What are the best Spanish mortgage calculators for non-residents?

Want to know how much you can borrow from a Spanish lender and the terms of repayment? If you prefer the convenience of using your laptop or mobile without directly contacting the bank, a Spanish mortgage calculator could be a good option.

But which is the best for non-residents?

Read on to find out as we've put together a list of the main calculators. We'll review platforms like Idealista, Mortgage Direct, Lionsgate Capital, and more, providing info on features, ease of use, and customization options.

We'll also explore an alternative solution from Homevest. It's not exactly a Spanish mortgage calculator, but a powerful digital tool that helps you understand your financing options.

What is a Spanish mortgage calculator?

A Spanish mortgage calculator is a tool that estimates the monthly payments for your mortgage. 

You usually input the loan amount, interest rate, and repayment period, and it calculates your estimated monthly payments and total interest costs.

Quick comparison of the best Spanish mortgage calculators for non-residents

There are plenty of Spanish mortgage calculators available online; some are advanced, while others provide basic information. Remember, however, that all these calculators provide approximate figures.

Here's an at-a-glance comparison of your options, and we'll cover them in detail later.

Fluent Finance Abroad

Fluent Finance Abroad, a key name in the Spanish mortgage market, provides a simple mortgage calculator for residents and non-residents. While the tool is accessible and easy to navigate, it lacks specialized features tailored to the distinct needs of each user group.

Pros

• FFA provides guidance on potential borrowing limits for Spanish mortgages, along with practical advice on the dos and don'ts of property acquisition
• they have multiple accreditations, including from the British Chamber of Commerce in Spain and Banco de España

Cons

• one limitation of their mortgage calculator is that it does not accommodate various mortgage types, such as fixed-rate and variable-rate options, which might restrict you in evaluating your choices 

Simon Conn

Simon Conn is a mortgage broker offering a calculator for international buyers with income in USD, GPB, or EUR. However, it only provides payment breakdowns in US dollars, with no option to see details in other currencies.

Pros

• offers guidance and explains considerations for purchasing property in Spain from abroad

Cons

• despite having different calculators for various countries, they all work the same way and only use USD

Foxes

Foxes, with their team of property, finance, and legal experts, focuses on helping international buyers in Spain. They offer different Spanish mortgage calculators that help estimate your payments, eligibility, and the ideal property purchase price.

Pros

• through their approach, they aim to provide you with a broader perspective on your financing in Spain, trying to educate you throughout this process
• they provide a calculator to help you understand your debt-to-income ratio

Cons

• they do not offer a detailed monthly payment breakdown or calculators tailored to the specific mortgage types available to non-residents

IMS Mortgages

IMS Mortgages, specializing in services for non-residents, offers a Spanish mortgage calculator designed to give you a basic estimate of your monthly payments.

Although the tool is easy to use, it lacks specialized features for those looking to purchase property in Spain.

Pros

• quickly and easily obtain a rough monthly payment estimate

Cons

• the calculator doesn't offer detailed estimates to help you understand your mortgage qualification
• submitting your details for a Spanish mortgage quote can be difficult

Lionsgate Capital

Lionsgate Capital, a mortgage broker focused on assisting wealthy individuals in purchasing properties in the Balearic Islands, offers a user-friendly Spanish mortgage calculator. 

Unlike other calculators, it includes the 12% taxes and provides a comprehensive overview to help you understand the total amount needed.

Pro

• intuitive mortgage calculator with a brief explanation to understand how it works

Con

• although they mention fixed and variable mortgage rates, they don't offer features tailored to these preferences
• they have preset the property purchase at 1,200,000 EUR, suggesting they cater to high-net-worth individuals

Idealista

Best known for its real estate portal, Idealista also provides mortgage brokerage services in Spain. 

Their calculator offers a thorough understanding of the monthly payments and the taxes and expenses involved in purchasing a property. This approach is more detailed than Lionsgate Capital, which also emphasizes these factors.

Pros

• the Idealista mortgage calculator is customized for both fixed and variable mortgages

Con

• Idealista displays a maximum repayment period of 40 years, which is not accessible to non-residents purchasing property in Spain

Mortgage Direct

Mortgage Direct is a key name in the Spanish mortgage industry, offering calculators designed for the Spanish market to help users understand their mortgage options. However, these tools are only accessible on a desktop.

Pros

• automatically updates with the Euribor rate every 24 hours and fills in the form with the current interest rate automatically
• allows for comparisons in multiple currencies, such as GBP, USD, and CAD

Cons

• Mortgage Direct doesn't provide a monthly payment breakdown or estimates for fixed or variable mortgages

Homevest - a great alternative to a Spanish mortgage calculator

A Spanish mortgage calculator isn't the only method to estimate your monthly mortgage payments. 

If you’re looking for an alternative, consider Homevest’s mortgage simulation. While it's not specifically a calculator, it offers a personalized simulation within 24 hours, providing an estimate of your monthly payment.

Besides that, you'll receive information on expected interest rates based on mortgage offers that similar clients have received in the past 2 weeks. You’ll also get a summary of the taxes you need to pay, including the deposit necessary to meet your property budget.

A major advantage is that the simulation is sent to your email, allowing you to review it multiple times. Unlike a standard Spanish calculator, where data is lost once you leave the webpage, you can look at your Homevest simulation again whenever you need.

Wrap up

Choosing the best Spanish mortgage calculator depends on your specific needs. While some banks offer calculators limited to their products, this guide has compared seven Spanish calculators to help you understand their features and customization options. 

For a straightforward approach to requesting and comparing bank offers, Homevest might be your go-to, offering a user-friendly way to navigate your mortgage process. 

Methodology

Our analysis focused on the functionality and accessibility of each calculator. Users regard a highly-rated tool as intuitive and easy to use.

We also considered the specificity of each calculator and how easily it can be used on laptops and mobile devices. We selected calculators from Google's first page for easy user access. 

Sources used and checked in February 2024:

1. Fluent Finance Abroad - Spanish mortgage calculator
2. Simon Conn - Spanish mortgage calculator
3. Foxes - Spanish mortgage calculators
4. IMS Mortgages - Spanish mortgage calculator
5. Lionsgate Capital - Spanish mortgage calculator
6. Idealista - Spanish mortgage calculator
7. Mortgage Direct - Spanish mortgage calculators

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.