The Euribor is close to 3% and makes consumer mortgages more expensive as has not been seen in years, boosted by the increase in interest rates from the European Central Bank.
What exactly does this translate to? How much will the fees go up? To give an answer, there is the calculator of the Spanish Mortgage Association (AHE), which based on basic data "allows estimates to be made on the term, amount, interest rate and monthly payment to be paid", it is pointed out.
The calculator is hosted on the Association's portal. Initially, the amount to be financed is requested, for which the total loan can be entered. As a guide, the average loan in Spain is around 140,000-150,000 euros. The number is entered without periods.
The next piece of information needed is the repayment term, which can be entered in months or years.
Immediately afterwards, it is time to specify the interest rate, to which the differential of our mortgage must already have been added. For example, if the Euribor is at 2% and there is a Euribor differential of 0.99%, the type to enter will be 2.99%.
By clicking on calculate quota you can already know what is the new quota that will be faced. As they collect from the AHE, "as important as knowing the initial repayment installments, is knowing the installments that could eventually be paid as a result of a rise in interest rates."
According to the November Euribor, customers with a loan of 150,000 euros and a 1% Euribor differential who have to review the mortgage will see the installments increase from 450 euros to 700 euros, based on the calculator. The extra annual bill rises to about 3,000 euros.
If you want to know the difference between the new amount and the previous one, you will need to go back to the month of the last review and quantify the installments that began to be paid at that time.
To find out the history of the Euribor and how much it was at in the last review, you can consult the historical data of the AHE's own mortgage market indices at this link. For example, if you want to calculate how much you began to pay in November 2021 with a variable mortgage at Euribor 1%, the data from then is taken as a reference (-0.487%) and the differential of 1% is applied, so which remains at 0.513% when entered into the calculator.
With this calculation and that of the current mortgage installment, by subtracting them you will know how much more you will have to pay.
