After years of lethargy, the Euribor has returned this 2022 to grab headlines. Its escalation, the most abrupt in its more than two decades of history, has put many families with variable mortgages in trouble. To measure the change, EL PAÍS has developed a calculator that allows estimating the amount of mortgage payments. The calculation is made with a somewhat simplified formula that is based on the French amortization system (the common one in the Spanish mortgage system) with a constant installment calculation. These precisions may cause the result obtained to differ slightly from the installment of a real mortgage.
The tool contemplates four basic variables of any variable mortgage loan. The amount that remains to be paid must be entered in the principal. And the repayment period is equivalent to the years remaining until the full repayment of the loan. The Euribor is the most used indicator in variable mortgages in Spain. Normally, the monthly average of the one-year Euribor is taken, which the Bank of Spain publishes here every month, but there may be loans with other references. The differential is the rate that the lender adds to the Euribor and the sum of both represents the total interest on the loan. This, in variable mortgages, is normally calculated once a year (it can be two) and is used to pay the next 12 installments.
Lastly, the tool offers three different what-if scenarios. The first simulates what would be the quota for a family that can benefit from the new aid agreed by the Government and banks for families in the most vulnerable situation. The result it gives is the theoretical mortgage payment, but not the real one because the measure is accompanied by a grace period, which means that the lender will only end up paying the interest part of the payment (the capital amortization is pending for later). . The second scenario estimates what is considered a standard variable mortgage, with an interest rate of Euribor plus one point. The third points to the hypothesis that official interest rates continue to rise: it has been calculated with a Euribor of 3.5% (plus a differential of one point). Most of the analysis houses believe that the indicator will not go as far in 2023 and will remain between 3.1% and 3.2%. But it must be taken into account that only six months ago, no analyst expected that the Euribor would end this next year at 3%.
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