Mortgage loans: how much can be paid in the first installment and how the inflation adjustment impacts

The return of mortgage credit reactivated the real estate marketbut the current scenario is no longer the same as a year ago. With higher rates, greater dispersion between banks and inflation still present, the cost of financing a home requires a finer analysis from the beginning.

During 2025 More than 44,000 loans were granted, according to the Tejido Urbano Foundation, in a context of strong recovery after years without financing. At the same time, credit to the private sector has accumulated 17 months of sustained growth, with monthly increases of 5.3% in real terms. However, the focus now is on how much it costs to enter and, above all, maintain the quota. Recently some banks lowered their rates.

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To measure that impact, A witness case allows us to organize the discussion: a property of US$100,000, with 75% financing for 20 years. From there, the differences between entities and the evolution by UVA mark the true cost reported by the real estate sector.

Mortgage loans: how much is paid in installments

The starting point changes significantly depending on the bank. Between entities with the most competitive rates (between 6% and 8%)the initial installments are located in:

• Banco Nación: $771,392.
• ICBC: $827,573.
• BBVA: $866,127.

TO As the rate rises, the fee escalates rapidly. In some cases, it exceeds a million pesos from the beginningwhich limits access even for upper-middle incomes.

The impact of inflation in six months

In UVA credits, the fee is not fixed. It adjusts for inflation, which introduces a key variable in the short term.

With an estimated projection of 2.5% monthly, the accumulated increase in half a year is around 15%. Under that assumption:

• Nation: from $771,392 to $894,000.
• ICBC: from $827,573 to $960,000.
• BBVA: from $866,127 to $1,004,000.

He jump implies adding between $120,000 and $140,000 in six months, a dynamic that requires projecting income and not just be left with the initial payment.

Strong differences between banks

The complete survey shows a highly heterogeneous market. For a credit of US$100,000, The first installments are:

• Nation: $776,653.
• ICBC: $827,653.
• BBVA: $866,127.
• Santander: $1,007,417.
• City: $1,035,526.
• Banco del Sol: $972,749.
• Brubank: $1,188,171.
• Comafi: $1,078,292.
• Mortgage: $1,332,790.
• Patagonia: $1,340,553.
• Supervielle: $1,418,939.
• Macro: $1,418,939.
• Galicia: $1,418,939.
• Credicoop: $1,225,674.

The The gap between extremes greatly exceeds one million pesos per month. The rate and customer profile explain most of that difference.

Andres Salinaseconomist and professor at the University of La Matanza, stated that Banco Nación continues to function as a reference for the systemeven with recent adjustments. He further noted that, “As long as there is demand, banks do not have strong incentives to lower rates. The market ends up validating the current values.”

At a technical level, all UVA credits operate under the French system. This implies that in the first years, mostly interest is paid, with a slower capital amortization..

Fernando Alvarez de Celisexecutive director of the Urban Tejido Foundation, observed that the challenge went from reactivating to sustaining. Credit once again energized operationsbut with more demanding conditions. In that framework, The quota-income relationship and salary evolution become decisive to avoid mismatches over time.

Federico González Roucoan expert economist in Real Estate and from Empiria Consultora, provided a structural vision. He noted that “The UVA system maintains low delinquencies, around 1%which confirms its operation, although the current context cools demand.”

He also highlighted a positive change: several banks adjusted rates below 9%improving the offer compared to previous months.

As a reference, González Rouco indicated that Below 6%, credit is attractive, while around 12% loses viability. for much of the income.

Monotributistas: lower rates and new access

The independent segment showed one of the most relevant changes. BBVA reduced its rate to 7.5% + UVA, from levels close to 17%.

The impact is direct on the quota. For a property of US$100,000 at 30 years:

• Before: more than $1,100,000.
• Now: about $560,000.

Even so, The conditions continue to be more demanding than for employees in a dependency relationship.

Usual requirements:

• Minimum age of 2 years.
• Verifiable income.
• Possibility of adding income.
• Financing of up to 80%.

Key variables before deciding

In a high dispersion scenario, the analysis must be comprehensive. Among the points to evaluate:

• Annual effective rate (TEA).
• Total financial cost (CFT).
• Fee-income relationship.
• Income evolution.
• Cancellation conditions.

He UVA adjustment forces us to project scenarios and not stay with the initial photo.

Beyond the first installment

Mortgage credit once again became a central tool to access housing, but with greater complexity. The Startup fee defines income, but does not guarantee sustainability. With moderate inflation, the system is predictable. If it accelerates, the weight of the quota increases on disposable income.

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Lisandro Cuelloreal estate market expert, focused on comparing alternatives and analyzing the real cost of financing above the nominal rate. And he concluded: “The market will continue with gradual adjustments and opportunities will depend on the capacity of each buyer to analyze the conditions in detail and choose the most appropriate credit.”