Mortgage payment calculator: home price, loan size, and term

How to use this mortgage payment simulator

1. Pick the mortgage type

   Select fixed, variable, or mixed to frame the quote you compare; the same TIN drives the maths in each case with different explanatory notes.

2. Tune price, loan, and term

   Use the sliders for property price and mortgage loan amount (the headline above the slider). The term buttons only allow twenty-five through forty years.

3. Enter the TIN and read the payment

   Your annual nominal TIN feeds a standard amortising formula. Total interest and total repaid help you sanity-check scenarios; taxes and deeds are excluded.

How it works (summary)

Loan principal, nominal annual TIN, and term in years give a monthly level payment via the standard amortising formula. The financing percentage divides mortgage amount by property price; estimated equity is the gap between price and principal.

How much do you need to save to buy a home in Spain?

Beyond the mortgage, purchases usually need equity for the unfunded part of the price, stamp duty or VAT on the purchase, and closing costs. This simulator ignores those taxes and treats only loan cash flows.

On resale, transfer tax (Impuesto sobre Transmisiones Patrimoniales, ITP) depends on the autonomous community and the property. On new builds, VAT often applies to the home at a general rate, with reduced rates for certain official protection homes.

Banks often finance up to around 80% of the lower of purchase price or valuation for a primary home, but rules, products, and exceptions vary. The cash you contribute still caps the workable price even if a payment looks affordable on paper.

What affects the mortgage a lender will offer?

Spanish lenders look at more than the raw numbers in a simulator. Typical themes include:

• Debt-to-income: total monthly debt service (including the new mortgage) is often assessed against net income; many households use a figure in the region of 35% as a planning benchmark.
• Income stability and type: salaried income, self-employed history, and how rental income is counted can all change the approved amount.
• Loan-to-value and use of the property: primary home, second home, or buy-to-let can change how much of the price is financed.
• Age and term: maximum term may be limited so the loan ends before a given retirement age, which can shorten the term for older borrowers and raise the monthly payment.
• Credit history and savings: a solid track record and documented savings can support approval and better conditions.

Indicative ITP (resale) by autonomous community

Reference when planning a resale purchase: each autonomous community applies indicative rates; real deals may include reliefs and special cases.

Ceuta, Melilla, and other special cases are not listed here. Official protection housing and other situations may use different rates.

Before you sign a mortgage

A few practical steps can improve clarity and negotiation:

• Compare several offers: nominal rate, APR-style total cost where available, fees, early repayment terms, and bundled insurance.
• Stress-test a higher interest rate or shorter income, especially if you consider a variable or mixed loan.
• Read valuation, notary, and registry costs in the offer; who pays what can differ by bank and product.
• Keep an emergency buffer beyond the minimum down payment and taxes, moving and furnishing add up.

Important notice

Monwey provides this calculator for educational purposes. Banks apply different rates, fees, valuations, and affordability tests; ITP varies by autonomous community; VAT and stamp duty rules can change. It is not mortgage or tax advice. Speak with your bank or adviser before committing.

Frequently asked questions