|Applicable interest rate||Fixed NIR for 1st year||Variable NIR for remainder of term||Variable APR|
|Subject to discount conditions||1.95%||12-month Euribor +0.95%2||2.15%5|
|Not subject to discount conditions||2.35%||12-month Euribor +1.35%2||2.37%5|
Want to know more about the mortgage calculator?
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.
1 Openbank will bear the valuation and land registry verification fees (land registry report) as long as they are requested through Openbank and the mortgage agreement is ultimately signed with the bank. These expenses will be paid by the customer in advance and will be refunded by Openbank, after signing, once the mortgage file settlement has been completed. The abovementioned expenses relate to the arrangement of the mortgage loan and under no circumstances to the home purchase transaction.
In addition, Openbank will issue a rebate of €230,70 for customers who provide a valid valuation by an appraisal firm accredited by the Bank of Spain, provided that the mortgage agreement with Openbank is signed before 31 December 2021 (included), the valuation has not been requested through Openbank and the loan is ultimately signed with the bank. This rebate will be equivalent to the valuation fees as if it had been requested through Openbank (€230.70 excluding VAT) and will be made, after signing, when the mortgage file settlement has been completed. See the terms and conditions of the promotion here.
2 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. If you do not meet any of the above discount conditions, the applicable interest rate that arises from failure to comply will vary and will be the result of an additional margin of 0.30% being added to the discounted annual nominal interest if you do not meet the discount condition (i), 0.10% if you do not meet the discount condition (ii) and 0.40% if you do not meet either of the above conditions to be eligible for the discount. 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. Mortgage subject to Openbank's approval.
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 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.
5 The Variable APR has been calculated for a representative example of a total mortgage loan of €150,000 and a term of 25 years, to be repaid in 300 monthly payments, and under the assumption that the mortgage agreement shall be in effect for the agreed period of time and that Openbank and the applicant will fulfil their obligations under the conditions stipulated in the contract. Furthermore, the following has been considered for the calculation, to meet the discount conditions: (i) home insurance marketed by Openbank S.A, the Linked Bancassurance Operator, based on an estimated premium of €153.79 euros on a 100 m2 property located in Madrid, with a total value of €87,800.00 euros and a contents value of €22,000.00 euros (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. Variable APR 2.37% calculated under the assumption that the applicant does not meet the conditions to be eligible for a discount. A 1.95% NIR is applied to the first 3 months and a rate of 2.35% is applied to the rest of the mortgage term. On this basis, there would be 3 monthly payments of €632.14 and 297 monthly payments of €661.38, at a total cost of €48,326.28 and the total amount payable of €198,326.28 (including capital and interest). If the applicant meets discount conditions, the applicable interest rate for the entire mortgage term would be 1.95 NIR (2.15% variable APR), with 300 monthly payments of €632.14, and a total cost of €43,486.75 and a total amount payable of €193,486.75.
The total amount payable in the representative examples includes: principal, interest and the insurance premium (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.
These Variable APR calculations, the repayment amount, total cost and total amount have been calculated assuming that the interest rate is maintained throughout the validity of the contract at the level fixed for the initial period [1st year], since the variable interest rate to be applied during the variable period at the current date, 12-month Euribor November 2021 (-0.477% plus the spread) is less than the fixed rate of the initial period, therefore this Variable APR will vary with the interest rate reviews. Half-yearly review.
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.
This variable APR has been calculated on the assumption that the benchmark rate does not vary; therefore, this variable APR will vary with the interest rate reviews. Half-yearly review.
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.
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 monhtly 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.
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.
If you decide to pay the loan off early, please contact us in order to determine the exact level of compensation at that time.