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    Representative example

    • Sample calculation with a variable APR for a 25-year, €150,000 loan (300 payments), for a 31-year-old borrower living in the province of Barcelona, assuming no full or partial early repayments are made during the life of the loan and that the benchmark rates do not change, meaning the APR may change with interest rate revisions.
      *When the fixed interest rate applicable during the Initial Interest Period is greater than that resulting from the sum of the agreed differential and the reference rate in effect on the contract date, this fixed interest rate will be used to calculate the APR for the life of the loan.

      • Loan amount: €150,000.
      • Reference rate: 3.718 % (Euribor BOE 04/02/2020).
      • Term: 25 years (300 repayments).

       

      If you do not sign up for any product
      • First year at 1.99% NIR. Monthly payment of €635.05.
      • Remaining years Euribor + 1.60%. Monthly installment €894.28.
      • Variable APR 5.68%.
      • Total cost of the loan: €129,201.04 (€115,174.32 is interest). 
      • Total amount of the loan (all-in cost + mortgage amount): €279,201.04.

       

      If you sign up for other products

      If you open a Salary Account and take out Comprehensive Home Insurance from BBVA Allianz Insurance and Loan Repayment Insurance from BBVA Seguros

      • First year at 1.99% NIR. Monthly payment of €635.05.
      • Remaining years Euribor + 0.60%. Monthly installment €811.25.
      • Variable APR 5.08%.
      • Total cost of the loan: €109,760.83 (€91,260.44 is interest).
      • Total amount of the loan (all-in cost + mortgage amount): €259,760.83.

       

      If you sign up for Salary Account and Comprehensive Home Insurance with BBVA Allianz Insurance:

      • First year at 1.99% NIR. Monthly payment of €635.05.
      • Remaining years Euribor + 1.10%. Monthly payment: €852.24.
      • Variable APR 5.23%.
      • Total cost of the loan: €117,092.15 (€103,065.43 is interest).
      • Total amount of the loan (all-in cost + mortgage amount): €267,092.15.

       

      If you purchase Loan Repayment Insurance from BBVA Seguros:

      • First year at 1.99% NIR. Monthly payment of €635.05.
      • Remaining years Euribor + 1.10%. Monthly installment €852.24.
      • Variable APR 5.54%.
      • Total cost of the loan: €121,565.82 (€103,065.43 is interest).
      • Total amount of the loan (all-in cost + mortgage amount): €271,565.82.

       

      To qualify for these rates, including the Euribor +0.60%, you must be up to date with your payments and not have any outstanding debts with the Bank. Otherwise, the rate that will apply for you is Euribor + 1.60%.

    Costs and fees included in the APR calculation

      • Appraisal fees: €280.72.
      • Loan Repayment Insurance BBVA Seguros (will vary depending on the age of the applicant and specific personal circumstances) with the initial fixed interest rate option at 12 months (total amount and term): €4,473.67 (single, unfinanced premium).
      • Comprehensive Home Insurance with BBVA Allianz Seguros (no coverage of contents): €300 yearly.
      • Checking account (yearly): €240 (maximum cost if the conditions for waiving the maintenance fee on said account are not met).
      • Mail expenses (monthly): €0.82.

      The products taken out from BBVA will be reviewed annually for the duration of the loan.

      The interest rate will be revised annually, based on the value of the index published in the Official State Gazette for the third month prior to the date on which the corresponding interest period begins. Similarly, the products you sign up for, as well as their compliance and maintenance, will be reviewed annually for the life of the loan to determine the differential according to the previous table.

      French repayment system: the same amount is paid every month, provided that the interest rate applicable to the loan does not vary during the settlement period, or that no early payments are made. The mortgage payment consists of the interest and the amortization of the principal on the loan. Since the amount payable is constant as long as the interest rate is unchanged, as the outstanding principal on the mortgage is paid back, the interest generated on this principal decreases. This means you pay more interest than capital during the first years of the mortgage and then more capital than interest in towards the end of the loan.

      Calculation of the monthly payment: Payment=(C*i/m)/(1-(1+i/m)EXP(-m*n))

      Where:

      C: outstanding principal on the loan.

      i: annual nominal interest rate (expressed as a decimal).

      m: number of annual payments.

      n: number of years in the loan period.

      Calculation of the associated interest: Interest = C*i/p

      Where:

      C: outstanding principal on the loan.

      i: annual nominal interest rate (expressed as a decimal).

      p: number of payments in one year.

      Calculation of the part corresponding to the principal: payment minus interest.

       

      Insurance companies
      • BBVA Seguros, S.A., de seguros y reaseguros, listed in the Register of the Directorate-General for Insurance and Pension Funds under registration number C-502. 
      • BBVA ALLIANZ SEGUROS Y REASEGUROS, S.A., listed in the Register of the Directorate-General for Insurance and Pension Funds under reference C0807.  
      • Broker: BBVA MEDIACIÓN, OPERADOR DE BANCA-SEGUROS VINCULADO, S.A., listed in the Special Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds under registration number OV-0060. With liability insurance arranged and sufficient financial resources.