Applicable interest rate depending on the percentage of financing you apply for
|Fixed NIR first 10 years||Variable NIR rest of years||Variable APR|
|Up to 50%||1,45%||Euribor +0,79%1||1,32%2|
|Up to 70%||1,55%||Euribor +0,89%1||1,42%2|
|Up to 80%||1,65%||Euribor +0,99%1||1,52%2|
Want to know more about the mortgage calculator?
When buying a home it's important to know the options you have as a customer. With our online mortgage calculator you can:
- Apply for your mortgage online in just a few minutes, from anywhere.
- Find out the amount of your repayments and the costs involved in the purchase of your home.
You only have to choose the options based on the home you want to buy:
- Primary home or second home.
- Whether it's a new home or a resale home.
- The Autonomous Community where it's located.
Then you must enter:
- The price of the home. Please note that if it's a new home, you must include the price without VAT in the field "How much does the home cost?”.
- The amount you need to finance the purchase.
- How long you want to repay this amount.
Finally, click on "Calculate" and the calculator will calculate your mortgage online with the different alternatives (fixed, variable or mixed interest rates) so you can decide which one suits your preferences best.
- Open Fixed Mortgage: The payment will always be the same throughout the term of the loan. Regardless of whether Euribor increases or decreases.
- Open Variable Mortgage: The payment may increase or decrease every six months, depending on changes in Euribor.
- Open Mixed Mortgage: For the first ten years your payment always remains fixed. From then on it will be updated annually with the applicable Euribor.
1 These interest rates will apply providing you meet the following requirement: Have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank, or make a deposit every month into Openbank from an account in another bank. For a sole holder, the amount of any of the above payments must be equal to or greater than €900 per month. If there are two or more owners, the minimum amount is €1,800 per month. You will have 3 months from the time the loan is arranged to have your salary, pension or any other regular payment received by transfer as remuneration paid directly into Openbank. If you do not meet the above requirement, the interest rate applicable after non-fulfilment will vary and will be the result of adding a spread of 1.20% to the annual nominal interest rate. All holders must be tax residents of Spain and hold a current account with Openbank as an operational medium for the mortgage loan. No arrangement or maintenance fees. Lending subject to approval by Openbank.
2 The Variable APR was calculated based on the assumption that the mortgage agreement will remain in force for the agreed term and that Openbank and the applicant will comply with their obligations in accordance with the terms of the agreement. The following has also been taken into account: (i) compulsory insurance against fire and other damage: €150/year (approximate amount as its cost will depend on the company you choose to arrange it with).
Please note that after the tenth year, it is a variable interest rate loan. The VariableAPR is calculated based on the one-year Euribor published December 2019 (-0.272%). This VariableAPR has been calculated on the assumption that the reference indexes do not vary; therefore, this VariableAPR will vary with interest rate adjustments. Annual adjustment. The VariableAPR has been calculated for a representative example of a mortgage loan to purchase a first or second home of €150,000.00, repayable over 25 years in 300 monthly instalments. With a mortgage for up to 50% of the property value, applying the fixed rate indicated during the initial period, there would be 120 monthly instalments of €596.39, after which the variable rate would be applied, which would consist of 180 monthly instalments of 556.89€, taking the total amount payable to 175,557,43€ With a mortgage for up to 70% of the property value, applying the fixed rate indicated during the initial period, there would be 120 monthly instalments of €603.43, after which the variable rate would be applied, which would consist of 180 monthly instalments of €563.58, taking the total amount payable to 177,605,99€ With a mortgage for up to 80% of the property value, applying the fixed rate indicated during the initial period, there would be 120 monthly instalments of €610.53, after which the variable rate would be applied, which would consist of 180 monthly instalments of 570.31€, taking the total amount payable to 179,669,72€ The total amount payable indicated in the representative examples includes: capital, interest and insurance premium.
If the requirement indicated in (1) is not met for a home purchase (1st and 2nd) transaction of €150,000.00 over 25 years to be repaid in 300 monthly instalments: Borrowing up to 50%, a fixed rate of 2.65% would apply in the 10 first years except for the first 3 months that the fixed rate would apply 1.45%. After the tenth year: Euribor + 1.99% and Variable APR 2.52%. Applying the fixed rate during the initial period, the customer would have to pay 3 first monthly instalments of 596.39€ and 117 monthly instalments of €683.46. The ensuing variable period would consist of 180 monthly instalments of 639.58€, the total amount payable being 200,627,96€. Borrowing up to 70%, a fixed rate of 2.75% would apply in the 10 first years except for the first 3 months that the fixed rate would apply 1.55%. After the tenth year: Euribor + 2.09% and Variable APR 2.62%. Applying the fixed rate during the initial period, the customer would have to pay 3 first monthly instalments of 603.43€ and 117 monthly instalments of €691.11. The ensuing variable period would consist of 180 monthly instalments of 646.85€, the total amount payable being 202,854,29€. Borrowing up to 80%, a fixed rate of 2.85% would apply in the 10 first years except for the first 3 months that the fixed rate would apply 1.65% After the tenth year: Euribor + 2.19% and Variable APR 2.72% applying the fixed rate during the initial period, the customer would have to pay 3 first monthly instalments of 610.53€ and 117 monthly instalments of €698.82 The ensuing variable period would consist of 180 monthly instalments of 645.18€, the total amount payable being 205,095,39€. The total amount payable given in the examples includes: principal, interest and insurance premium.
Interest rates offered on mortgage loans for house purchases.
French repayment system, whereby the loan principal and interest are repaid through regular scheduled monthly instalments, i.e. of the same amount, provided that the interest rate applicable during the settlement period does not change and no early repayments are made. Since interest accrues on the outstanding principal amount, as time passes the amount of the instalment used to repay the principal increases, while the interest payment portion will decrease, as the outstanding principal is reduced.
If the interest rate applicable to the loan increases due to an interest rate adjustment, then the amount of the instalment payable shall be increased. If, on the other hand, the interest rate which is applied falls, the amount of the instalment shall decrease.
The following mathematical formula is used to determine the amount of each monthly instalment:
P= (i x c) x (1-(1+i)-n)-1, where “p” is the instalment, “i” is the nominal annual interest rate divided by 12, “c” is the outstanding capital of the mortgage loan and “n” is the number of months of the repayment period outstanding.
We use the following formula to calculate the interest based on the outstanding capital: I= (i x c), where “I” is the interest, “i” is the nominal annual interest rate divided by 12 and “c” is the outstanding principal of the mortgage loan.
The amount repaid by customers is the instalment minus the interests.
The pre-approval will be issued assuming the veracity of the information provided to date and will be subject to a subsequent comprehensive risk analysis by Openbank's risk department, once the necessary information and supporting documentation have been obtained. Therefore, the pre-approval is indicative and does not in any case represent a binding offer or a confirmation of granting the mortgage loan. Consequently, Openbank shall not be liable if final denial of the mortgage loan application takes place or if the terms of a subsequent Binding Offer differ from those described based on market conditions or the obtaining of additional information on the applicant's preferences and financial conditions; thus the applicant, or any other addressees, must take all necessary precautions before using the information contained in the pre-approval letter, which they use at their own risk.