Mortage Calculator
Calculate your mortgage repayments
Property purpose
Property type
Fixed-rate Mortgage
Subject to meeting discount conditions1:
From 2.66% NIR1 (3.27% APR2).
Not subject to meeting discount conditions1:
From 3.16% NIR1 (3.46% APR2).
The applicable interest rate varies depending on the term and amount you choose.
Mixed-rate Mortgage
Subject to meeting discount conditions1:
From 2.66% NIR1 for the first 10 years and from 12-month Euribor + 0.60%1 for the remainder of the term.
Variable APR: 3.36%2.
Not subject to meeting discount conditions1:
From 3.16% NIR1 for the first 10 years and from 12-month Euribor + 1.10%1 for the remainder of the term.
Variable APR: 3.58%2.
The applicable interest rate varies depending on the term you choose.
Variable-rate Mortgage
Subject to meeting discount conditions1:
Nominal interest rate from: 12-month Euribor + 0.77%1.
From 2.37% NIR1 for the first year.
Variable APR: 3.75%2.
Not subject to meeting discount conditions1:
Nominal interest rate from: 12-month Euribor + 1.27%1.
From 2.87% NIR1 for the first year
Variable APR: 3.98%2.
With a personal mortgage advisor
To make it even easier for you, you will be assigned a personal mortgage advisor who will assist you throughout the process until you purchase your home. You can apply for and track the progress of your mortgage online.
If you finance more than €150,000, the applicable interest rate is reduced by 0.10% (in variable-rate and fixed-rate mortgage during the mortgage term). This reduction will be applied to the interest rate resulting from the amount, term and option you choose, regardless of whether discount conditions are met.
Applicable fee for full prepayment:
- For variable-rate mortgages, or during variable-rate tranches of any other mortgage: 0.25% of the remaining mortgage balance repaid early (full prepayment) during the first three years of the mortgage term. However, this fee will not be charged if the early repayment (full) is made between the deed execution date and 31 December 2024. After that date, you must pay Openbank the percentage indicated here, if applicable, and in accordance with the terms and conditions of your mortgage loan deed.
- For fixed-rate mortgages, or fixed-rate tranches of any other mortgage:
2% of the remaining mortgage balance repaid early (full prepayment) during the first 10 years of the mortgage term; or,
1.5% when the full prepayment is made during the remainder of the mortgage term.
The amount charged for full prepayment will not exceed financial loss3.
Want to learn more about the mortgage calculator?
How do you calculate your mortgage?
How does our mortgage calculator work?
What type of Open Mortgage do you prefer?
Is Openbank adhered to the Code of Good Practice?
How can I benefit from the measures of the Code of Good Practice?
What is the minimum and maximum mortgage loan amount available and what should my ability to repay be?
Which insurance company provides the home insurance and life insurance sold by Openbank?
How do you calculate your mortgage?
When buying a home it is important to know which options are available to you as a customer. Our online mortgage calculator allows you to:
- Apply for your online mortgage in just a few minutes, no matter where you are.
- Consult the amount of your monthly repayment and the fees and expenses associated with your home purchase.
How does our mortgage calculator work?
Simply choose from the available options according to the house you would like to purchase:
- Primary home or second home.
- If it is new or resale home.
- The Autonomous Region where it is located.
Next, you will need to enter:
- The cost of the property. Bear in mind that if it is new, you should enter the amount withou VAT in the field "how much does the home cost tax-free?".
- The amount you would like to borrow.
- How long you would like to repay it over.
Lastly, click on “Calculate” and the tool will simulate your online mortgage with the different options available (with a fixed, variable or mixed-rate mortgage) so that you can decide which type best meets your needs.
What type of Open Mortgage do you prefer?
- Open Fixed-Rate Mortgage: The monthly mortgage payment will remain the same over the term of the loan, regardless of variations in the Euribor.
- Open Variable-Rate Mortgage: The monthly mortgage payment may go up or down every six months, depending on variations in the 12-month Euribor.
- Open Mixed-Rate Mortgage: The monthly mortgage payment will remain fixed for the first 10 years. From then on, it will be updated according to the current 12-month Euribor rate at the time.
Is Openbank adhered to the Code of Good Practice?
OPENBANK is adhered to the Code of Good Practice for Mortgage Debtors, which is effective for 36 months and aims to implement urgent measures for vulnerable mortgage debtors who have debt in real estate loans or loans on their primary residence.
The duration of the Code will be extended to 42 months for individuals residing in any of the areas affected by the damage caused by the cut-off low (known in Spain as the DANA – Depresión Aislada en Niveles Altos).
The Code of Good Practice applies to customers who have taken out a mortgage on their main residence with OPENBANK prior to 31 December 2022 and whose purchase price does not exceed €300,000. Eligible customers are those at risk of vulnerability and must meet a number of criteria set out in the Royal Decree.
a) The mortgage debtor may apply for any or all of the following measures:
1. Extend the total term of their loan up to a maximum of 7 years.
2. Fix the instalment at its amount on 1 June 2022 or at the amount of the first instalment for loans in which it is charged after that date, for a period of 12 months from the time the novation takes place through a total or partial grace period on the principal, unless the total grace period on the principal is not sufficient to fix the instalment at that amount, in which case only a total grace period on the principal will be applied.
In any event, the outstanding principal will accrue interest at an interest rate that represents a 0.5% reduction in the current net value of the loan in accordance with current legislation, and the extension of the term will not reduce the amount of the instalment below the amount that was being paid on 1 June 2022.
b) Convert the interest rate calculation formula for the initial loan from a variable rate formula that is periodically repayable to a fixed rate.
It is also adhered to the Code of Good Practices established by Royal Decree Law 6/2012, of 9 March, on urgent measures for the protection of mortgage debtors without resources.
Customers who, having signed a mortgage on their primary residence with OPENBANK, are located in the so-called exclusion threshold, can apply. You can find out who is considered to be in the exclusion threshold, what documentation must be provided to prove that they are in this situation and the Code of Good Practices with the measures themselves at https://www.openbank.es/en/open-mortgage or under the FAQ “How can I benefit from the measures of the Code of Good Practice?”.
How can I benefit from the measures of the Code of Good Practice?
To apply for the benefits of any of the Codes of Good Practice or for any other queries in this regard, customers may contact OPENBANK by:
Telephone: +34 912 705 743
Monday to Thursday from 9 a.m. to 6 p.m. and Fridays from 9 a.m. to 3 p.m.
Post addressed to: OPENBANK
Plaza de Santa Bárbara, 2
C.P.: 28004 – Madrid
Email: buenaspracticasprestamos@openbank.com
To find out more:
Code of Best Practices for the feasible restructuring of mortgage-backed debt
You can check the information here
Code of Good Practices regarding urgent measures for mortgage debtors at risk of vulnerability
You can check the information here
What is the minimum and maximum mortgage loan amount available and what should my ability to repay be?
The minimum amount is €30,000 and the maximum amount is €3,000,000.
The maximum amount depends on three factors:
Percentage of financing: it is possible to apply for up to 80% of financing for a primary home and 70% for a second home. This percentage will be applied to the lowest of the following amounts: the valuation price or purchase price.
Ability to meet payments: the monthly mortgage payment plus other expenses must not exceed 40% of your monthly net income.
Mortgage term, which will also determine your monthly mortgage payment. The sum of the youngest applicant's age plus the mortgage term must not exceed 80 years.
This information is general and, of course, exceptions may apply.
The purpose of these criteria is to ensure you can meet your mortgage payment obligations as well as other fixed expenses throughout the entire mortgage term.
Which insurance company provides the home insurance and life insurance sold by Openbank?
Home Insurance cover and guarantees are provided by Zurich Insurance Europe AG, Sucursal en España; and Life Insurance cover and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros S.A. Open Bank, Linked Bancassurance Operator, with NIF A028021079, acts as the broker for both types of insurance through its distribution network. The company is registered in the Registry of the Directorate General for Insurance and Pension Funds Registry (D.G.S.F.P.) under number OV-0081 and has valid agency contracts with Zurich Insurance Europe AG, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
Whether you’re a customer or not, we have a team of mortgage experts on hand Monday to Friday from 08:00 a.m. to 08:00 p.m. to answer all your questions.
1 Interest rates subject to the following discount conditions: (i) Primary home: a salary, pension or any other type of periodic state benefit must be paid directly into Openbank. Second home and/or self-employed: a salary, pension or any other type of periodic state benefit received by transfer must be set up with Openbank, or a deposit must be made from another bank into Openbank each month. For a single holder, the amount of any of the above items, both for a primary home and for a second home and/or self-employed, must be equal to or greater than €900 per month. If there are two or more holders, the minimum amount is €1,800 per month (ii) the property/properties subject to the mortgage must be insured with the Home Insurance marketed by Openbank, S.A., Linked Bancassurance Operator. (iii) The mortgage holder(s) must be covered by the life insurance sold with their mortgage through Open Bank, S.A. Linked Bancassurance Operator. This life insurance policy must be current, arranged by direct deposit through an Openbank account held by the mortgage holders, and must insure 100% of the capital financed by one or between all of the holders.
When you do not meet any of the above discount conditions, the applicable interest rate will vary: 0.30% will be added to the discounted annual nominal interest if you do not meet discount condition (i); 0.10% will be added if you do not meet discount condition (ii); 0.10% will be added if you do not meet discount condition (iii); and 0.50% will be be added if you do not meet any of the above discount conditions.
All holders must have their tax residence in Spain and be the holder of a current account in Openbank from which repayments of the mortgage loan will be made. No arrangement or maintenance fees. If you do not already have or take out the Home Insurance sold by Open Bank S.A., Linked Bancassurance Operator, the borrower will need to take out obligatory property damage insurance with the insurer of their choice. Mortgage subject to Openbank's approval.
The interest rate will be fixed during the initial period, both for the Open Variable-Rate Mortgage (first year) and the Mixed-Rate Mortgage (first 10 years). After the initial period, a resulting variable interest rate (12-month Euribor plus spread), with semi-annual review for the Open Variable-Rate Mortgage and annual review for the Open Mixed-Rate Mortgage, will be applied. For the Open Fixed-Rate Mortgage, a fixed interest rate will be applied for the entire term of the loan.
The applicable interest rate will vary depending on the amount (in the Open Variable-rate, Fixed-rate or Mixed-rate Mortgage) and the term you choose (in the Open Mixed-rate and Fixed-rate Mortgages) as well as compliance with conditions.
During the period in which the variable interest rate is applicable, if the sum of the benchmark interest rate (12-month Euribor) plus the differential applied in each case to the mortgage loan were to be negative, the mortgage loan would not involve interest payments in favour of the borrowers, although during that period of time the borrowers will not be required to pay interest.
Interest rates offered for mortgage loans intended for house purchases.
During the periods of application of the variable interest rate, the variable APR is provided for information purposes and is calculated on the theoretical assumption that the benchmark interest rate over the variable period, (in the variable mortgage) the 12-month Euribor, remains constant at the last known rate; to which the relevant spread is added, given that the variable interest rate for the variable period is higher than the initial fixed rate at the time this information is provided. This variable APR has been calculated on the assumption that the benchmarks do not vary; therefore, this variable APR will be updated in line with the interest rate revisions.
2 The APR and Variable APR have been calculated on the assumption that the mortgage agreement will be in effect for the agreed period of time, that there is no partial or full prepayment made, and that Openbank and the applicant will fulfil their obligations under the terms and conditions stipulated in the contract. Furthermore, the following has been considered in order to meet the discount conditions: (i) home insurance marketed by Openbank, S.A., Linked Bancassurance Operator, based on an estimated annual premium of €202.07 on a 100 m2 property located in Madrid, with a total value of €92,400 and a contents value of €23,100 (the premium for the first year was taken as a reference. Insurance premiums corresponding to the following annuities will be updated on an annual basis, as set forth in the individual terms of the applicable policy). Taking out the insurance is optional; however, policyholders will be eligible for more beneficial conditions.
The Variable APR indicated includes the valuation amount. The estimated charges for this item are €314.60 (including VAT, and any applicable IGIC - Impuesto General Indirecto Canario [General Indirect Tax in the Canary Islands] or IPSI - Impuesto sobre la Producción, los Servicios y la Importación [Tax on Production, Services and Imports in Ceuta and Melilla]).
The calculation of the APR and Variable APR without meeting discount conditions includes compulsory property damage insurance: €202.07/year. Openbank does not sell property damage insurance, so the amount indicated here is for guidance purposes only and has taken into account the premium resulting from calculating home insurance sold by Openbank (with greater cover than damage insurance) on a home located in Madrid of 100 m2, with a building value of €92,400 and a contents value of €23,100. This amount is an initial estimate that may vary depending on the cover and associated services that are actually taken out; therefore, the amount set out in your policy at the time it is taken out will apply. Likewise, you must bear in mind that the amount indicated in this section is an estimate for the first year's premium. Openbank cannot determine the premium for the remaining years, as it will vary according to the policy taken out and the technical conditions of the insurance company, without implying any link to Openbank.
The total amount payable in the representative examples includes: principal, interest and the home and life insurance premiums (the latter applies if discount conditions are met).
The total cost payable indicated in the representative examples includes all expenses, including interest, fees, taxes, and any other expenses that you have to pay in relation to the loan contract and that are known to Openbank.
Representative example for a fixed-rate mortgage of €150,000 over 15 years:
There would be 180 monthly payments, the first 3 of which would be at 2.66% NIR: monthly payment of €1,011.52. If you do not meet discount conditions, the following fixed rate would apply to the remaining 177 payments: 3.16% NIR (3.46% APR), with monthly payments of €1,046.89, the total cost of €41,680.59 and the total amount payable of €191,680.59.20. If you do meet discount conditions, there would be 180 payments at the fixed rate: 2.66% NIR (3.27% APR), with monthly payments of €1,011.52, the total cost of €39,169.41 and the total amount payable of €189,169.41.
Representative example for a fixed-rate mortgage of €150,000 over 25 years:
There would be 300 monthly payments, the first 3 of which would be at 2.72% NIR: monthly payment of €689.66. If you do not meet discount conditions, the following fixed rate would apply to the remaining 297 payments: 3.22% NIR (3.50% APR), with monthly payments of €728.25, the total cost of €73,727.05 and the total amount payable of €223,727.05. If you do meet discount conditions, there would be 300 payments at the fixed rate: 2.72% NIR (3.28% APR), with monthly payments of €689.66, the total cost of €68,515.83 and the total amount payable of €218,515.83.
Representative example for a mixed-rate mortgage of €150,000 over 25 years:
If you do not meet discount conditions, there would be an initial fixed period with 3 monthly payments at 2.66% NIR of €685.08. From month 4 to 120, at 3.16% NIR, with a monthly payment of €723.52. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in December 2024 (2.506%) + 1.10% NIR would apply. There would be 180 monthly payments of €746.10, a total cost of €76,371.52, and a total amount payable of €226,371.52. 3.58% APR.
If you meet discount conditions, the following fixed rate would apply to the first 120 payments: 2.66% NIR, with monthly payments of €685.08. After the initial fixed-rate period, the variable-rate period in line with the 12-month Euribor published in December 2024 (2.506%) + 0.60% NIR would apply. There would be 180 monthly payments of €706.76, the total cost of €71,042.75 and the total amount payable of €221,042.75. APR: 3.36%.
Representative example for a variable-rate mortgage of €150,000 over 25 years:
If the discount conditions are not met, there would be 3 monthly payments of €663.15. This will be followed by 9 monthly repayments of €700.87 from month 4 to month 12. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in December 2024 (2.506%) +1.27% NIR. There will be 288 monthly repayments of €770.38, the total cost of which will be €85,533.12. The total amount to pay will be €235,533.12. APR: 3.98%.
If the discount conditions are met, there would be 12 monthly repayments of €663.15. After this initial period, the variable interest-rate period will commence according to the 12-month Euribor interest rate published in December 2024 (2.506%) + 0.77% NIR. There will be 288 monthly repayments of €730.48, the total cost of which will be €79,952.39. The total amount to pay will be €229,952.39. APR: 3.75%.
The variable APR is provided for information purposes and is calculated on the theoretical assumption that the initial benchmark interest rate remains constant, according to the 12-month Euribor published in December 2024 (2.506%). This variable APR has been calculated on the assumption that the benchmarks do not vary; therefore, this variable APR will be updated in line with interest rate revisions on a semi-annual basis.
However, please note that after the first year it is a variable-rate loan and that the amount of each mortgage repayment will vary from the expiry date of the period in which the initial fixed interest rate is applied (12 months), and then on a six-monthly basis, at the time of each interest rate review. At the time of each review the applicable mortgage payment will be calculated based on the benchmark index, 12-month Euribor, or a substitute benchmark index, if applicable, from the second calendar month prior to the date of the interest rate review, plus the corresponding spread.
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 payment:
P= (i x c) x (1-(1+i)-n)-1, where "p" is the monthly payment, "i" the annual nominal interest rate divided by 12, "c" the outstanding principal of the mortgage loan and “n” the number of outstanding months of the repayment period.
We use this formula to calculate interest on outstanding capital: I= (i x c), where "I" is the interest, "i" is the annual nominal interest rate divided by 12 and "c" is the outstanding principal of the mortgage loan.
The amount repaid by customers is the monthly payment minus interest.
3 Home Insurance provided by Zurich Insurance Plc, Spain Branch, marketed by Open Bank, S.A., Linked Bancassurance Operaror, with Tax ID Number (NIF) A-28021079, through its distribution network. Open Bank, S.A., Linked Bancassurance Operator is registered in the D.G.S.F.P. [Directorate General for Insurance and Pension Funds] Registry, with nº OV-0081 and has valid agency contracts with Zurich Insurance Plc, Spain Branch; and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.
4 Life insurance by Zurich Vida, Compañía de Seguros y Reaseguros, S.A., sold through Open Bank, S.A., Linked Bancassurance Operator, with NIF [Numero de Identificación Fiscal (Spanish Tax Identification Number)] A-28021079, through its distribution network. Openbank is registered in the D.G.S.F.P. Registry under No. OV-0081 and has valid agency contracts with Zurich Insurance plc, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity are covered pursuant to the applicable law.
5 Pre-approval will be issued on the presumption of the accuracy of the information provided to date and will be subject to the subsequent performance of a comprehensive risk analysis by the Openbank risk department, once the necessary information and supporting documentation has been obtained. Accordingly, pre-approval is of an indicative nature and does not in any event constitute a Binding Offer nor a confirmation of granting the mortgage loan. Accordingly, Openbank shall not be liable for the final rejection of the mortgage loan or the terms of a subsequent Binding Offer other than those described depending on market conditions or having obtained additional information about their preferences and financial conditions; therefore, the applicant or any other recipient must take all necessary precautions before using the data contained in the pre-approval letter, which they use at their own risk.
6 The financial loss suffered by OPENBANK, if any, shall be calculated, in proportion with the reimbursed capital, by a negative difference between the outstanding capital at the time of the early redemption and the present market value of the loan.
The present market value will be calculated as the sum of the current value of the outstanding fees up to the next interest rate review and the current value of the outstanding capital at the time of the review had it not been cancelled early. The update interest rate will be the market rate that applies to the remaining time period until the next review. The applicable index for calculating market value will be the Interest Rate Swap (IRS) at 2, 3, 4, 5, 7, 10, 15, 20, and 30 year periods that will be published by the Bank of Spain and which a spread will be added. This spread will be fixed as the existing difference, at the time the transaction is signed, between the transaction interest rate and the IRS at the next closest installment to that time, until the next interest rate review date or until its maturity date.
The reference interest rate of the above that is closest to the outstanding period of the loan term from the early termination until the next interest rate review date or until its maturity date shall be applied.
The amount will be paid to Openbank when the reimbursement is formalised.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.