January will continue with the upward trend of the Euribor and although it will not see significant increases compared to December, it will be dangerously close to the level of 3.5%, with only 3 values to go until the end of the month, the provisional average is 3.33%, the average Ultimately it will probably be two or three thousandths higher.
Therefore, those who have to review the mortgage will see again how the monthly fee will become considerably more expensive since six months ago it was at 0.992% and a year ago at -0.477%. For practical purposes, this means that for a mortgage of €180,000 over 25 years and with a Euribor differential of 1% and an annual review, it will go from paying a fee of €640 to paying €983, this represents an increase of €342 per month. In the event that the review is semi-annual, the increase will be €221 per month (€2,652 per year)
However, to find out exactly how much your variable mortgage will go up, there are several online tools that make your job easier, the Bank of Spain has an calculator where you can simulate how much the monthly fee will amount to.
To use the Bank of Spain mortgage simulator, you must first enter the initial capital, the interest rate (the last one after updating the mortgage), the amortization plan, and then click calculate to get the prediction.
It is important that you know the month with which you review the Euribor, the date that is reflected in the mortgage deeds.
Regarding the forecasts for this 2023, all analysts agree that it will continue to rise, yesterday we learned the latest report from the Savings Banks Foundation (Funcas) where They estimated that the Euribor could reach values close to 3.7% in the coming monthsbefore easing slightly as expectations of further ECB rate hikes slow down.
