How much will you pay for your mortgage after the rise in the Euribor: the installments will increase

2023-06-15 21:19:14

How long will mortgages continue to increase in price? It is surely one of the most repeated issues both in the social and political spheres, and, above all, the economic one, where the Euribor continues to weigh down household portfolios by increasing the price of mortgage payments. For practically a year and a half, the Euribor has gone from being in negative figures to closing May at 3.862%.

In this first half of 2023, it is consolidating the sharp rise in the price of mortgages thatue was triggered last year. The Euribor continues to pull strongly on variable mortgage payments, driven by the restrictive monetary policy imposed by the European Central Bank as a defense mechanism to contain inflation to 2%, its objective.

On the way to reaching that goal, therefore, it will be inevitable that the mortgage contracts that are updated according to the Euribor continue to grow by updating with the highest figure recorded since 2008. The different economic experts, financial platforms or digital applications offer their cabals of how much will mortgages go up.

The Mortgage Review Calculator

However, despite the fact that it may seem like a complex calculation, it is possible to calculate how much a mortgage payment has risen, and in particular that of oneself, with the mortgage review calculator offered by Bankinter. In addition, it will also be possible to calculate what the new installment will be and how many interest differences in total will be paid in this scenario.

Only in the platform, it will be necessary to indicate the current installment that is paid, the pending money, the term that you have left and the interest rate. From there it will be possible to have knowledge, for that of economic and financial planning, of the new value of the mortgage payment to face and by what percentage will it have increased?. Here are the concepts that must be completed:

• Current installment: the current cost of the mortgage.
• Pending capital: what remains to be paid at the time of the review. You must indicate this value without using thousands separators.
• Pending term: It is the number of years that remain to be paid on the mortgage until the agreed amortization term is completed.
• New interest rate: the one that is intended to be simulated to calculate the mortgage review. This is the sum of the Euribor and the differential applied to the mortgage loan in question.