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Armenia mortgage calculator: payment, tax refund, rent or buy
The payment uses the annuity formula, as Armenian banks do. Since 2025 the income tax refund on mortgage interest has been cut sharply: in Yerevan, new loans qualify only for buildings whose construction permit was issued before 2022. The calculator applies this and the cap of 750,000 drams per quarter.
Data as of 23.10.2026.
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Worked example
| Down payment | 8,000,000 AMD |
| Loan amount | 32,000,000 AMD |
| Monthly payment | 374,904 AMD |
| Total paid to the bank | 89,977,015 AMD |
| Total interest over the term | 57,977,015 AMD |
| Tax refund in the first year | not eligible |
| Payment net of refund, monthly average | 374,904 AMD |
| Registration and notary duties (one-off) | ≈ 76,500 AMD |
Rent or buy: first year
| Rent for a year | 4,800,000 AMD |
| Cost of owning for a year: interest minus refund | 4,139,063 AMD |
| Part of the year’s payments repaying the loan | 359,788 AMD |
Repaying the loan is not a cost: that money stays yours as equity in the apartment. The fair comparison with rent is interest minus the refund. The estimate ignores price growth, repairs, property tax and what the down payment would earn on deposit.
The result is for reference. Where accuracy to the dram matters, check the sources below.
Mortgage rates of Armenian banks in drams
| Bank | Rate from |
|---|---|
| Ameriabank (23.10.2026) new builds; 61–360 months: 5.5% + base rate. Term, months: 60–360. Down payment from: 10%. | 12.9% |
| Ardshinbank (02.09.2026) bank funds up to 35M; via NMC 14.1–14.5%. Term, months: 120–240. Down payment from: 10%. | 12.7% |
| Acba (22.10.2026) range 8.5–14.5%; via NMC 12.8–14.5%. Term, months: 12–240. | 8.5% |
| Inecobank (21.10.2026) 13% for 3 years, 12.5% with salary at the bank, then floating. Term, months: 36–360. Down payment from: 20%. | 12.5% |
| Evocabank (04.09.2026) floating from 13.2%, fixed 14–15%; via NMC from 12%. Term, months: 60–240. Down payment from: 10%. | 13.2% |
| IDBank (23.10.2026) bank funds 12.25–14%; via NMC 13–16.5%. Term, months: 120–240. Down payment from: 0–10%. | 12.25% |
| Unibank (23.10.2026) new builds from 12.9%, classic from 13.3%. Term, months: ≤ 240. Down payment from: 10%. | 12.9% |
| Fast Bank (16.10.2026) 10% from developer, resale 20% in Yerevan; via NMC 13%. Term, months: 36–240. Down payment from: 10–30%. | 13.5% |
Rates were taken from the banks’ pages on 23.10.2026; the page update date is in brackets. These are floor rates: the bank sets the final rate by income, down payment and property. The CBA refinancing rate is 6.75% (since 15.09.2026). NMC is the National Mortgage Company: loans up to 35M with payments up to 45% of income, or up to 60M with payments up to 60%; the partner bank sets the rate.
Income tax refund on mortgage interest in 2026
- The refund is the income tax withheld from the borrower’s salary, up to the interest paid in the quarter. It is paid quarterly.
- Only homes bought from a developer or under a state housing programme, or building your own house. Resale does not qualify. Price up to 55M drams, a resident bank loan, one mortgage contract per borrower.
- For loans received from 01.01.2025 the cap is 750,000 drams per quarter for all borrowers together (previously 1.5M).
- Yerevan: loans received from 01.01.2025 get no refund in any zone, except buildings whose construction permit was issued before 01.01.2022.
- Aragatsotn, Ararat, Armavir, Kotayk: refund for loans received before 01.01.2027. Other provinces: before 01.01.2029. Border settlements on the Government list are exempt.
- It cannot be combined with the tuition fee refund.
How the payment is calculated
Monthly payment = loan × i ÷ (1 − (1 + i)^−n), where i is the annual rate ÷ 12 and n is the number of months. Early payments are mostly interest, later ones mostly principal. Quarterly refund = the smallest of: interest for the quarter, income tax on salary for the quarter (20% × 3 months), 750,000 drams.
One-off costs of buying
Registering ownership at the Cadastre: 25,000 drams fee plus 20,000 state duty. Registering the mortgage: 25,000 plus 1,000. Notary state duty: 5,000 for the sale contract and 500 for the mortgage contract. About 76,500 drams in total. On top of that the bank may charge for valuation, insurance and an issuance fee, and the notary has own tariffs: check with the bank.
FAQ
What is the mortgage payment on 40 million drams?
With a 20% down payment, 13% rate and a 20-year term the loan is 32 million drams, the payment is 374,904 AMD a month and total interest is 57,977,015 AMD.
Is income tax refunded on a mortgage in Yerevan in 2026?
For loans received from 1 January 2025 there is no refund in Yerevan, except for buildings whose construction permit was issued before 1 January 2022. In Aragatsotn, Ararat, Armavir and Kotayk the refund applies to loans received before 1 January 2027, in other provinces before 1 January 2029.
What is the maximum refund?
No more than the income tax withheld from your salary and no more than the interest for the quarter. Loans from 2025 have a combined cap of 750,000 drams per quarter for all borrowers.
Is a resale purchase eligible for the refund?
No. Only purchases from a developer, under a state housing programme or building your own house qualify, with a price up to 55 million drams.
What is the minimum down payment?
Most banks ask 10% for new builds; resale and some programmes require 20–30%. See the table above.
Sources
- Налоговый кодекс РА, ст. 160, редакция с 01.09.2026 (arlis.am) (checked 23.10.2026)
- Постановление Правительства РА 1321-Ն о порядке возврата (arlis.am) (checked 23.10.2026)
- Закон «О госрегистрации прав на имущество», ст. 73 (arlis.am) (checked 23.10.2026)
- Закон «О государственной пошлине» (arlis.am) (checked 23.10.2026)
- Национальная ипотечная компания: условия кредитов (checked 23.10.2026)
- Центральный банк РА: ставка рефинансирования (checked 23.10.2026)
- Кадастровый комитет РА: регистрация недвижимости (checked 23.10.2026)
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