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§ 17

Capital that gives customer revenue

How large should the loan be so the customer gets 2 million kroner paid out?

Answer: Customer needs a specific amount paid out, e.g. for a purchase price. A course-based real estate loan pays out the course value minus brokerage and course discount, and the mortgage deed costs registration fee on the principal. Therefore the principal must be larger than the proceeds. The calculator works backwards: what principal gives exactly that yield when the variable registration fee of 1.25% (effective from 1 January 2026) and fixed fees are paid from the loan.

Formula

Provenu = hovedstol × (kurs − kurtage og kursskæring) ÷ 100 − hovedstol × tinglysningssats − faste gebyrer

Hovedstol = (provenu + faste gebyrer) ÷ (kurs ÷ 100 − kurtage ÷ 100 − tinglysningssats)

Registry fee for mortgage deed: 1,825 kr + 1.25% of principal from 1 January 2026 (Registry Act § 5)

Gæld ud over provenuet = hovedstol − provenu

Symbols and units in the formula
SymbolMeaningUnit
provenuRevenue the customer should be paidkr
kursBond pricekurs
kurtage_pctBrokerage and course discount in total (course points)%
faste_omkFixed fees (loan case, settlement, fixed registration fee 1,825 kr)kr
tl_satsVariable registration fee (1.25 % in 2026)%
=Necessary principal amountkr
=Course value before costskr
=Variable registration feekr
=Brokerage and course discountkr
=Gaeld ud over provenuet (kurstab + omkostninger)kr

Validity and source

Source
Registry Act § 5 (1,825 kr + 1.25% from 1-1-2026, skat.dk) · institute price sheets

Does not apply when

  • The duty is actually rounded up to the nearest 100 kr, so the number may differ by up to 100 kr. When converting an existing loan, variable duty is only paid on the part that is greater than the old pledge (§ 5 a), so use the increase as the basis instead. Commission and exchange loss are stated in the institutes' price lists and vary.

Worked example

The calculator's own default values inserted. The figures are calculated with exactly the formula the tool uses.

Substituted

  • Revenue the customer should be paid2,000,000 kr
  • Bond price98.50 kurs
  • Brokerage and course discount in total (course points)0.45 %
  • Fixed fees (loan case, settlement, fixed registration fee 1,825 kr)5,000 kr
  • Variable registration fee (1.25 % in 2026)1.25 %

Giver

  • Necessary principal amount2,071,281 kr
  • Course value before costs2,040,212 kr
  • Variable registration fee25,891 kr
  • Brokerage and course discount9,321 kr
  • Gaeld ud over provenuet (kurstab + omkostninger)71,281 kr

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Sådan bruger du den

Når en kunde skal købe bolig, kender du det beløb, der skal betales til sælgeren. Lånet skal være så stort, at det efter kurs, kurtage, kursskæring og tinglysningsafgift giver netop det beløb. Beregneren regner baglæns fra provenu til hovedstol.

Step by step

  1. Find det beløb kunden skal have udbetalt.
  2. Find kursen på obligationen og institutets kurtage og kursskæring i prisbladet.
  3. Læg de faste gebyrer sammen, inkl. den faste tinglysningsafgift på 1.825 kr.
  4. Hovedstol = (provenu + faste gebyrer) ÷ (kurs ÷ 100 − kurtage ÷ 100 − 1,25 %).
  5. Tjek at hovedstolen holder sig inden for lånegrænsen.

Typical errors

  • At lade hovedstolen være lig provenuet. Så mangler kunden penge på overtagelsesdagen.
  • At regne tinglysningsafgiften af provenuet. Den regnes af hovedstolen.
  • At glemme at kursen kan ændre sig, før lånet udbetales. Aftal kurssikring, hvis kunden ikke kan tåle det.

Examples from everyday life

Køb af hus med fastforrentet lån

En kunde skal have 2 mio. kr udbetalt. Obligationen står i kurs 98,5, kurtage og kursskæring er 0,45 kurspoint, og gebyrerne er 5.000 kr i alt.

Revenue the customer should be paid
2,000,000 kr
Bond price
98.5 kurs
Brokerage and course discount in total (course points)
0.45 %
Fixed fees (loan case, settlement, fixed registration fee 1,825 kr)
5,000 kr
Variable registration fee (1.25 % in 2026)
1.25 %

It means: Hovedstolen skal være 2,071,281 kr. Tinglysningsafgiften er 25,891 kr, og kunden skylder 71,281 kr mere end det udbetalte beløb.

Variabelt lån tæt på kurs 100

En kunde vælger et lån med obligationer i kurs 99,8 og skal have 1,5 mio. kr udbetalt. Kurtage og kursskæring er 0,2 kurspoint, og gebyrerne er 4.000 kr.

Revenue the customer should be paid
1,500,000 kr
Bond price
99.8 kurs
Brokerage and course discount in total (course points)
0.2 %
Fixed fees (loan case, settlement, fixed registration fee 1,825 kr)
4,000 kr
Variable registration fee (1.25 % in 2026)
1.25 %

It means: Hovedstolen bliver 1,529,232 kr. Selv tæt på kurs 100 koster tinglysningen 19,115 kr.

Rule of thumb

Ved kurs 98,5 skal hovedstolen være ca. 3-4 % større end provenuet.

How to check the answer

Hovedstol × (kurs − kurtage) ÷ 100 − tinglysningsafgiften − de faste gebyrer skal give provenuet.