Mortgage simulator: calculate your monthly payment at a fixed rate and at a variable rate

Do you want to calculate the monthly installment of your mortgage? With this mortgage simulator you will be able to discover your monthly payment, the total to pay and, in addition, you will know if a fixed or variable rate mortgage is better.

If you are about to buy a house, you are quite possibly doing numbers about what house you can afford and you will need to calculate the monthly mortgage payment that you will have left. Here you will find a calculator that will help you, not only to know how much you will end up paying in interest on your loan, but also if a fixed-rate or variable-rate mortgage is better for you and what mortgage payment you would pay in each case.

Mortgage simulator

This calculator will help you whether you are looking for a fixed mortgage simulator or if you need a Euribor + spread mortgage simulator. You just have to enter the amount you need to request as a loan and try the term of the mortgage (the one you estimate or would like to request).

Then, if it is a variable mortgage, include what differential over the Euribor they are offering you (at the end of the article you will find what some of the main banks offer so you can compare and enter the data). To use the part of the fixed-rate mortgage simulator, enter the rate offered by the entity in question (at the end of the article you also have the current offers. You already have your result!

Calculate mortgage fee

If the mortgage is a fixed rate, you will be able to see at a glance how much you will pay as a fixed monthly installment for your mortgage. If it is a variable rate, you will also see a simulation of how much the Euribor can rise to get an idea of ​​how your fee can rise over the years. Do not lose sight of the other important part that the calculator shows you and that is how much you pay in interest on the mortgage depending on the type of loan you request (if it is a fixed rate or a variable rate).

For example, a mortgage worth 150,000 euros over 30 years, which option would be more convenient? With which one would you pay a lower monthly payment and with which one would you end up paying more interest? Let’s look at the data.

If the fixed-rate mortgage is at 2.5%:

Your monthly fee would be 592 euros

You would pay 21,777 euros less in interest than with the variable rate mortgage.

– If it is a variable rate mortgage that charges Euribor + 1.7%:

Your monthly fee would range between 530 and 672 euros approximately.

You would pay a total of 21,777 euros more in interest than with the fixed-rate mortgage.

Now that you have it clear, let’s see it with two specific examples of entities.

BBVA mortgage simulator

If what you want is to compare BBVA mortgages and find out your monthly payment, you must enter the following data in the mortgage simulator:

  • Fixed-rate mortgage: interest rate of 2.652%
  • Variable rate mortgage: Euribor + 1.712%

For a mortgage of 200,000 euros with BBVA, for example, the monthly installment at a fixed rate would be around 806 euros. When calculating the monthly installment of the BBVA mortgage, the result is a monthly installment that would initially be around 700 euros and throughout the life of the loan could exceed 900 euros according to current Euribor forecasts.

As you can see, this tool allows you to calculate both the installment of a fixed and variable mortgage (with Euribor plus differential).

Bankia mortgage simulator

Bankia breaks down on its website the interest that your future mortgage will have according to your income level. To simulate your monthly payment with the Finect calculator, all you have to do is search the following tables for the salary range that best suits your specific case.

Mortgage expenses: simulator

Once you have chosen your mortgage, you must take into account the expenses that it entails. The mortgage law has changed some aspects for which the bank now has to pay and not the client. To those of the mortgage, you must add the expenses of buying a house, depending on whether it is a new or second-hand home.

With this calculator you will be able to know the expenses of a mortgage and also the expenses for buying a house.

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