Monthly payment, true cost (annual percentage rate (GSVT)), fixed or variable rate risk and how much you can afford, with the rules that apply in North Macedonia.
Quick answerIn North Macedonia, a mortgage of 3,075,000 MKD over 25 years at 4% costs about 16,230.98 MKD per month. You pay 1,794,295 MKD in interest over the term. Always compare offers by the annual percentage rate (GSVT), not only by the interest rate.
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PrincipalInterestFees
If the interest rate rises
Repayment by year
Popular questions
How much will my monthly loan payment be in North Macedonia?
For a mortgage of 3,075,000 MKD over 25 years at 4%, the monthly payment is about 16,230.98 MKD. Change the amount, term and rate in the calculator above to see your own payment.
What is the annual percentage rate (GSVT) and why is it higher than the interest rate?
The annual percentage rate (GSVT) includes fees and required costs on top of interest. In our example with typical fees the annual percentage rate (GSVT) is 4.17% while the nominal rate is 4%. Compare loans by the annual percentage rate (GSVT) and by the total amount you repay.
Fixed or variable rate: which is better in North Macedonia?
Variable loans in North Macedonia follow SKIBOR for denar loans, about 4.79% for 6 months, or Euribor for euro-linked loans. With a euro clause the exchange rate is fixed by policy, so the main risk is the reference rate. If rates rose by 2 points, the payment in our example would go up to 19,812.27 MKD. A fixed rate protects you from that risk, a variable rate can be cheaper when rates fall.
How much can I borrow in North Macedonia?
From December 2026 the National Bank limits total loan payments to 45% of net income for housing loans and 40% for consumer loans. Banks usually lend up to 75% to 80% of the property value, for up to 25 years.
Loans in North Macedonia right now
In North Macedonia the total yearly cost of a loan is shown as the annual percentage rate of total costs, GSVT (godishna stapka na vkupni troshoci). Many housing loans are in denars with a euro clause. Variable rates follow SKIBOR or Euribor, and the National Bank sets limits on how much of your income can go to loan payments.
The average interest rate on household loans is about 4.73% in 2026. Housing loans start at about 3.5% to 4.5%.
The 6 month SKIBOR is about 4.79%.
From December 2026 the National Bank limits payments to 45% of net income for housing loans and 40% for consumer loans.
Housing loans can last up to 25 years. Banks usually lend up to 75% to 80% of the property value.
Understand your loan before you sign
1
What the annual percentage rate (GSVT) tells you
The nominal interest rate only covers interest. The annual percentage rate (GSVT) adds the fees and costs you must pay to get the loan, such as processing fees, account fees and required insurance, and turns everything into one yearly percentage. Two loans with the same interest rate can have very different annual percentage rate (GSVT). When you compare offers for the same amount and term, the lower annual percentage rate (GSVT) is usually the cheaper loan.
2
Fixed or variable rate
A fixed rate keeps your payment the same for an agreed period, so you know exactly what you pay. A variable rate is a reference rate (for example Euribor) plus the bank's margin. It is often lower at the start, but your payment rises when the reference rate rises. Use the stress test above to see your payment if rates go up by 1, 2 or 3 points, and only choose variable if you could still pay that.
3
Equal payments or equal principal
With equal payments (annuity) the monthly amount stays the same, and at the start most of it is interest. With equal principal the first payments are higher but fall every month, and you pay less interest in total. Switch the repayment option in the calculator to see the difference.
4
The full cost of borrowing
Look beyond the monthly payment. Add up interest, upfront fees, monthly account and insurance costs, valuation and notary costs. A longer term lowers the payment but increases the total interest a lot. The line "cost per 100 borrowed" shows how much you pay for every 100 you borrow.
5
Early repayment
Paying off part of the loan early saves interest. Many countries limit what banks may charge for it, and variable-rate loans can often be repaid without a fee. Read the early repayment clause before you sign.
Checklist before you sign
Compare at least three offers for the same amount and term.
Compare the annual percentage rate (GSVT) and the total amount to repay, not only the interest rate.
Check what happens to a variable rate if the reference rate rises by 2 to 3 points.
Keep your monthly payments well below the affordability limit and keep savings for emergencies.
Ask which insurance is mandatory and how much it costs.
Read the early repayment terms and any fees for changing the loan.
Example payments
Typical mortgage at today's average rate, equal monthly payments, without fees. Interest rate: 4%.
Amount
Term (years)
Monthly payment
Total interest
1,500,000 MKD
15
11,095.32 MKD
497,157 MKD
3,075,000 MKD
25
16,230.98 MKD
1,794,295 MKD
4,500,000 MKD
25
23,752.66 MKD
2,625,797 MKD
Frequently asked questions
Can I repay my loan early in North Macedonia?
Yes. Consumer loans can be repaid early. On fixed-rate loans the fee is capped at 1% of the repaid amount, and variable-rate loans can usually be repaid without a fee.
What interest rates are typical in North Macedonia right now?
In October 2026 the average household loan rate in North Macedonia is about 4.73%. Housing loans start at about 3.5% to 4.5%, consumer loans usually cost 6% to 8%, and the GSVT is often clearly higher because of fees.
Is this an official loan offer?
No. It is an educational calculator. Your bank sets the final rate and costs. Use the results to understand and compare offers, and ask for the official pre-contract information before signing.
Sources and disclaimer
This page is educational. Rates are examples based on central bank statistics and published offers in October 2026, and your bank will price your loan individually. Always compare the official offer document (ESIS or standard information form) before you sign.