Fixed-rate mortgage
Calculate the payment of a fixed-rate mortgage, which doesn't change over the entire life of the loan no matter how much market interest rates rise or fall.
Results
Monthly payment
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Total paid
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Total interest
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LTV ratio (loan/value)
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The monthly payment is calculated with the French amortization system: payment = C · [ i (1+i)^n ] / [ (1+i)^n - 1 ], where C is the loan amount, i is the monthly interest rate and n the number of payments.
Outstanding balance over time
Amortization schedule
| Periodo | Cuota | Interés | Capital | Pendiente |
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When should you use this calculator?
This page is designed for anyone who's already decided they want a fixed-rate mortgage and wants to calculate their exact payment. The interest type is pre-selected as "Fixed"; enter the property price, down payment, term, and the rate your bank offers to see your payment.
Practical example
On a fixed-rate mortgage, the payment is calculated once when the loan is signed and never changes again: for €200,000 repaid over 25 years at a 3% fixed rate, the payment is €948.42 a month, every month, until the loan ends, regardless of what the reference rate does over those 25 years.
Practical tips
A fixed rate is usually somewhat higher than the initial rate of an equivalent variable mortgage, precisely because the bank takes on the risk that market rates will rise in the future. In exchange, you get complete certainty over your monthly payment for the entire life of the loan, with no surprises at the periodic reviews that variable mortgages do have.
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Frequently asked questions
What is a fixed-rate mortgage?
It's a mortgage where the interest rate (and therefore the monthly payment) is set when the loan is signed and doesn't change for its entire life, unlike a variable-rate mortgage, whose rate is periodically reviewed based on the reference rate.
Why is a fixed rate usually higher than the initial variable rate?
Because on a fixed mortgage the bank takes on the risk that market interest rates will rise in the future; that extra risk for the bank usually translates into a somewhat higher starting rate than a variable mortgage would have at signing.
Can I switch from a fixed to a variable mortgage later?
Yes, through a novation (changing the terms with the same bank) or a subrogation (switching banks), though both usually come with costs worth comparing against the potential savings before deciding.
Does a fixed-rate mortgage have an early repayment penalty?
It can, with legal caps in place (typically somewhat higher than on a variable mortgage during the first years), so it's worth checking the deed before prepaying a significant amount.