Spanish mortgage calculator

What a Spanish bank will lend you

Spanish lenders work to the lower of the purchase price and their own valuation, and they lend a smaller share of it to buyers who live abroad. As a rule of thumb a Spanish resident can borrow up to 80%, and a non-resident around 70% — so on a €600,000 purchase a non-resident should expect to put in about €180,000, before any of the costs below.

Lenders also look at affordability: total monthly debt, including this mortgage, is generally expected to stay under roughly 35% of net income, and most banks want the loan repaid by the time you are 75, which shortens the term available to older buyers.

Fixed or variable

A variable rate is quoted as Euríbor plus a margin and is reviewed every six or twelve months, so the payment moves with the index. A fixed rate does not move for the life of the loan and is usually a little higher to begin with. The calculator holds whichever rate you enter for the whole term, which is exactly right for a fixed rate and a deliberate simplification for a variable one — try it at two or three percentage points higher to see how much room you have.

What it does not include

Buying costs are on top: in Andalucía, budget around 10% of the price on a resale and 13% on a new build. Work yours out with the buying costs calculator.

These figures are estimates to plan with, not a mortgage offer or financial advice. Rates, lending limits and fees vary by bank and by borrower.