MORTGAGE CALCULATOR TOOL

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YellowBrickRoadSpain

Keeping it as simple as you want!

MORTGAGE CALCULATOR - (MULTI-CURRENCY MULTI-LANGUAGE)

You do not have to use all of the available fields unless they are relevant to your needs. However, with this tool you are able to create a detailed amortisation schedule with date based payments and charts that you can print or save. The calculator supports points, private mortgage insurance (PMI), property taxes and hazard insurance.

Since this site is designed for use internationally, users can also select their own currency and date convention for their loan schedule by using the $ : mm/dd/yyyy option at the bottom right corner.

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Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

Types of loans available in Spain

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Standard repayment loans are the main product in Spain. Interest only has disappeared from the market. This loss of interest only facilities has happened under pressure from the Bank of Spain.

Fixed rate loans loans are available. Whilst not offered by all Banks they have become increasingly more widely available. Fixed rate Mortgages in Spain for the full term are available at competitive rates but for the best of the fixed rates loan to values are normally a maximum of 60% loan to value. Rates and conditions for 70% loan to value fixed rates in general are not so attractive. Most fixed rate loans have

higher early redemption penalties than the variable rate products.

Buy to let mortgages, using rental income as part of the affordability assessment are not available.

Most loans are for purchases only, a small handful of banks allow or can offer remortgages or equity release but where they are offered many restrictions apply.

Self build loans are very limited in access and generally only cover a percentage of the actual build costs. Mortgages for the purpose of buying just land in Spain are very restricted.

03/01/2017 – Source: IMS, Malaga

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