How to calculate your payment with a mortgage simulator

Using a mortgage simulator is essential if you plan to buy a home in Barcelona, or if you already have one and want to anticipate your future monthly payment. These digital tools allow you to calculate your monthly installment based on the property price, forecast how your payment might change after an interest rate review (especially with variable mortgages), or analyze whether it is worthwhile to transfer your mortgage to another bank to improve your conditions.

A mortgage simulator is an online tool designed to help you calculate your monthly payment and explore different financial scenarios related to your home loan. It not only allows you to anticipate changes in your installments but also to decide whether transferring your mortgage to another bank for better terms is the right move.

What can you calculate with a mortgage simulator?

• Estimate the monthly payment of your mortgage, whether fixed, variable, or mixed.

• Predict how your payment will change after the next Euribor update (key for variable or mixed-rate loans).

• Calculate the total interest you will pay to the bank.

• Understand the initial expenses and taxes associated with the mortgage.

• Know the global cost of the operation, including principal, interest, taxes, and other related expenses.

What information do you need to use the simulator?

You should know the price of the property you want to buy, your available savings (usually around 20% of the property value, since banks typically finance up to 80%), the type of mortgage (fixed, variable, or mixed), the offered interest rate, the desired loan term, the property’s location (since taxes vary depending on the autonomous community), and whether the home is new or second-hand.

What else can the simulator tell you besides the monthly payment?

The simulator helps you forecast payment changes after an interest rate review, which is especially useful for variable or mixed mortgages. This way, you can anticipate whether your monthly installment will go up or down after the next Euribor update and calculate the impact. It is also useful for determining if a mortgage subrogation (switching your loan to another bank) is worthwhile: the simulator lets you compare your current loan with better market options. Remember to factor in the associated costs of changing banks when evaluating real savings.

Can you calculate a variable mortgage review?

Yes. You only need to input the new Euribor value plus the differential of your loan to know how your payment will change after the next review. If you don’t know the exact value, you can use forecasts published by banks and financial institutions to simulate and estimate how much your payment will vary.

Can you calculate whether it’s worth subrogating your mortgage with the simulator?

Absolutely. You just need to enter the outstanding balance, your current interest rate, and compare these with the best mortgage products on the market. You can decide whether to keep the same loan term or shorten it. The simulator will show you how much you would pay in different scenarios. Keep in mind that although monthly savings might look appealing, subrogation involves additional costs, so it’s wise to analyze them carefully before making a decision.