Finance Calculators
Mortgage Calculator
Calculate your monthly mortgage payments including principal, interest, and the impact of your down payment. See how much home you can afford.
Formula Used
Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = loan amount (home price minus down payment), r = monthly interest rate, n = total months.
About This Calculator
What It Does
Calculate your monthly mortgage payment based on the home price, your down payment, the loan term, and the interest rate. See the loan amount, total interest, and total repayment over the life of the loan. This calculator covers principal and interest only — it does not include property taxes, homeowners insurance, HOA fees, or mortgage insurance (PMI). Use it to understand how your down payment size, loan term, and interest rate interact. A larger down payment means a smaller loan and less interest. A shorter term means higher payments but dramatically less total interest.
Worked Example
Example 1 — Standard: A 150,000€ home with 30,000€ down (20%) leaves a 120,000€ loan. Over 30 years at 3.0%: monthly payment ≈ 506€. Total interest ≈ 62,000€. Example 2 — Shorter term: Same 120,000€ loan at 3.0% but over 20 years: monthly payment ≈ 665€. Total interest ≈ 39,700€. Saving 22,300€ in interest. Example 3 — Larger down payment: A 150,000€ home with 45,000€ down (30%) leaves a 105,000€ loan at 3.0% over 30 years: monthly payment ≈ 443€. Total interest ≈ 54,300€.
Real-World Usage
Home buyers use this to determine their price range before starting their search. Compare fixed and variable rate scenarios. See how a 15-year vs 30-year term fits your budget. Real estate agents use it to illustrate affordability. Refinancing decisions: compare current loan terms against a new offer. Use it to plan — a larger down payment reduces not just your monthly payment but also the total interest by tens of thousands.
Local Context
Spanish mortgages are typically variable rate tied to EURIBOR plus a spread of 0.5-2%. The standard down payment is 20%. Fixed-rate mortgages have gained popularity since 2023, with rates around 3-4%. Closing costs (notary, registration, AJD tax) add 10-12%. Regional governments apply different AJD and ITP rates. The average mortgage term is 20-30 years.
Sources and Methodology
Mortgage estimates use standard amortization formulas plus configured country-specific assumptions for taxes, fees, insurance, or purchase costs where available. Check final affordability, fees, and eligibility with lenders and official housing, tax, or central bank sources for your jurisdiction.
Last reviewed: May 2026.
This is an estimate only and does not constitute a loan offer or commitment. Actual rates, terms, and payments depend on lender policies, credit score, property location, and other factors.
Frequently Asked Questions
How much down payment do I need in Spain?
A 20% down payment is standard for Spanish mortgages. You will also need an additional 10-12% for purchase costs including notary, registry, and AJD (document stamp tax).
What is better: fixed or variable rate in Spain?
Variable rates tied to EURIBOR are traditional in Spain, but fixed rates have gained popularity since 2023. Variable rates typically start lower but carry risk of increases.
Can I switch my mortgage to another bank in Spain?
Yes, subrogation is possible. Since 2019, fees for changing banks are regulated. Compare offers from different lenders before deciding.