Miyabi Homes · Tools
Instantly calculate your monthly mortgage payment, total interest, and financing percentage for your property in Canarias. Exact formula from the amortization system banks use.
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Talk to Miyabi Homes on WhatsAppThe monthly mortgage payment is calculated using the French amortization system, the same one used by every Spanish bank: a fixed installment (on a fixed-rate mortgage) made up of principal and interest, calculated mathematically from the outstanding capital, the interest rate (TIN) and the term. Unlike other purchase costs, this formula does not depend on any bank or town hall: given a capital, a rate and a term, the result is unique and exact.
What does vary from bank to bank is the interest rate they offer, their fees, and the percentage of the property value they are willing to finance (loan-to-value, or LTV). In Spain, for residents buying their main home, banks usually finance up to 80% of the lower of the purchase price or the appraisal value. For non-resident buyers or second homes, that percentage is usually reduced to 60-70%, though each bank sets its own criteria.
This calculator gives you an indicative estimate of your monthly payment, the total cost of the loan, and whether your requested financing fits within the usual market ranges. For a binding offer with real conditions, you will always need your bank's official simulation (European Standardised Information Sheet, ESIS).
Using the French amortization system formula: payment = principal × [i × (1+i)^n] / [(1+i)^n − 1], where i is the monthly interest rate (annual TIN divided by 12) and n is the total number of installments (years × 12). It is a fixed mathematical formula, the same for any bank.
The TIN (Nominal Interest Rate) is the rate used to calculate your monthly payment. The APR (TAE in Spanish) also includes fees and associated costs, and is used to compare the real cost between different mortgage offers, but it is not the number used in the payment formula.
As a market reference (not a fixed legal rule), banks usually grant up to 80% of the lower of the purchase price or appraisal value for residents buying their main home. For non-residents or second homes, it is usually between 60% and 70%. Always confirm the exact percentage with your bank.
Yes, several Spanish banks offer mortgages to non-residents, though usually with a lower financing percentage, some extra paperwork (NIE, proof of income in your home country) and sometimes a slightly higher interest rate.
It depends on your risk profile. A fixed rate keeps the same payment for the entire life of the loan, giving you certainty. A variable rate usually starts lower (referenced to Euribor plus a margin) but your payment can rise or fall as Euribor changes. In variable mode, this calculator shows the initial estimated payment at the current rate: it cannot predict how Euribor will change in the future.
The arrangement fee (if your bank charges one, many offers today have it at 0%), the property appraisal, and sometimes tied insurance policies (home, life) that the bank may require or reward with a better interest rate.
As a common industry rule, banks prefer that the mortgage payment (plus any other debts) does not exceed 30-35% of your net monthly income. This calculator shows you that percentage if you enter your income.
Under Spanish Law 5/2019 (LCCI), early repayment fees are capped by law and differ depending on whether the mortgage is fixed or variable and when the repayment is made. Check the exact conditions in your contract.
The usual range is 25-30 years, and many banks require that your age plus the term does not exceed 75-80 years by the time the loan ends.
No. It is an indicative tool to give you a quick idea of your payment and borrowing capacity. The real, binding offer must come from your bank in the European Standardised Information Sheet (ESIS) before signing.
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