Spanish Mortgage Calculator: Find Out Your Monthly Payments

Our calculators use industry-standard amortization formulas identical to those used by Spanish banks. Results are accurate estimates for comparing scenarios and planning budgets. However, your final rate and terms will depend on bank assessment of your financial profile, property specifics, and current market conditions. Always get a formal quote from banks for exact figures before making decisions.

No. The calculators show mortgage payments only (principal + interest). Additional monthly costs for Spanish property ownership include:


Property insurance: €20-50/month for a €300k property (mandatory)

Life insurance: €30-80/month depending on age (often required by banks)

Community fees: €50-200/month if applicable to apartments

Annual Council tax (IBI): Divided monthly adds €30-100/month

Budget an extra 15-25% on top of mortgage payments for total ownership costs.

The calculator uses euros only, as Spanish mortgages are always denominated in EUR. Convert your budget first using current exchange rates (GBP to EUR or USD to EUR). Note that banks will assess your income in your home currency, so exchange rate fluctuations can affect your affordability over time. Consider this when planning your budget, especially for variable-rate mortgages.

Check more information about UK Buyers and US Citizens.

The monthly payment shown is principal + interest only. It does NOT include property insurance, life insurance, community fees, or property taxes. These additional costs can add 15-25% to your monthly housing expenses. For a complete picture of affordability, factor in all ownership costs beyond just the mortgage payment.

No. Spanish banks do not offer 100% mortgages for property purchases. Even Spanish residents max out at 80% LTV (requiring 20% deposit), even 90% for some special cases. Non-residents are typically limited to 60-70% LTV (requiring 30-40% deposit). There are no exceptions to these limits for standard property purchases, though slightly higher LTV may be available for young first-time resident buyers under special government programs.



Check more information in our Non-resident Mortgages page.

Spanish banks use the 40% rule (even 30% for non-euro currencies): your total monthly debt payments (including the new mortgage) shouldn't exceed 40% of your net monthly income. For example, if you want a mortgage with €1,000/month payments, you'd need minimum €2,500/month net income (assuming no other debts). If you have €500/month in existing debts, you'd need €3,750/month income to support the same €1,000 mortgage payment.

Most Spanish banks offer mortgage terms from 10-25 years for non-residents. However, the mortgage must typically be repaid before you turn 70-75 years old (exact age varies by bank). For example, if you're 55 years old, you might only qualify for a 15-20 year maximum term, even though 30-year mortgages exist. Age restrictions can significantly limit your borrowing capacity for older buyers.

Not for the initial application, but yes before loan completion. You'll need a Spanish bank account (cuenta corriente) for mortgage payments to be debited monthly. Most people open one during the application process. Opening an account is straightforward with your passport and NIE number (tax identification). Some banks may offer slightly better rates if you maintain accounts or other products with them.

Yes, but room for negotiation is limited, typically 0.1-0.3% at most. Better strategy: compare formal offers from 3-5 different banks and use competing quotes as leverage. Banks are more likely to match competitors than significantly reduce advertised rates. A mortgage broker can help by presenting your application to multiple banks simultaneously and negotiating on your behalf.

Refinancing or equity release in Spain is possible but very complicated and is only done in very specific, well-justified cases. Very few lenders offer mortgages to obtain liquidity, and generally at rates far above market rates.

Non-residents: Typically 2 weeks until you get the approval and another 4 -6 weeks to be ready to sign. Residents: Usually 4-6 weeks. Timeline includes document collection, bank assessment, property valuation (tasación), formal approval, and notary preparation. Delays often occur with incomplete documentation or slow property valuations, so having all paperwork ready upfront accelerates the process significantly.

Absolutely, and it's highly recommended! Pre-approval (Agreement in Principle) takes 1-2 weeks, shows sellers you're a serious buyer with verified finances, and clarifies your realistic budget before house hunting. Pre-approvals are typically valid for 3-6 months. Having one dramatically strengthens your negotiating position and speeds up closing once you find the right property. Learn about the complete mortgage process.