Check the more "classic tamhil that is third prime for 30 years, third Mishtana every 5Y for 20 years and third Kalatz that is Kevua Lo Tzmuda. for 15 yrs max and below.
Compare the same Tamhil in a number of banks. not just Leumi.

If you feel not sure you can handle this perhaps consider getting help from a mortgage counselor., which is usually imho not needed...
good luck​

 

[MockingJ]

Do you have an excel calculator than can help me visualize the options I’ve been given?

@82little

 

[82little]

simply google for a mortgage calculator ... find one that gives you not only the monthly payment but the total interest you'd be paying
good luck