Which Euribor rate does my mortgage use?

It depends on the country and the contract. Twelve-month Euribor is the usual reference in Spain, Portugal and Finland; 3-month or 1-month Euribor in Italy; 1-month Euribor in the Netherlands; 3-month Euribor in Germany and Austria. In France variable-rate mortgages are less common and usually reference the 3-month or 12-month rate. Your contract names the maturity, and it is the only source that counts.

How is my new mortgage rate calculated at a revision?

As the reference plus the spread. The bank takes the Euribor value the contract specifies, usually the monthly average of a named month, or the daily fixing on a named date, and adds the fixed spread agreed when the loan was signed. With the 12-month fixing of {date}, {rate_month_12}, and a spread of one percentage point, the new rate would be {rate_month_12} plus 1.00 point, applied to the outstanding balance over the remaining term.

How much does a 1 percentage point rise in Euribor cost per month?

On the interest alone, one percentage point on 100,000 euros is 1,000 euros a year, or about 83 euros a month, before the effect of amortisation. A 150,000 euro loan therefore pays roughly 125 euros a month more in interest for each point the reference rises, and the same amount less for each point it falls. The exact change in the instalment also depends on the remaining term; the calculator on this site works it out.

Where is the official Euribor for my revision published?

In Spain the monthly average is published in the Boletín Oficial del Estado and by the Banco de España. In Portugal the Banco de Portugal publishes the monthly averages. In Italy banks state the reference on the statement and the daily fixings appear in Il Sole 24 Ore. In Finland the bank applies the fixing of the loan's review date. Elsewhere the bank's own notice is the reference document.

Euribor and mortgages in Europe

The arithmetic every variable mortgage shares

Whatever country your loan was signed in, a Euribor-linked mortgage works the same way. The interest rate for each period is a reference plus a spread. The reference is a Euribor maturity, refreshed at intervals set in the contract. The spread is a fixed number of percentage points that the bank added when the loan was signed and that does not change for the life of the loan, unless the contract says otherwise.

Everything that differs between countries is convention: which maturity is used, whether the bank takes a daily fixing or a monthly average, how often the rate is refreshed, and where the official figure is published. The rest of this page goes through those differences briefly for the main markets, then works through the arithmetic once.

Spain

Spanish variable mortgages commonly reference the monthly average of 12-month Euribor, known locally as the euríbor hipotecario, with a revisión de la hipoteca once a year or every six months. The contract names which month's average is used, often the month before the revision or the one before that. The official monthly average is published by the Banco de España and in the Boletín Oficial del Estado (BOE), and that published figure, not the daily fixings, is what the bank applies. The margin added to it is called the diferencial.

Italy

Italian mutui a tasso variabile commonly use 3-month Euribor, and sometimes 1-month Euribor, plus a spread, often taken as the monthly average and refreshed each month or each quarter. The reference actually applied is stated on the bank statement, and daily fixings are printed in Il Sole 24 Ore, which is the customary place to check them. The instalment is the rata.

Portugal

Portuguese crédito à habitação contracts commonly reference 3-month, 6-month or 12-month Euribor, with the rate reset at the same interval as the maturity: a 6-month indexante is refreshed every six months, a 12-month one annually. The Banco de Portugal publishes the monthly averages that banks use, and the monthly instalment, the prestação, is recalculated at each reset with the new indexante plus the spread.

Finland

In Finland 12-month Euribor is the dominant reference for an asuntolaina, and the rate is commonly reset once a year on the loan's own review date, the korontarkistuspäivä. On that date the bank takes the 12-month fixing and adds the margin, the marginaali, to produce the rate for the following twelve months. Because the reference is a single day's fixing rather than a monthly average, two borrowers with review dates a week apart can end up on different rates.

The Netherlands

Dutch hypotheken with a variabele rente commonly use 1-month Euribor plus an opslag, with a monthly reset. The rate therefore follows the money market closely and a change in ECB policy reaches the instalment within a month or two. Fixed-rate periods are widespread in the Netherlands, so a Euribor-linked rate is one option among several rather than the default.

Germany and Austria

Variable loans in both countries commonly reference 3-month Euribor plus an Aufschlag, with a quarterly Zinsanpassung. Germany has a strong tradition of long fixed-rate periods, so variable Euribor loans are a minority. Austria has a large share of variable-rate housing loans, which makes 3-month Euribor a household topic there in a way it is not across the border.

France

French home loans are overwhelmingly fixed-rate. Where a prêt à taux variable exists it usually references 3-month or 12-month Euribor plus a marge, and it commonly comes with a cap that limits how far the rate can rise above its starting level, or with a rule that stretches the term instead of raising the monthly payment. If you hold one, the cap and the révision rule in the contract matter more than the daily fixing.

A worked example

Suppose a loan of 150,000 euros outstanding, a remaining term of twenty years, and a contract that applies 12-month Euribor plus a spread of 1.00 percentage point at an annual revision.

The bank takes the reference the contract names. Using the fixing of 4 September 2026 as the reference, that is 3.108 %.
It adds the spread: 3.108 % plus 1.00 point.
It applies the result as the annual interest rate to the outstanding balance over the remaining twenty years, using the annuity formula, to produce the new monthly instalment.

At the following revision, a year later, the bank repeats the same three steps with the then-current reference and the then-outstanding balance. If your contract uses the monthly average rather than the daily fixing, step one takes the average of the named month instead; the other steps are identical. The calculator on this site performs exactly this computation and shows the instalment side by side with the one from the previous revision.

What a change of one percentage point means

Interest alone is easy to estimate: one percentage point on 100,000 euros is 1,000 euros a year, about 83 euros a month. On a 150,000 euro balance it is about 125 euros a month, and on 300,000 euros about 250 euros a month. The actual change in an annuity instalment is somewhat smaller than the pure interest figure, because part of each instalment is repayment of capital and that part shrinks as the interest part grows, but the interest estimate gives the right order of magnitude. A change of a tenth of a point is one tenth of those amounts.

Where the official reference is published

Banks do not take the reference from a website like this one. They take it from the source their contract, or national practice, designates:

Spain: monthly average as published by the Banco de España and in the BOE.
Portugal: monthly averages published by the Banco de Portugal.
Italy: the value stated on the bank statement; daily fixings in Il Sole 24 Ore.
Finland: the fixing of the loan's review date, applied by the bank.
Netherlands, Germany, Austria, France: the bank's own rate notice, which cites the fixing or average used.

This site republishes the same fixings from the Bank of Finland with a 24-hour delay and computes the monthly averages from them, which lets you check a bank's figure or anticipate a revision, but the bank's document is the one that governs.

What to check in your contract

Five items settle almost every question about a variable mortgage:

The maturity: 12-month, 6-month, 3-month or 1-month Euribor.
The value taken: the daily fixing on a specified date, or the monthly average of a specified month.
The revision frequency: monthly, quarterly, semi-annually or annually, and the date.
The spread, and whether it changes under any condition, for instance if a linked product is cancelled.
Any floor, cap or term-extension rule that limits how the rate or the instalment can move.

With those five items, the outstanding balance and the remaining term, you can reproduce the bank's calculation yourself and see in advance what the next revision will bring, using the maturity pages on this site for the reference value.

Euribor and mortgages