Do you have a variable mortgage with reference to the Euribor? From your mobile you can know the daily fluctuation of the value and even know how much you will pay in the future.
It is one of the most important values for any mortgage holder and a reason to fall asleep or not in many homes: the Euribor is the interest rate to which most variable mortgages in Spain are associated. And its fluctuation can cause us to pay more or less each month : we discover how to know the daily value of the Euribor and how to calculate the amount of your mortgage if you have an interest update.
When applying for a mortgage, and beyond all the work involved in saving the down payment, you have to make a key decision for the future: fixed or variable term? With the rise in interest rates to calm inflation, the current trend was leaning towards fixed interest rates , but a good part of current mortgages continue to update their interests with variable rates. And the Euribor has a lot to say.
The benchmark index published daily is the one used by most European banks to operate with each other. Euribor is an acronym that comes from ” Euro Interbank Offered Rate “, the interest rate at which interbank operations are carried out, including mortgages. Although not all: at the time of joining the bank the entity can offer us loans under other reference indices , such as those based on market returns.
For those of us who decide on a mortgage with a reference index based on the Euribor, and also choose for the interest to be updated in a variable manner, we usually have our sights set on said Euribor because it will mark the increase or decrease in the monthly amount of interest . Reviews are usually done every six months, although everything will depend on what we have signed with the mortgage.
Knowing how the Euribor fluctuates every day is important, but it is not the only thing necessary to recalculate the interest: the index that banks usually take for their mortgages is usually the value of the twelve-month Euribor , an average of the fluctuation of the index during the last year (the six-month Euribor, that of one month or another, can also be used). The 12-month Euribor does not usually stray too far from the daily Euribor. And it is advisable to keep up with it because knowing how it evolves we will have a global vision of what we will have to pay in the future.
And how is a mortgage payment calculated? Imagine that it is like a cooking recipe.
- You need the 12-month Euribor (the main ingredient that changes the price), the differential (a fixed extra that the bank adds and that can change depending on the products you purchase) and the outstanding capital (what you still owe).
- You add the Euribor and the differential to obtain the total interest.
- You divide that interest by 12 (the months of the year) and multiply it by the outstanding principal: this is the interest you will pay that month.
- Add the part that you amortize from the capital (what you reduce from your debt) and you will have the complete monthly payment.
The operation is simplified and does not reflect all the added aspects that may influence the calculation, such as penalties or services incorporated by the entity and that were contracted with the mortgage. You have to consider this.
How to have a daily alert with the value of the Euribor
We already know what the Euribor is, how the reference is taken, which one is used and how the installments of a variable mortgage are applied . Now it’s time to know how to configure alerts on our Android to know the daily interest rate. For the task we will use the mobile assistant itself from apps.
We will start with the EuriborRates & Hipoteca application . Simple, free, with the key information well presented, it includes a mortgage calculator with which you can know your next payments and is only overshadowed by some advertising. You can download the application from here .
Another simple and quick way to consult the index is to go to the Euríbor Diario page , one of the references. You can save it as a favorite on your mobile desktop so you can find out about fluctuations with just one click.
Don’t want to install anything and want to receive a daily alert on your phone? Google Assistant can help you (if you have Gemini installed, the routine may give you problems).
- Go to your mobile settings and enter “Google”.
- Go to the “All services” tab and select “Search, assistant and voice”.
- Select “Google Assistant” and scroll down to “Routines.”
- Click on “New”, top right.
- Choose “Personal” and click on “Add activator”.
- Hit “At a specific time” and set the alert time. For example, every day it rings at twelve noon ( the Euribor is updated from Monday to Friday at 11 in the morning ). Additionally, you can add a shortcut on the desktop to know the data by clicking on the icon. When you finish save the process.
- Now go to “Actions”, “Add action” and click on “Try adding your own commands”.
- Write “What is the daily Euribor”, for example. If your mortgage has a different index, you can specify it. Hit “Done” when you’re done.
- Now it’s time to click on “Play on”. Choose “Do not play media” so that the alert does not sound and appears as a Google Assistant notification on your phone.
- Finally, click “Save” and you will have your routine with the Euribor alert created.
It is a somewhat cumbersome process that works quite well once the routine is created. And it will help you to know the information you need on your mobile, punctually and without having to install any application : Google Assistant comes standard on your Android