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Calculate your mortgage

Estimate your monthly payment and the purchase costs of a home in the Balearics. Indicative and no obligation.

Property condition

Reduced ITP rates (2-4%) for young buyers, first main homes or large families are not applied in this calculation.

Monthly payment1,517 € /mo.
Mortgage amount: 320,000 €Financing: 80%
Savings / down paymentMortgage amountTotal interestTaxes and costs
Price400,000 €
Taxes and costs36,000 €
ITP (property transfer tax)32,000 €
Notary, land registry and conveyancing (estimate)4,000 €
Total cost436,000 €
Savings / down payment−80,000 €
Mortgage amount320,000 €
Total interest135,243 €
Total cost with mortgage571,243 €

Types of mortgage

Fixed-rate mortgage

The payment stays the same for the whole life of the loan. More predictable: you know exactly what you'll pay each month.

Variable-rate mortgage

Linked to Euribor plus a margin. The payment rises or falls as the index moves; it usually starts from lower rates.

Mixed-rate mortgage

Combines an initial fixed-rate period and the rest at a variable rate. A middle ground between security and initial cost.

How the process works

  1. 1Calculate your payment and purchase costs with this tool.
  2. 2Gather your documentation (income, savings, employment situation).
  3. 3Compare offers from several lenders and negotiate the terms.
  4. 4Property valuation and bank approval.
  5. 5Sign before a notary and receive the keys.

Mortgages for non-residents

Many banks offer mortgages to non-resident buyers, usually with slightly lower financing. We're preparing a dedicated guide with the requirements and the process.

Frequently asked questions

As a guide, banks usually finance up to 80% of the property's value, so you'll need around a 20% down payment plus the purchase taxes and costs (which in the Balearics can be around 10-13% for resale properties). The total saved is usually around 30% of the price.

Indicative calculation; it does not constitute a financial offer. Taxes and costs are an estimate for the Balearics and pending ratification; there are reduced rates (2-4%) for young buyers, first main homes or large families that are not covered here. ITP is applied on the higher of the purchase price or the cadastral reference value. Always check the terms with your advisor and your bank.