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Your ultimate Spanish mortgage calculator: What is the cost of your Spanish Mortgage?

01 Jan
Your mortgage calculator
5/5 - (4 votes)


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Let’s check what are your Mortgage costs for your property


In order to help you with your purchase in Spain, we added a Mortgage pricer to help you check your financial power.

It will give you your monthly payments for your mortgage, a table of all your monthly payments, a chart of the evolution of your monthly payments

Of course, you may adjust the calculations with your own data, you can reverse as well some calculation… Don’t hesitate to use it!

Before we jump to a first example, we thought it would be useful to give you a summary table of your fixed monthly payments for your mortgage depending on:

  1. the interest rates (fixed rates of course)
  2. the length of the mortgage


Summary table of your monthly reimbursements for a Mortgage of €100.000

10 Year
12 Year
14 Year
16 Year
18 Year
20 Year
Rates120 months144 months168 months192 months216 months240 months

Starting from this table and if you are in a hurry, it is easy to estimate any mortgage repayment for any amount and any period between 10 and 20 years, adjust accordingly the numbers.



If you want to go into the details, here is a calculation example we did for a €100.000 mortgage:

As you will see, if you take a mortgage of €100.000 on 10-year with a rate of 3.5%, your monthly payment to reimburse your mortgage will be €989.


CLICK either “Calc” or “Payment Schedule” or “Charts” at the bottom of the pricer.


Enter a "0" (zero) for one unknown value above.

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Here is the data we took for this mortgage:

  • Down Payment: in per cent of the property cost, here we took 50%: this means you are bringing €100.000 of your own money
  • Amount of Loan: €100.000, it is calculated but as you guessed, in this case, it is the Property cost €200.000 minus the Down Payment €100.000
  • Number of Payments? (#): is the number of months you intend to take to reimburse your mortgage, #120
  • Annual Interest Rate?: This is the rate we took: 3.5% for a 10 year mortgage. Check the current mortgage financing conditions in our paper: “The best mortgage rates in Spain in 2020“. Don’t forget that rates are higher for foreigners.
  • Points?: This is the upfront charge for the mortgage, we took 1%
  • Annual Property Taxes?: We took €300
  • Annual Insurance?: We took €150
  • Private Mortgage Ins. (PMI)?: We took 0% (this is mostly done in the US)
  • Payment Method?: You can choose if you pay at the start of at the end of the month, we took the latest.
  • Monthly Payment Amount: The monthly amount you will pay to reimburse the mortgage €988.86
  • Down Payment Amount: The amount you will pay yourself to buy the property.€100.000
  • Total Interest: The total amount you will reimburse during the life of the mortgage. €18.663.19


In your Schedule of payments, you will find all the information with some details as:

  • PMIprivate mortgage insurance. Could be required if your loan to value (LTV) is more than 80%. That is, your down payment frequently needs to be 20% or more to avoid PMI.
  • Property Taxes — are included in the escrow column on the schedule. Please be sure to enter an annual amount in the calculator.
  • Casualty Insurance — is also included in the escrow column on the mortgage schedule. Again, enter an annual amount.
  • Points — calculated on the loan amount, they are reported in the first row of the schedule.

All the above are optional. That is, you may set them to 0.


You can run this simulator to know your monthly payments:

  1. Click clear and enter values for:
    • Loan Amount
    • Number of Payments
    • Annual Interest Rate
  2. Leave “Payment Amount (P & I only)” set to 0.
  3. Click either “Calc” or “Payment Schedule” or “Charts” to see the monthly evolution of your mortgage or “Clear” to input your own data


You can use this calculator to answer such questions as:

  • How much mortgage can I afford?

Most of the time, banks will give you a mortgage with a monthly reimbursement of maximum 33% of your net income, check our earlier paper “Your definitive guide to your Spanish mortgage” for more on that.

  • What is the mortgage payment?

The pricer allows you to have a detailed payment schedule.

  • How much money do I need to buy a house?

In general, a quick guess is at least 50% of the value of the property, check the explanation of the calculation for the down payment.

  • What is the down payment on a house?

Most of the time, the bank will require a down payment of 30% and in addition to that, you will have to pay the taxes and some costs, take another 15% and eventually some works & refurbishment. So, all in all, you will have to pay at least 45% (if no works and no refurbishment)… a little more if repair works and refurbishment. For more on that, read our paper on “Your definitive guide to your Spanish mortgage


Do you want a mortgage quote in Spain? We have a very strong partnership with one of the biggest Mortgage broker in Spain. Click on this picture and read more/fill the form for a quote.



For more information on the mortgage pricer, you could want to read the comments from the developer.


Here is our FAQ on Spanish mortgage calulator

What do you need for a Spanish mortgage?

It is very easy to get a mortgage in Spain. What are the documents requested?

1.Your Passport / ID for all the applicants

2. Your NIE: “Número de identificación fiscal para extranjeros” or Foreign Resident’s Tax Number.

3. Last 3 paychecks with the contract of employment Proof of incomes/Contract

4. A view on your assets and debts

5. If it’s a new building: the “Deed for new building”

6. The private sale-purchase contract

7. If you have a mortgage at home, land registry information on the property and the mortgage

8. If pensioners: Official proof of annual income.

Read our detailed article for more on that

How much deposit do I need for a Spanish mortgage?

For your second residence and as a non-fiscal resident, a bank will finance no more than 70 % of the value of your property. If you include 15% of costs, this means that you would need to invest at least 45% of the property value with your own pocket.

How long does it take to get a Spanish mortgage?

About 6 weeks. Although, we have to say that since the new law got into effect in August 2019, there is a new 'cooling-off' period of 10 days, so this increases a little bit the timing for getting a mortgage.

What is the interest rate in Spain?

As of October 2019, the average mortgage has an interest rate of 2.50% (vs 2.51% last month). The lowest rate ever is the current rate 2.50%! Read our dedicated article on that subject with the last available data.


Our other resources on that subject


Looking for a lawyer, fiscal expert, architect, property hunter,… or any expert in Spain? Ask us directly!


Senior Analyst and Strategist at HTBIS

Check the full team of HTBIS here

5/5 - (4 votes)