Compare home loans: administration margins and fees at mortgage lenders and banks

A mortgage loan (realkreditlån) also costs an administration margin (bidragssats), a settlement commission (afregningsprovision), a price deduction (kursfradrag) and various fees. The bank can add its own fees on top. And the state charges a land registration fee (tinglysningsafgift).

It is a bit like comparing two plane tickets on the base fare and only discovering the baggage, seat selection and card fee at checkout. The base fare matters. So does everything else.

Here the prices are set out so you can see what you are actually comparing.

In brief

The price of a home loan typically consists of:

1. Interest
2. Administration margin or interest margin
3. One-off fees at the mortgage credit institution (realkreditinstitut)
4. The bank's own fees
5. Land registration fee
6. Any costs for price hedging (kurssikring), guarantees and later changes

The administration margin is an ongoing payment that is normally calculated on the outstanding debt (restgæld). The rate depends on, among other things, how large a share of the home's value you borrow, which loan type you choose, and whether the loan includes repayments (afdrag).^[1]

The lowest rate in one column is not automatically the cheapest loan overall. Bond price, interest rate, discounts, bank fees and terms can shift the calculation.

All rates below are annual rates before tax. Always compare a specific offer with the same loan amount, term, loan type and repayment profile.

Administration margins at the four mortgage credit institutions

The tables show new loans for a year-round home (helårsbolig) with repayments. We have chosen fixed-rate loans and the institutions' short variable-rate loans, because they are easier to set side by side than four entirely different product families.

Totalkredit's rates are shown before KundeKroner (its customer discount scheme). According to the price list, qualifying customers can get a discount of 0,25 percentage points until 31 December 2029. The discount is a separate condition and must be clearly stated in your offer.^[2]

Short variable rate with repayments

Here we compare F-kort at Totalkredit, FlexKort at Realkredit Danmark, Kort Rente at Nordea Kredit and Jyske Frihed at Jyske Realkredit. These are the institutions' product names for short-term variable-rate loans.

Nordea Kredit does not offer F1 (a loan whose rate is reset every year) as a new loan. The F1 rate is only used when refinancing certain existing adjustable-rate mortgages (rentetilpasningslån).^[4] Nykredit is not included, because new Nykredit loans are arranged through Totalkredit.

What do the loan-to-value bands mean?

If the home is valued at 3.000.000 kr. and you borrow 2.400.000 kr. as a mortgage loan, the loan-to-value ratio, LTV (belåningsgrad) is 80 per cent.

The loan is not priced at the rate from the most expensive row on the whole amount. It is split up:

The overall average rate for the whole loan is called the weighted rate. Totalkredit and Realkredit Danmark state it themselves. For Nordea Kredit and Jyske Realkredit, BoligKlar has calculated it from the rates in each band.

Worked example of the administration margin

For a mortgage loan of 2.400.000 kr. at 80 per cent LTV, the simplified administration margin in the first year looks like this before tax:

The administration margin typically falls in kroner as the outstanding debt gets smaller, but the rate and terms can change.

Holiday homes have different bands

A holiday home (fritidshus) can as a rule be financed with a mortgage loan up to 75 per cent. The institutions do not necessarily split the 75 per cent in the same way.

This means you should not copy a rate from a year-round home or compare row by row without looking at the weighted rate for the whole loan. Use the holiday home table in the relevant price list.

An interest-only period costs most at the top of the loan

An interest-only period (afdragsfrihed) gives you a lower payment here and now, because you are not repaying in the same way. On the other hand, the administration margin is often higher, especially on the part of the loan above 60 per cent of the home's value.

The table shows the total rate in the 60-80 per cent band for a year-round home. Jyske Realkredit publishes total rates with and without repayments. The other institutions show a base rate and a surcharge, which have been added together here.

That is why a lower monthly payment is not the same as a lower price. You postpone repayment, keep a higher outstanding debt and may at the same time pay more in administration margin.

One-off fees at the mortgage credit institution

The administration margin runs throughout the life of the loan. The fees are typically charged when the loan is set up.

A price deduction of 0,2 price points corresponds, in simplified terms, to 2.000 kr. per million borrowed. A deduction of 0,25 price points corresponds to 2.500 kr. per million borrowed. The actual calculation is made on the market value and according to the institution's terms.

The bank can add its own fees on top

The mortgage credit institution's price list is not necessarily the whole bill. The bank or loan broker can also charge for, among other things:

• Case processing
• Setting up the bank loan
• Guarantee to the seller
• Land registration and document handling
• Valuation
• Price hedging

Totalkredit states directly that the loan broker may have other or additional costs.^[2]

Banks' price lists are structured differently. Some use a fixed package price. Others charge a base fee plus a percentage of the loan. Some give discounts to certain customer groups. That is why we show a range rather than one common fee.

Ask the bank for one combined overview where each item appears once. If the mortgage credit institution's loan processing fee is already included, it should not be added on top again. See more questions in the guide on the bank meeting.

Land registration in 2026

When a new mortgage on real property is registered, the state's fee is:

• 1.825 kr. as a fixed fee
• 1,25 per cent of the secured amount

The variable fee was reduced from 1,45 per cent to 1,25 per cent from 1 January 2026.^[7]

The percentage fee is rounded up to the nearest whole 100 kr. If previously registered mortgages on the property can be reused, the basis for the fee can be smaller. That is why you need to know both the new mortgage and any existing mortgage that can be transferred.^[8]

Example of a new mortgage

New mortgage: 2.400.000 kr. 1,25 per cent of 2.400.000 kr. is 30.000 kr. Add the fixed fee of 1.825 kr. The total land registration fee comes to 31.825 kr. if no previously registered mortgage can be reused.

When registering a deed (skøde), the fee is as a rule 1.850 kr. plus 0,6 per cent of the basis for the fee. The deed and the mortgage are two different fees and must be kept apart.^[9] Read more in the guide on completion, deed and land registration.

How to compare two loan offers

Step 1: Make the offers comparable

Use the same:

• Net proceeds
• Term
• Repayment profile
• Loan type
• Payout date
• Tax assumptions

Step 2: Break the price down

Put interest, administration margin, mortgage fees, bank fees and land registration on separate rows. That way you spot more quickly if the same item appears in two places.

Step 3: Look at both kroner and rates

A difference of 0,2 percentage points in administration margin corresponds to 2.000 kr. a year per million borrowed, before tax and before the outstanding debt falls.

Step 4: Check the discounts

Ask what conditions must be met, how long the discount applies, and what the price is without the discount. KundeKroner is an obvious example.

Step 5: Compare APR on the same basis

APR (ÅOP) is most useful when the loans have the same amount and term.^[10] Two different loan types can still carry different interest rate and bond price risk, even if one offer has a lower APR.

Step 6: Look at the whole life of the loan

Also read about redemption, remortgaging, extra repayments and changes to the interest-only period. A loan can be cheap to set up and expensive to change.

You can work out the monthly payment in the monthly payment calculator. When the BoligKlar app opens, the loan offer check (Lånetilbudstjekket) will gather the figures from the offer for you. Also read the guide Understand your loan offer to see interest rate, APR, bond price and outstanding debt in context.

Common pitfalls

You compare administration margins without looking at the bond price

A low administration margin can be offset by a worse bond price (kurs), a different interest rate or higher fees. Compare the whole financing.

You deduct a discount without reading the conditions

A discount can be time-limited or require a specific product or customer relationship. Always show the price before and after the discount.

You mix up bank loans and mortgage loans

A bank loan (banklån) normally has no mortgage administration margin. Instead it can have an individual interest rate, interest margins and other fees. Read about the difference between mortgage loans and bank loans.

You count the same fee twice

The bank's combined cost overview can include payments that are passed on to the mortgage credit institution or the state. Ask for the items to be broken down.

You choose based on the first year's payment alone

An interest-only period and a variable rate can make the first payment lower. Also look at the outstanding debt, the payment after the interest-only period and a higher interest rate. Read more in the guide on fixed or variable rate.

How we did it

We have compared public price lists from Totalkredit, Realkredit Danmark, Nordea Kredit and Jyske Realkredit and the price lists of 39 banks and savings banks. The rates are broken down by property type, loan-to-value band, loan type and repayments. We only use what the institutions and banks have published themselves.

We have kept these items separate:

1. Ongoing administration margin
2. The mortgage credit institution's one-off fees
3. The bank's own fees
4. The state's land registration fees

The prices were checked on 24 September 2026, and we review the price lists again at most once a month. Always check the date on the price list and the specific offer. This guide gives an overview and a method for comparing. The bank and the mortgage credit institution set your specific prices and terms.

Summary

Do not compare home loans on the interest rate alone. Put these five lines side by side:

1. Interest rate and bond price
2. Administration margin
3. The mortgage credit institution's fees
4. The bank's fees
5. Land registration

Use the same loan amount, term and repayment profile. Check the discounts. Also look at the outstanding debt and redemption.

When the figures are laid out separately, it becomes much easier to see what you are actually paying for.

Frequently asked questions