Loan and mortgage calculator
Monthly payment, interest and repayment table for a fixed, variable (Euribor + spread) or mixed rate, with an early repayment and its fee.
How to use
Enter the amount borrowed, the term in years and the type of rate. A variable rate is the index today (for example Euribor) plus the spread, reviewed every 3, 6 or 12 months; a mixed rate adds a fixed rate for its first years. The result shows the monthly payment, the total interest, the total paid and a repayment table by year or by month. It updates as you type.
Each month the interest is the balance × the annual rate ÷ 12. With equal payments the payment stays the same while the rate does, and more of it repays the loan each month; with equal principal the same share of the loan is repaid every month and the payment falls. When the rate changes, the payment is worked out again for the months left. To see what a rise or a fall in the index would do, enter the change in points: it applies from the first review and then stays.
For an early repayment, enter the amount, the year and the fee as a percentage of the amount repaid. Choose whether you keep the payment and finish sooner or keep the term and pay less each month. The result adds the fee, the interest saved and the saving after the fee. Insurance, taxes and other charges are not included, so compare the result with the figures your bank gives you.
Example
The example: 150,000 over 25 years at Euribor 12 months (2.5%) plus a 1% spread, with the index up 0.5 points at the first review. The payment goes from 750.94 to 790.37. Repaying 10,000 at the end of year 3 with a 0.5% fee (50) ends the loan 2 years and 5 months earlier and saves 12,966.66 of interest, 12,916.66 after the fee.
200,000 over 30 years at Euribor 3% plus a 1% spread954.83 a month; 143,739.01 of interest over the 30 years.The same loan, with Euribor 1 point higher at the first review after 6 months1,072.09 a month from month 7, and 185,250.26 of interest.The same loan, repaying 20,000 at the end of year 5 with a 0.5% fee (100)Keeping the payment, the loan ends 4 years and 4 months sooner and saves 29,785.27 of interest; keeping the term, the payment falls to 849.26 and saves 11,670.21.200,000 over 30 years at 4% with equal principal1,222.22 in the first month, falling every month; 120,333.33 of interest in total.
Frequently asked questions
How is a variable rate worked out?
It is the index plus the spread: with Euribor at 3% and a 1% spread, you pay 4%. Choose the review period of your contract (3, 6 or 12 months, as with Euribor 3, 6 or 12 months). At each review the payment is worked out again for the months left, so a rise in the index raises it and a fall lowers it. If the index is negative, the rate here never goes below 0.
Is it better to shorten the term or lower the payment?
Shortening the term saves more interest, because the loan is repaid sooner: in the example of 20,000 repaid after 5 years, 29,785.27 against 11,670.21. Lowering the payment saves less but leaves more room in the monthly budget.
Is there a fee for repaying early?
It depends on the contract and the country. In Portugal the fee on a home loan is at most 0.5% of the amount repaid with a variable rate and 2% with a fixed rate, plus stamp duty on the fee. In France it is capped at six months of interest on the amount repaid and at 3% of the capital still owed. In Italy a mortgage to buy or renovate a home, and in Brazil a loan to an individual, can be repaid early with no fee. Enter the fee in your contract, or 0.
Fixed, variable or mixed?
A fixed rate keeps the payment the same for the whole term. A variable rate follows the index, so the payment can rise or fall at every review. A mixed rate is fixed for its first years and variable afterwards. Try each one with the change in the index to see how much the payment could move.
Why is my bank’s figure different?
Banks may count interest by days and round differently, and their offer includes costs this calculator leaves out: insurance, taxes, account and processing fees. That is why the annual percentage rate (APR) in the offer is higher than the rate entered here.