Mortgage comparison: which bank offers the lowest monthly payment in Chile
Mortgage comparison with CMF data: on a UF 3,000 loan over 20 years, the monthly payment ranges from CLP 785,549 to CLP 847,881 depending on the bank. The table at 15, 20, 25 and 30 years.
· 4 min read
This mortgage comparison shows what each bank offers, using official data from the Financial Market Commission (CMF). On a UF 3,000 loan over 20 years, the monthly payment with insurance ranges from CLP 785,549 to CLP 847,881 depending on the institution: a difference of CLP 62,332 a month, which adds up to about CLP 15 million over the life of the loan. We reviewed the offers of 10 banks and credit unions at 15, 20, 25 and 30 years.
CLP 785,549
Lowest payment
Santander, with insurance
CLP 847,881
Highest payment
Itaú, with insurance
CLP 62,332
Difference
a month
Source: CMF, mortgage simulator, UF 3,000 loan over 20 years, queried on November 6, 2026
View the data as a table
| Lowest payment | CLP 785,549 | Santander, with insurance |
| Highest payment | CLP 847,881 | Itaú, with insurance |
| Difference | CLP 62,332 | a month |
How we built this mortgage comparison
The data come from the CMF mortgage simulator, which shows the conditions the banks themselves report. We queried it on November 6, 2026, with that day's UF (CLP 41,279.51), for a UF 3,000 loan over 15, 20, 25 and 30 years.
To make offers comparable, the CMF uses a standard product:
- a non-endorsable, fixed-rate mortgage loan in UF, the most common type;
- a loan equal to 75% of the property value, for a property in Santiago;
- a payment that includes life (desgravamen) and fire insurance (Santander only reports fire insurance with earthquake cover);
- standard fees, with no discounts for agreements, promotions or holding other products with the bank.
The simulator does not include stamp tax or registration with the Property Registry. The CMF warns that the rates are for reference and are not a credit assessment.
20-year loan: the full table
| Bank | Rate | CAE | Payment with insurance | Data updated |
|---|---|---|---|---|
| Santander | 4.00% | 4.62% | CLP 785,549 | 08-28-2026 |
| BancoEstado | 4.55% | 4.83% | CLP 797,520 | 02-06-2026 |
| Banco Internacional | 4.68% | 5.02% | CLP 808,666 | 06-04-2026 |
| BCI | 4.94% | 5.02% | CLP 809,904 | 11-05-2026 |
| Bice | 4.90% | 5.06% | CLP 811,968 | 10-28-2025 |
| Coopeuch | 4.80% | 5.07% | CLP 811,555 | 11-03-2026 |
| Banco de Chile | 4.78% | 5.10% | CLP 813,206 | 10-30-2026 |
| Banco Falabella | 4.68% | 5.17% | CLP 816,509 | 12-30-2024 |
| Scotiabank | 4.73% | 5.50% | CLP 842,515 | 10-15-2026 |
| Itaú | 5.02% | 5.58% | CLP 847,881 | 10-09-2026 |
The last column matters: each bank updates its CMF information whenever it chooses. Banco Falabella's figures are from December 2024 and Bice's from October 2025, so they may not reflect today's offer. Before deciding, ask for an updated quote.
What the mortgage comparison shows
Santander has the lowest offer at every term
At all four terms we checked, Santander reports the lowest rate, CAE and payment: a rate between 3.86% and 4.00% and a CAE between 4.52% and 4.62%. BancoEstado comes second at every term, with a 4.55% rate.
| Term | Lowest payment | Highest payment | Monthly difference | Institutions with an offer |
|---|---|---|---|---|
| 15 years | CLP 942,824 (Santander) | CLP 1,004,743 (Itaú) | CLP 61,919 | 10 |
| 20 years | CLP 785,549 (Santander) | CLP 847,881 (Itaú) | CLP 62,332 | 10 |
| 25 years | CLP 686,891 (Santander) | CLP 757,479 (Itaú) | CLP 70,588 | 9 |
| 30 years | CLP 623,733 (Santander) | CLP 701,752 (Itaú) | CLP 78,019 | 6 |
The rate does not tell the whole story
Banco Falabella and Banco Internacional report the same 20-year rate (4.68%), but Banco Falabella's CAE is 5.17% and Banco Internacional's is 5.02%. Scotiabank has a 4.73% rate, lower than BCI's (4.94%), but its CAE is much higher: 5.50% versus 5.02%. The difference lies in insurance and fees. That is why the CMF ranks offers by CAE.
The longer the term, the fewer the options
At 25 years, Scotiabank no longer appears in the simulator. At 30 years, only 6 institutions report an offer: Santander, BancoEstado, BCI, Coopeuch, Banco Falabella and Itaú. Stretching the term also lowers the payment but raises the total you pay: at Santander, going from 20 to 30 years cuts the payment by CLP 161,816 a month but adds about CLP 36 million over the life of the loan, at today's UF.
Compare your own offers
The CMF rates are standard. The bank may offer you a different rate depending on your income, down payment and track record. Once you have real quotes, enter them in our simulator: you can edit the down payment, term, rate and insurance for up to 4 offers and see them side by side, with the payment, the interest and the total you would pay.
If you want to understand why offers change, see how mortgage interest rates in Chile have moved and the steps to apply for a mortgage. And if you are still unsure, we explain whether it is better to rent or buy.
What it means for you
- Use a mortgage comparison before you sign. The gap between the cheapest and the most expensive bank exceeds CLP 60,000 a month at every term we checked.
- Look at the CAE and the date of the data. The CAE includes insurance and fees, and some banks have not updated their CMF information in over a year.
- Negotiate with the quote in hand. If one bank offers you less, you can ask yours to improve its offer. If you are buying a new home, also check the rate subsidy. This article is for information only and is not financial advice.
Sources
- CMF, mortgage simulator (queried on November 6, 2026, UF 3,000 loan over 15, 20, 25 and 30 years)
- CMF Educa, how to compare mortgage options
- Official websites of Santander, BancoEstado, Banco Internacional, BCI, Bice, Coopeuch, Banco de Chile, Banco Falabella, Scotiabank and Itaú
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