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simulating a variable-rate mortgage, so the estimated payment starts from a real, up-to-date reference instead of an outdated fixed value.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.
What's the difference between Euribor and other reference rates?
IRPH (now banned for new Spanish mortgages), CECA and MIBOR were Spanish alternatives; Euribor is now the standard reference for the vast majority of new variable-rate mortgages in Spain and the eurozone.
Can the Euribor be negative?
Yes - it was negative for most of 2016-2022. A negative Euribor makes your payment lower, since it partially offsets the fixed spread the bank adds on top.
Can my mortgage have a minimum rate (a "floor clause")?
Some older mortgages include a floor clause: the rate can't drop below a set percentage even if Euribor falls further. It protects the bank but caps how much you benefit if Euribor drops. Many floor clauses were later ruled abusive and removed in Spain.
Can I switch from a variable to a fixed rate?
Yes, either by renegotiating with your current bank or switching to another one; it usually costs a few hundred euros in paperwork, in exchange for a predictable payment regardless of where Euribor goes.
How can I estimate my future payments?
You can't know the future Euribor for certain, so the safest approach is to simulate a few scenarios - what happens if it rises 1 or 2 points from today's value - rather than assuming it will stay where it is.
Is the Euribor currently rising or falling?
It changes daily based on European Central Bank policy and market expectations, so any fixed number quickly goes out of date - check a live source, like the current 12-month Euribor value shown on this page, rather than a number from an old article.
How can I protect myself from Euribor rising?
Two common approaches: keep paying the variable rate but put extra savings toward early repayment to shrink the principal, or switch to a fixed rate while Euribor is still relatively low.