Mortgage Calculator

Simulate your monthly mortgage payment, total interest cost and check the year-by-year amortization schedule.

When should you use this calculator?

A mortgage is the most common long-term loan for buying property in Spain. Most lenders finance up to 80% of the appraisal value, so buyers must provide at least a 20% down payment, plus around 10-12% extra for purchase costs and taxes.

Legal context in Spain

Spain mainly offers two mortgage types: fixed-rate mortgages, where the payment stays the same throughout the loan, and variable-rate mortgages, usually linked to the Euribor plus a spread set by the bank. Mixed mortgages combine both systems over different periods.

The French amortization system, the most common in Spain, keeps a constant payment throughout the loan, although the proportion between principal and interest changes: early on, a larger share goes to interest, and over time the principal portion increases.

The LTV (Loan to Value) ratio measures the relationship between the loan amount and the property value. The lower the LTV, the better the terms a lender usually offers, since the risk to the bank is lower.

Frequently asked questions

How much down payment do I need for a mortgage?

Generally at least 20% of the property value as a down payment, plus 10-12% extra for costs and taxes.

Is a fixed or variable mortgage better?

A fixed mortgage offers payment stability; a variable one may be cheaper if the Euribor stays low, but carries more uncertainty.

How is the monthly payment calculated?

Using the French amortization system, which splits principal and interest into constant payments over the whole loan term.