Welcome to the Naked Agent's 'Spanish Mortgage Calculator'. This page is designed to help you work out your Spanish mortgage affordability as you venture down the road of buying a property in Spain. Use the tips learned in the Naked Agent's ebook and the tools on this page to help you:
- Work out your Spanish Monthly Mortgage Payments
- Calculate the total mortgage you can actually afford based on your 'Net Monthly Mortgage Budget'
- Ensure that your monthly mortgage repayment represents a comfortable amount of your Total Net Monthly Income
SPANISH MORTGAGE CALCULATOR
Simply follow the instructions below, fill in the relevant information & press calculate. You can adjust the interest rates, mortgage terms and amounts to suit your personal requirements. See the table & notes below for a live update of the Euribor interest rate and to determine what initial interest rate you should use for your calculations.
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*Figures are for indicative purposes only. Always consult your bank to get the exact figure.
The Euribor (Euro Interbank Offered Rate) is an interest rate based on the average interest rates at which a panel of Europe's main banks lend money to one another. The Euribor interest rates are calculated daily and made public at 11:00am CET. Many banks in Spain use the Euribor interest rates to determine their rates on products like mortgages, savings accounts and loans. Typically a bank will add its own margin over the Euribor and that is the rate given to the client e.g.: Euribor + 1%, or Euribor + 0.75%. The bank may opt to quote the euribor on a monthly, 3 month, 6 month or 12 month basis.
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For generic mortgage calculation purposes the Naked Agent recommends you use the 12 month Euribor + 1% (eg: if the 12 month Euribor is 4.5%, use 5.5% for your calculations). The actually rate will depend on which bank you are using, and what conditions they are willing to offer you but the banks margins are normally between 0.35% and 2% above the Euribor.
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