You can choose between paying the same instalment every month with the fixed mortgage, pegging it to the one-year Euribor with the variable mortgage or a combination of both, with the mixed mortgage.
Take out your personalised mortgage with the support of an expert. With our simulator and the help of our experts, you will be able to know what your approximate monthly payment would be like. Remember that it should not exceed 40% of your income to maintain good financial health.
We help you prepare everything you need to apply for your mortgage. Once your application has been approved and all the documentation (such as the FEIN) has been checked, you will be able to sign your contract and the deed before a notary. Want to know what the steps to your new mortgage are like from when you choose one to the day of the signing?
Do you want to switch your mortgage?
1) Terms and conditions in force until 05/12/2023. Consult the representative examples of a mixed, variable and fixed mortgage:
Offer valid only for natural persons (not for business use) resident in Spain, with the exception of the Autonomous Community of Andalusia, who have income and assets only in euros. For a property transaction to be formalised or executed in the Autonomous Community of Andalusia, consult your branch for the current special offer.
Representative examples in accordance with the provisions of the applicable legal regulations. In particular, in the case of loan agreements subject to the scope of application of Law 5/2019, of 15 March, regulating real estate credit agreements, the representative example shall be determined in accordance with the criteria under Article 4.5 (d) of Order EHA/1718/2010 of 11 June.
The mortgage can cover up to 80% of the purchase price or the valuation (the lesser of the two) for the first residence. The mortgage can cover up to 70% in the case of second homes.
Installment and interest calculation formulas:
Formula for calculating monthly payments:
Calculation of the monthly fee:
In the representative examples, to calculate the instalment of the first 3-year tranche in the discounted mixed mortgage, we would replace N with 150,000 (initial mortgage principal), i with 0.0299 (nominal annual interest rate for the first three years divided by 100), p with 12 (number of instalments to be paid per year) and t with 30 (number of years), to give a payment of 631.60 euros to be paid each month.
In the example above, the interest payment portion of the instalment is calculated by replacing N with 150,000 (initial mortgage principal), i with 0.0299 (nominal annual interest rate for the first three years divided by 100) and p with 12 (number of repayment periods in one year), to give an amount of 373.75 euros, which is the interest of the first month’s instalment. The remaining amount of the instalment after deduction of interest is what is assigned to the repayment of the principal.
In the representative examples to calculate the instalment of the first 3-year tranche in the non-discounted mixed mortgage, we would replace N with 150,000 (initial mortgage principal), i with 0.0389 (nominal annual interest rate for the first three years divided by 100), p with 12 (number of instalments to be paid per year) and t with 30 (number of years), to give a payment of €706.64 to be paid each month.
In the previous example, we would replace N with 150,000 (initial mortgage principal), i with 0.0389 (nominal annual interest rate for the first three years divided by 100), p with 12 (number of instalments to be paid per year) to give a payment of €486.25 to be paid each month.(initial mortgage principal). The remaining amount of the instalment, once the interest part has been deducted, is what It is used for principal repayment.
In the representative examples, to calculate the first-year instalment in the discounted variable mortgage, we would replace N with 150,000 (initial mortgage principal), i with 0.0289 (nominal annual interest rate for the first three years divided by 100), p with 12 (number of instalments to be paid per year) and t with 30 (number of years), to give an instalment of €623.54 to be paid each month.
In the example above, the interest portion of the first year’s instalment is calculated by replacing N with 150,000 (initial mortgage principal), i with 0.0289 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year), to give an instalment of €361.25 in respect of the interest for the first month’s instalment. The remaining amount of the instalment after deduction of interest is what is assigned to the repayment of the principal.
In the representative examples, to calculate the first year instalment in the non-discounted variable mortgage we would replace N with 150,000 (initial mortgage principal), i with 0.0389 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year) and t with 30 (number of years), to give an instalment of €706.64 to be paid each month.
In the example above, the interest portion of the first year’s instalment is calculated by replacing N with 150,000 (initial mortgage principal), i with 0.0389 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year), to give an instalment of €486.25 in respect of the interest for the first month’s instalment. The remaining amount of the instalment after deduction of interest is what is assigned to the repayment of the principal.
In the representative examples, to calculate the discounted fixed mortgage instalment we would replace N with 150,000 (initial mortgage principal), i with 0.0340 (nominal annual interest rate divided by 100), p with 12 (number of instalments to pay per year) and t with 30 (number of years), to give an instalment of €665.22 to be paid each month.
In the example above, the interest portion of the instalment is calculated by replacing N with 150,000 (initial mortgage principal), i with 0.0340 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year), to give an instalment of €425 in respect of the interest for the first month’s instalment. The remaining amount of the instalment after deduction of interest is what is assigned to the repayment of the principal.
In the representative examples, to calculate the non-discounted fixed mortgage instalment we would replace N with 150,000 (initial mortgage principal), i with 0.0440 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year) and t with 30 (number of years), to give an instalment of 751.14€ to be paid each month.
In the example above, the interest portion of the instalment is calculated by replacing N with 150,000 (initial mortgage principal), i with 0.0440 (nominal annual interest rate divided by 100), p with 12 (number of instalments to be paid per year), to give an instalment of €550 in respect of the interest for the first month’s instalment. The remaining amount of the instalment after deduction of interest is what is assigned to the repayment of the principal.
Repayment schedule and calculation formula for the repayment of principal and interest
Representative examples:
MIXED MORTGAGE.
The current reference rate is the Euribor at 1 year of the month of October of 2023 published by the Bank of Spain on November, 3rd, 2023: 4.160%.
The variable APR of the following examples has been calculated on the assumption that the reference rates remain unchanged, therefore, this variable APR will vary with revisions of the interest rate, the repayment term and the amount financed, and it will be revised every six months from the fourth year.
In the event that the fixed interest rate applicable during the first 3 years is higher than that resulting from the sum of the agreed differential and the current reference rate on the contracting date, this fixed interest rate will be used to calculate the APR for the entire life of the operation. In the event that the fixed interest rate applicable during the first 3 years is less than the result of the sum of the agreed differential and the reference rate in force on the date of contracting, the variable APR will be calculated on the basis of the fixed rate for the first period and the variable rate for the second interest period.
2) DISCOUNTED MIXED MORTGAGE
3) NON-DISCOUNTED MIXED MORTGAGE
4) DISCOUNTED VARIABLE-RATE MORTGAGE
5) NON-DISCOUNTED VARIABLE-RATE MORTGAGE
FIXED-RATE MORTGAGE.
The APR of the following representative examples may vary depending on the repayment term and the amount financed.
6) DISCOUNTED FIXED-RATE MORTGAGE
7) NON-DISCOUNTED FIXED-RATE MORTGAGE.
2) What does the variable APR calculation include?
A half-yearly review will be made of the contracting of the products on which the applicable interest rate is contingent if contracting the mortgage with a discount.
2) and 4) Regarding the variable tranche, a six-monthly review will be carried out taking into account the date the mortgage was contracted. In it, the products eligible for discounts that the contracted customer has will be reviewed, as well as the Euribor to apply.
3) and 5) Regarding the variable tranche, a six-monthly review of the Euribor to be applied will be carried out.
4) and 6) What does the calculation of the variable APR and APR include?
A half-yearly review will be made of the contracting of the products on which the applicable interest rate is contingent if contracting the mortgage with a discount.
3) 5) and 7) What does the calculation of the variable APR and APR include?
Differences between combined and separate product offer:
The combined or separate product offer will have an impact on the costs I and early cancellation II of the loan or its combined products.
I) Costs. The cost of taking out the Home Protection, Constant Capital Life and Total Payment Protection insurance is independent from taking out the loan, so it has the same cost as if it were taken out individually.Additional information:
Representative examples of loans secured by mortgages on residential property designed to finance purchases of housing by natural persons acting as consumers. Transaction subject to the prior approval of Banco Sabadell. No advisory service is provided. Interest rate terms subject to risk analysis by Banco Sabadell. Terms may vary, depending on the result of the risk analysis. In accordance with article 1911 of the Civil Code, which establishes the principle of universal responsibility, in the event of non-payment, the debtor, and, where appropriate, the debtor’s guarantors or joint guarantors and mortgage guarantors, will be liable with all their present and future assets, so they may lose their home/s and/or any other property they own.
Additional information on the insurance associated with your mortgage:
Insurance brokered by BanSabadell Mediación, Operador de Banca-Seguros Vinculado del Grupo Banco Sabadell, S.A, Tax ID Number (NIF) A 03424223, with address at avda. Óscar Esplá, 37, 03007 Alicante, registered in the Mercantile Registry of Alicante and in the Administrative Register of the Directorate-General for Insurance and Pension Funds of the DGSyFP with code no. OV-0004, having subscribed a civil liability insurance in accordance with the provisions of the regulations for the distribution of private insurance and reinsurance in force at any time. You can view the insurance companies with which BanSabadell Mediación has signed an insurance agency contract at www.bancosabadell.com/bsmediacion. View information on the Insurance Mediator here.