Personal Loan Calculator: payment and APR (TAE)

Calculate the monthly payment on a personal loan, how much interest you will pay and the real APR (TAE) once an opening fee and compulsory insurance are added. The APR is solved with the equation in Annex I of Spain's Consumer Credit Act (Law 16/2011), the same one lenders must use.

Rules reviewed in October 2026 against the consolidated text of Law 16/2011 in the BOE. · Tamara Sutil Moral

Loan amount (€)

Nominal annual rate, TIN (%)

Term (months)

Opening fee (%)

Fixed opening fee (€)

Insurance or other monthly costs (€)

Is it required to get the loan?

Simulate early repayment

Repay in full after payment number (optional)

Monthly payment

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APR (TAE)

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Total interest

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Total cost of the loan

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Show amortisation table

Month	Payment	Interest	Capital	Outstanding

Indicative calculation for fixed-rate loans with constant monthly payments and the opening fee paid up front. Lenders round the payment to the cent and may set the first payment date differently, so their TAE can differ by a few hundredths. The binding figures are those in the Standard European Consumer Credit Information form from your lender.

How a personal loan payment is calculated

Almost every personal loan in Spain uses the French amortisation system: you pay the same instalment every month and, within it, the interest share falls while the capital share rises. The payment comes from this formula:

Payment = P × i / (1 − (1 + i)⁻ⁿ)

P is the amount you borrow.
i is the monthly interest rate: the annual nominal rate (TIN) divided by 12. With a 7.5% TIN, i = 0.625%.
n is the number of monthly payments.

For €15,000 over 60 months at a 7.5% TIN, the payment is €300.57. In the first payment you pay €93.75 of interest (€15,000 × 0.625%) and repay €206.82 of capital; in the last one, interest is only €1.87. In total you pay €3,034.15 of interest. The calculator's amortisation table shows the split month by month.

TIN and TAE: what they mean, with a worked example

TIN (tipo de interés nominal) is the price of the money itself: the percentage applied to the outstanding balance to calculate interest. TAE (tasa anual equivalente, Spain's APR) is the total cost of the loan expressed as an annual rate: it reflects that you pay monthly rather than once a year, and it adds compulsory costs.

Law 16/2011 defines the TAE as the rate that makes the present value of what you receive equal to the present value of everything you pay (instalments and costs). With monthly payments, you find the monthly return i of those cash flows and annualise it: TAE = (1 + i)¹² − 1. Continuing with €15,000 over 60 months at 7.5%:

Terms	You receive	Monthly payment	TAE
Interest only (7.5% TIN)	€15,000.00	€300.57	7.76%
+ 1.5% opening fee	€14,775.00	€300.57	8.45%
+ compulsory insurance of €12/month	€14,775.00	€312.57	10.27%

Even with no costs, the TAE (7.76%) is above the TIN because interest is paid monthly: (1 + 0.00625)¹² − 1. The €225 fee means you receive less money for the same payments, lifting it to 8.45%. If the lender only offers that rate with €12 a month of insurance, the TAE reaches 10.27% and the total cost goes from €3,034 to €3,979.

How the APR changes with the fee and the term

TAE of a €15,000 loan at a 7.5% TIN, by opening fee and term. The same fee makes short loans far more expensive in annual terms, because it is paid once and spread over fewer months.

Opening fee	12 months	24 months	36 months	60 months	84 months
No fee	7.76%	7.76%	7.76%	7.76%	7.76%
1%	9.81%	8.84%	8.50%	8.22%	8.10%
2%	11.92%	9.93%	9.24%	8.68%	8.44%
3%	14.10%	11.06%	10.01%	9.16%	8.79%

Which costs the TAE includes, and which it does not

Article 6 of Law 16/2011 defines the total cost of credit, which is what the TAE captures:

Included: interest, fees (opening, arrangement, maintenance of an account required for the loan), taxes and any other charge known to the lender that you must pay in connection with the loan.
Insurance and other ancillary services are included when the loan is only granted, or only granted on those terms, if you take them out. Compulsory life or payment-protection insurance must be in the TAE.
Not included: notary fees, charges for missed payments and the costs of buying the goods other than their price (article 32.2).

Optional insurance does not go into the TAE even if you buy it, but it does raise what you pay. That is why the calculator lets you say whether the insurance is compulsory: if it is not, it is added to total cost but not to the TAE. Some banks advertise a "discounted TIN" if you pay in your salary or take other products; ask for the TAE of the offer with those conditions and compare it with the TAE without the discount.

Your rights: withdrawal and early repayment

Pre-contract information: before you sign, the lender must give you, free of charge, the Standard European Consumer Credit Information form with the TIN, the TAE, the total amount repayable and the cost of any compulsory ancillary services (article 10).
Right of withdrawal: you have 14 calendar days from signing (or from receiving the terms, if later) to cancel the loan without reasons or penalty. You repay the capital plus interest for those days within 30 days of notifying the lender, and insurance taken out with the loan is cancelled too (article 28).
Early repayment: you can repay all or part of the loan at any time and save the interest for the remaining period. The lender may charge compensation of at most 1% of the amount repaid if more than 12 months remain, or 0.5% if 12 or fewer remain, and never more than the interest you would have paid until the end (article 30). On variable-rate loans, nothing is charged for periods without a fixed rate.
Linked insurance: if you repay the loan early, the insurer must refund the unused part of the premium.

Example: on the €15,000 loan at 7.5%, if you repay it in full after payment 24, the outstanding capital is €9,662.67. With 36 months left, the maximum fee is 1%: €96.63. In exchange you stop paying €1,157.82 of interest, a net saving of €1,061.19, before counting the €432 of insurance you would no longer pay.

How to compare personal loan offers

To compare loans, always ask for offers for the same amount and the same term, and look at the TAE and the total amount you will repay. A lower TIN does not guarantee a cheaper loan. These two offers are for €15,000 over 60 months:

	Offer A	Offer B
Nominal rate (TIN)	7.50%	6.95%
Opening fee	1.5% (€225)	3% (€450)
Monthly payment	€300.57	€296.66
Total interest	€3,034.15	€2,799.86
Total cost (interest + fee)	€3,259.15	€3,249.86
APR (TAE)	8.45%	8.55%

Offer B has a lower TIN and a lower payment (€296.66 against €300.57), but its 3% fee leaves it with a TAE of 8.55% against 8.45%. Adding up euros alone, its total cost is lower by €9.30, but the TAE accounts for when each euro is paid: the €450 fee leaves on day one, while the interest saving trickles in over five years. And if you repay early, the fee already paid is never recovered and offer A's advantage grows. Also check:

Tie-ins: which products you must take (salary deposit, insurance, cards) and what happens to the rate if you stop meeting them.
Early repayment and missed-payment fees.
Term: stretching it lowers the payment but inflates interest. For the €15,000 example, over 24 months the TAE is 9.38% and interest only €1,200, against €3,034 over 60 months.
Authorised lender: check the Bank of Spain register.

Is the law about to change?

Law 16/2011 is still in force in October 2026. On 7 January 2026 the Spanish Council of Ministers approved, at first reading, the draft of a new Consumer Credit Contracts Act transposing Directive (EU) 2023/2225. Until it is published in the BOE, the TAE, withdrawal and early-repayment rules on this page are the ones that apply.

Frequently asked questions

How is a personal loan payment calculated?

With the French (annuity) method: payment = P × i / (1 − (1 + i)^−n), where P is the loan amount, i the nominal annual rate divided by 12 and n the number of months. The payment is fixed; early on it is mostly interest, and each month more of it repays capital.

What is the difference between TIN and TAE?

TIN is the nominal interest rate applied to the outstanding balance to work out each month's interest. TAE (the Spanish APR) adds the payment frequency and compulsory costs such as opening fees, required insurance and account fees, and expresses everything as one annual rate. That is why it is the figure to compare offers with.

Which costs are included in the TAE?

Under Law 16/2011, all interest, fees, taxes and other charges known to the lender that you must pay in connection with the loan, including insurance when the loan is only granted on those terms if you take it out. Notary fees and charges for breaching the contract are excluded.

Can I cancel a personal loan after signing?

Yes. You have 14 calendar days to withdraw without giving reasons or paying a penalty. You must notify the lender and repay the capital plus interest for the days you had the money, at the latest 30 days after sending the notice.

How much can a lender charge for early repayment?

At most 1% of the amount repaid if more than one year of the loan remains, and 0.5% if one year or less remains. The fee can never exceed the interest you would have paid until the end. On variable-rate loans no fee applies for periods without a fixed rate.

Should I look at the APR or the monthly payment?

To compare price, use the APR (TAE), always for the same amount and term. A low payment usually comes from a longer term, which lowers what you pay each month but raises total interest. Check the total amount repayable too.

Why is the APR higher on short loans?

Because the opening fee is paid once, up front. On a short loan that cost is spread over fewer months, so it weighs more in annual terms. With the same 1.5% fee, the APR rises much more on a 12-month loan than on a 7-year one.