Euribor
Euribor is the interest rate at which European banks lend each other money, and it's the most common reference rate used to calculate variable-rate mortgage payments in Spain.
Euribor (Euro Interbank Offered Rate) is the average interest rate at which a panel of European banks lend each other money at different terms; the most widely quoted in Spain is the 12-month Euribor, published daily and used as the reference index in most variable-rate mortgages. A variable mortgage payment is calculated by adding a fixed spread agreed with the bank to the Euribor (for example, Euribor + 0.99%), and that sum is reviewed periodically (usually every 6 or 12 months) based on the Euribor value at that time.
Our mortgage calculator uses the live 12-month Euribor value (sourced from the Bank of Spain) as the starting point when simulating a variable-rate mortgage, so the estimated payment starts from a real, up-to-date reference instead of an outdated fixed value.
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Frequently asked questions
What is the 12-month Euribor?
It's the interbank interest rate most commonly used as a reference in Spanish variable-rate mortgages: it's published daily and reflects the average cost at which European banks lend each other money for one year.
How is a variable mortgage payment calculated from Euribor?
The Euribor value at the review date is added to the fixed spread agreed with the bank (Euribor + spread), and that resulting rate is used to recalculate the payment for the outstanding principal and remaining term.
How often does a variable mortgage rate change?
It depends on what's agreed in the mortgage deed, but the usual review period in Spain is every 6 or 12 months, using the Euribor value in effect on the review date.