Mortgage calculator

Monthly payment, interest and amortisation schedule

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What is Mortgage calculator?

This calculator tells you how much you'll pay each month for your mortgage or loan based on the amount, the interest rate and the term in years. You'll also see how much interest you'll pay in total and what share of your payments goes to principal.

It follows the French amortization system used for mortgages in Spain and includes a year-by-year amortization schedule that you can expand month by month and download to open in Excel.

How to use it

  1. Enter the loan amount in euros.
  2. Enter the annual nominal interest rate (TIN) as a percentage.
  3. Set the term with the slider, from 1 to 40 years.
  4. Check the monthly payment, total interest and total amount payable.
  5. Expand the amortization schedule with “Show months” or download it as CSV.

Advantages

Technical details

It uses the French amortization system, the usual one for Spanish mortgages: fixed payment C = P × r / (1 − (1 + r)^−n), where P is the principal, r is the annual nominal rate (TIN) / 12 / 100 and n is the number of monthly payments (years × 12); with 0% interest the payment is P / n. Each month, interest is the outstanding balance × r and the principal repaid is the payment minus that interest, so more interest is paid at the beginning. The last payment settles the exact remaining balance so no cents are left over. The calculation assumes a fixed rate for the whole term: it doesn't include Euribor reviews, insurance, fees or costs, and therefore doesn't calculate the APR (TAE). The CSV uses semicolons as separators and a decimal comma.

Frequently asked questions

How is a mortgage payment calculated?

With the French system: payment = principal × r / (1 − (1 + r)^−n), where r is the annual rate divided by 12 and n is the number of months. €200,000 at 2.9% over 30 years gives about €832 per month.

What is the French amortization system?

It's the system in which all payments are equal. At first most of each payment is interest and, over time, more and more principal is repaid.

Does it work for variable-rate mortgages?

It calculates the payment with a fixed rate. For a variable mortgage you can enter the current Euribor plus the spread to estimate the payment until the next review.

What's the difference between TIN and TAE?

TIN is the nominal interest rate used to calculate the payment. TAE (the Spanish APR) adds fees and costs and is used to compare offers. This calculator uses the TIN.

Can I see how much I owe after a few years?

Yes. The “Outstanding” column in the amortization schedule shows the principal left to pay at the end of each year and each month.

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