Skip to contents


Fixed or variable mortgage. What are the differences?

And you will be able to do it. Here is the fixed-rate mortgage and the variable-rate mortgage next to it. Here are all of the factors to take into account for each one so you can say “this is better” or “I don't know” or “yes, of course, but what's that Euribor all about?”

  • Do you want to see the features of each mortgage type?
  • Do you want to compare the two options at one glance?
  • Do you want to discover what you like about each type of mortgage and why?
  • Do you want to finally understand what NIR, APR or Euribor are?
Comparador de hipotecas

Fixed or Variable-Rate? Compare the details of all our mortgages.

A complete table with the main figures for both types of mortgage: fixed and variable-rate. Payments, features, advantages, interests, expenses... Everything in plain sight.
Fixed-rate mortgage
Variable-rate mortgage
How it works
You pay the same amount for the entire duration of the mortgage loan
It varies and is updated against the benchmark index
Main advantage
Peace of mind. Payments do not depend on fluctuations in the interest rate
Subject to fluctuations in the Euribor
Monthly payment
Interest rate
Fixed forever
Euribor + spread
Up to 20 years, provided you are not over 75 years old at maturity
Up to 25 years, provided you are not over 75 years old at maturity
Maximum % to finance
80% first home
60% second home
80% first home
60% second home
Interest rate/price
20 years1
Subject to meeting the terms and conditions

Annual NIR 3.40%
APR 4.05%
If terms and conditions are not met
Annual NIR 4.70%
APR 5.10%
Up to 25 years2
If terms and conditions are met

Euribor + 0.75%
NIR First year 1.50%
Variable APR 4.64%
If terms and conditions are not met
Euribor + 2.05%
NIR First year 2.80%
Variable APR 5.71%
Arrangement fee
If you have (except Efficient House Mortgage)
If you have (except Efficient House Mortgage)
Mortgage expenses
Zero management expenses
Zero registration expenses
Zero notary expenses
Zero stamp duty (IAJD)
€249.56 appraisal
Zero management expenses
Zero registration expenses
Zero notary expenses
Zero stamp duty (IAJD)
€249.56 appraisal

Feels like something is missing, right? we will 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.
Qué hipoteca me puedo permitir

Why is it helpful to use a mortgage comparison tool?

The mortgage comparison tool will help you to analyse, understand and make decisions about the various mortgages on the market: fixed-rate, variable-rate, mixed-rate, etc. It is essential to be able to see at a glance the advantages, conditions, prices and other factors of each mortgage so that you can decide which one best suits your expectations and circumstances.

Advantages of comparing mortgages

At Bankinter we have prepared a table where you can compare the benefits of our two main mortgages: variable-rate and fixed-rate.

We've broken down the main indicators that you should take into account when choosing a mortgage. They might look the same initially, but when it comes to repaying your mortgage you'll find certain differences: interest rates, advantages, terms, monthly instalment, conditions, linked products, etc.

Documentos para comprar una casa

What to look for when comparing mortgages

Below we explain the main factors to bear in mind when comparing mortgages:

Fees and commissions

When you take out a mortgage, you should bear in mind that you might have to pay a series of fees, such as the arrangement fee or a fee for early repayment or cancellation of the mortgage. It is essential to be clear about all these extra expenses to avoid surprises in the final budget for your home.


The percentage of financing you ask the bank for will vary according to your savings. Currently, when you apply for a mortgage you must have savings to cover at least 20% to 30% of the value of the property plus the expenses involved in the transaction. That said, banks lend a maximum of 80% of the purchase or appraisal value of the property if it is the primary residence, and somewhat less (65% to 70%) in the case of a second home.

Interest rate

The mortgage interest rate is a percentage that is applied to the loan amount to determine the instalment you will have to pay each month to settle your debt. This interest rate may be fixed (the same percentage for the duration of your mortgage repayment period), variable (benchmark index + spread), or mixed (a mixture of both types).

Your questions, and those asked by almost everyone else

Offer valid until the total amount offered has been reached: 750 million euros for variable-rate mortgages and 25 million euros for fixed-rate and mixed mortgages.