Spanish Mortgage Calculator
Calculate the monthly payment of a mortgage using the French amortization system, used by practically every bank in Spain. You'll also see the total interest you'll pay and what proportion that represents of the amount borrowed.
We don't ask for your details or call you: the calculation runs entirely in your browser.
The payment formula (French amortization)
P × i × (1+i)ⁿ ÷ [(1+i)ⁿ − 1]P = principal · i = monthly interest rate · n = number of paymentsThe monthly rate is the annual rate divided by 12. The payment stays constant, but early on you pay more interest and less principal.
Example
A €150,000 mortgage over 25 years at 3% annual interest gives a monthly payment of around €711. In total you'll repay close to €213,000, of which about €63,000 is interest — an extra 42% on top of the amount borrowed.
Frequently asked questions
What's the difference between TIN and TAE?
TIN is the pure interest rate of the loan. TAE (APR) also factors in fees, costs and how interest compounds, making it the figure that lets you compare offers realistically.
Fixed or variable rate?
A fixed rate keeps the payment constant for the whole term, in exchange for a somewhat higher starting rate. A variable rate is pegged to the Euríbor plus a margin and is reviewed periodically, so the payment can rise or fall.
How much of my income should the mortgage take up?
Spanish lenders typically use a rule of thumb that all your loan payments combined shouldn't exceed 30-35% of your net monthly income.
Is it worth paying off early?
The earlier you pay down principal, the more interest you save, because the interest portion of each payment is highest early in the loan. Check whether your mortgage deed includes an early repayment fee.
Is this different if I'm a non-resident buying property in Spain?
The calculation is the same, but non-resident applicants are usually offered a lower loan-to-value and asked for extra documentation. See our guide to mortgages for non-residents in Spain for the details.