Spanish Mortgage Calculator

Use our Spanish Mortgage Calculator to check how much your mortgage will cost you.

Simply enter the amount you would like to borrow, the number of years you would like your mortgage to run for and select an interest rate (A good rate is approximately 2.1% this month).

The calculations are done for you and you can view your results for both interest only or repayment.

Choose interest only or Principle and repayment:

Interest only

An interest only mortgage will give you the lowest monthly repayments if that is you priority, however you must bear in mind that when the interest only term ends, your mortgage will switch to repayment over the remaining years.

Repayment mortgages

These monthly payments can be considerably higher than interest only repayments so do ensure that you understand what they will be and that your mortgage will still be affordable.

Example: You take a 200,000€ mortgage out for a total term of 30 years. The first 5 years are interest only and today’s rate is 2.3%. Your payments will be: 383€ per month – very low because of current interest rates.

After 5 years you would switch to capital and repayment for 25 years. If rates happened to stay the same your mortgage payments would change to: 877€ per month - a massive difference!!!

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Spanish Mortgage Calculator

Rising Interest Rates

Something you need to consider is that during the 5 years interest only in the example above, it is entirely possible that the interest rate you are paying could rise. By the time you switch to repayment you could be on an interest rate of 5% for example. If this was the case your payments would be 1,170€ per month. Quite a difference from the 383€ you were initially paying.
Ensure before you take out a mortgage that you understand the pros and cons of the different types of interest and how a rise in interest rates can affect you and your mortgage. If you are unsure about any of this, please contact us for further information – we are happy to help.