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

STEPHANE — Fri, 01 Jan 2021 07:34:16 +0000

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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:

the interest rates (fixed rates of course)
the length of the mortgage

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

€100,000	10 Year	12 Year	14 Year	16 Year	18 Year	20 Year
Rates	120 months	144 months	168 months	192 months	216 months	240 months
1.50%	-€898	-€759	-€660	-€586	-€529	-€483
2.00%	-€920	-€782	-€683	-€609	-€552	-€506
2.50%	-€943	-€805	-€706	-€632	-€575	-€530
3.00%	-€966	-€828	-€730	-€656	-€600	-€555
3.50%	-€989	-€851	-€754	-€681	-€625	-€580
4.00%	-€1,012	-€876	-€778	-€706	-€650	-€606

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.

Get the best mortgage rate in Spain

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.



	
	







	

	
	

		
		

		
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Mortgage Loan Calculator		


		

		
			Price of Real Estate?:
			
				
			
		



		
			Down Payment Percent?:
			
				
			
		

		
			Amount of Loan?:
			
				
			
		

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


		
			Number of Payments? (#):
			
				
			
		


		
			Annual Interest Rate?:
			
				
			
		


		
			Points?:
			
				
			
		


		
			Annual Property Taxes?:
			
				
			
		


		
			Annual Insurance?:
			
				
			
		


		
			Private Mortgage Ins. (PMI)?:
			
				
			
		


		
			Payment Method?:
			
				
			
		

		


		
			Monthly Payment Amount:
			
				
			
		

		
			Down Payment Amount:
			
				
			
		


		
			Total Interest:
			
				
			
		

		
			Total Principal & Interest:
			
				
			
		

		


		

		
			
				
				
				
				
			
			
				
				
			
		

		
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			Mortgage Calculator Help
			You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
			If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.
			Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.
			Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.
			If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)
			Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
			The term (duration) of the loan is expressed as a number of months.
			
				 60 months =  5 years
				120 months = 10 years
				180 months = 15 years
				240 months = 20 years
				360 months = 30 years
			
			Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator
		
	











	
	
		
			
				
					Currency and Date Conventions
					
				
				
					
						

							
								
							



							
								
							

						
					
					All calculators will remember your choice. You may also change it at any time.
					Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.

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:

PMI — private 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:

Click clear and enter values for:
- Loan Amount
- Number of Payments
- Annual Interest Rate
Leave “Payment Amount (P & I only)” set to 0.
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.