# Euribor and your Portugal mortgage payment — qualcredito > What the Euribor is, 3, 6 or 12 months, how it feeds each rate reset, and how much the payment rises per point, with today’s Euribor and a worked example. URL: https://qualcredito.com/en/guides/euribor-mortgage-payment-portugal The Euribor is the interest rate at which euro-area banks lend to each other, and it is the part of a Portuguese mortgage rate that the bank does not control: on a variable rate, the rate you pay is the Euribor plus the spread. Three tenors are in use — 3, 6 and 12 months — and the tenor sets how often the payment is reset. On 29 October 2026 the 6-month Euribor, the one most used in Portugal, stood at 2.973%. On a €200,000 loan over 40 years with a 1% spread, the payment is €832.52, and each percentage point more on the Euribor adds about €128 a month. Updated 2026-11-03. ## What the Euribor is It is computed by the [European Money Markets Institute](https://www.emmi-benchmarks.eu/benchmarks/euribor/) from what a panel of European banks pays to borrow, and published every working day. It follows what the market expects of the European Central Bank’s rates: it rises when the ECB raises its own, or is expected to, and falls the other way round. It does not depend on you or your bank, and it cannot be negotiated. What you negotiate is the spread, the margin the bank adds on top. Between 2015 and 2022 the Euribor was negative; in 2023 it went above 4%. ## 3, 6 or 12 months On 29 October 2026: - 3-month Euribor: 2.643%. - 6-month Euribor: 2.973%. - 12-month Euribor: 3.308%. The Euribor tenor in the contract is also the reset period: on the 6-month Euribor, the rate and the payment are worked out again every 6 months and stay put in between. According to the Banco de Portugal, 71% of new loans use the 6-month rate and nearly all the rest the 12-month one. Today the 12-month Euribor is above the 3-month one: the market expects slightly higher rates over the next year. A longer tenor shelters you from a rise for longer, and takes longer to catch a fall. Two offers on different tenors cannot be compared on the spread alone: a 12-month variable with the same spread as a 6-month one costs more while the curve slopes up. ## What happens at each reset - The bank reads the Euribor for the contract’s tenor. Most contracts use the average of the month before the reset, not one day’s rate; the contract says which. - It adds the spread, which does not change, and that is the new rate. - It works the payment out again on the capital still owed and the term left. The term stays the same: the payment is what rises or falls. On a mixed rate none of this happens during the fixed period. When it ends, the rate becomes the Euribor plus the contract’s spread, reset like a variable one. ## How much the payment moves A €200,000 loan over 40 years, on the 6-month Euribor at 2.973% with a 1% spread — a rate of 3.973% and a payment of €832.52: - Euribor 1 point lower: €712.86, €120 a month less. - Euribor 1 point higher: €960.82, €128 a month more. - Euribor 2 points higher: €1,096.67, €264 a month more. The same point weighs less as time goes by, because it applies to a smaller debt over fewer years. After 20 years, with €137,707 still owed, one more point adds €74 to the payment. ## Protecting yourself from a rise - A mixed rate fixes the payment for the first years. It usually costs a little more than a variable at the start; in exchange, the Euribor only matters once the fixed period ends. - Leave room in the budget. Work out the payment with the Euribor 2 points higher: if you could not pay it, the loan is at your limit. - Paying early before a reset lowers the debt the new rate is applied to. On a variable rate the fee is capped at 0.5%. - Negotiate the spread. It is the part of the rate that stays in the contract to the end and that nothing else moves. ## Seeing your offers at another Euribor qualcredito.com uses the Euribor of 29 October 2026 on each offer’s own tenor and lets you move it: with a shock of percentage points across all tenors, or by hand on each one. The «Euribor sensitivity» chart shows what each offer costs at each value, and at which Euribor the cheapest stops being so. ## In the glossary - [Index (Euribor)](https://qualcredito.com/en/glossary#euribor) - [Index tenor and rate reset](https://qualcredito.com/en/glossary#revisao) - [Spread](https://qualcredito.com/en/glossary#spread) - [TAN](https://qualcredito.com/en/glossary#tan) - [Fixed, variable and mixed rate](https://qualcredito.com/en/glossary#taxa-fixa-variavel-mista) - [Shock (pp)](https://qualcredito.com/en/glossary#choque) ## Other guides - [Fixed, mixed or variable rate in Portugal](https://qualcredito.com/en/guides/fixed-mixed-or-variable-rate) - [How a Portuguese mortgage is paid off, and when paying early is worth it](https://qualcredito.com/en/guides/mortgage-early-repayment-portugal) - [Debt-to-income ratio (taxa de esforço) for a Portuguese mortgage](https://qualcredito.com/en/guides/debt-to-income-ratio-portugal) To compare offers you already hold, upload each bank's FINE at https://qualcredito.com/en/proposals. ## Pages - [Portugal mortgage comparison — qualcredito](https://qualcredito.com/en) - [Your offers — qualcredito, Portugal mortgages](https://qualcredito.com/en/proposals) - [Example comparison — qualcredito, Portugal mortgages](https://qualcredito.com/en/example) - [Portugal mortgage glossary — qualcredito](https://qualcredito.com/en/glossary) - [About — qualcredito, Portugal mortgages](https://qualcredito.com/en/about) - [Contact — qualcredito, Portugal mortgages](https://qualcredito.com/en/contact) - [Privacy — qualcredito, Portugal mortgages](https://qualcredito.com/en/privacy) - [Terms of use — qualcredito, Portugal mortgages](https://qualcredito.com/en/terms) - [Portugal mortgage guides — qualcredito](https://qualcredito.com/en/guides) - [How to compare mortgage offers in Portugal — qualcredito](https://qualcredito.com/en/guides/compare-mortgage-offers-portugal) - [How to read a FINE (Portugal’s ESIS) — qualcredito](https://qualcredito.com/en/guides/how-to-read-a-fine) - [Rate discounts in Portugal: worth it? — qualcredito](https://qualcredito.com/en/guides/mortgage-rate-discounts-portugal) - [Fixed, mixed or variable rate in Portugal — qualcredito](https://qualcredito.com/en/guides/fixed-mixed-or-variable-rate) - [IMT and stamp duty in Portugal (2026) — qualcredito](https://qualcredito.com/en/guides/imt-stamp-duty-portugal) - [Mortgage documents in Portugal: the checklist — qualcredito](https://qualcredito.com/en/guides/mortgage-documents-portugal) - [Portugal mortgage: how much can I borrow? — qualcredito](https://qualcredito.com/en/guides/how-much-can-i-borrow-portugal) - [Portugal mortgage for non-residents — qualcredito](https://qualcredito.com/en/guides/portugal-mortgage-non-residents) - [Portugal mortgage repayment and paying early — qualcredito](https://qualcredito.com/en/guides/mortgage-early-repayment-portugal) - [Euribor and your Portugal mortgage payment — qualcredito](https://qualcredito.com/en/guides/euribor-mortgage-payment-portugal) - [Debt-to-income ratio for a Portugal mortgage — qualcredito](https://qualcredito.com/en/guides/debt-to-income-ratio-portugal) --- This is not financial advice. The figures are estimates and depend on what was read from each PDF, on the assumptions chosen and on rates that change.