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Fixed-rate vs variable-rate mortgage calculator

Which mortgage is best for me?

That's a good question, isn't it?

Next, we want to give you the main keys that you need to know about the fixed and variable-rate mortgages, so you can check what each one offers at a glance and better interpret our simulator's information.

  • Variable-Rate Mortgage: it varies and is reviewed according to market performance. The interest rate is the Euribor + the spread. The monthly repayment amount is variable and is recalculated every 12 months.
  • Fixed-Rate Mortgage: you pay a fixed repayment amount throughout the life of the loan and, unlike the variable-rate mortgage, the amount is not recalculated every year.
Qué hipoteca me puedo permitir

We explain what the Euribor, NIR and APR are.


It is the interest rate at which European credit institutions lend money to each other and it is the benchmark for variable-rate mortgages. The fixed part that you negotiate for your variable-rate mortgage is added to the percentage established by the Euribor, known as the spread. So, if the Euribor goes down your payment goes down, and if it goes up, it goes up.

  • The Euribor varies and is revised depending on the market.


It is the nominal interest rate. In other words, it is a fixed percentage that is agreed for a borrowed amount of money. It is the basis for calculating the APR, so it is important, but it is not a good reference to compare loans.

  • It does not have to be annual and does not take into account expenses, etc.


The equivalent annual rate (APR) tells us the actual amount that will be paid for a loan. It is a mathematical formula that includes the NIR, the commissions, the term of the loan and the payment frequency.

  • It is therefore the most useful benchmark for comparing mortgages of the same type and term.
  • For variable-rate mortgages, the APR is for reference only because it will also vary with the Euribor.

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The answer may be simple but depends on many factors, some of which are very personal while others are not, such as current economic conditions, the price of money and future trends.
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