The annual interest rate applied to a loan or deposit, excluding fees and the effect of compounding. In Spain it is called TIN and it is the rate used to calculate payments.
An example
A 3% nominal rate on a mortgage with monthly payments means 0.25% interest each month on the outstanding balance.
Other calculators
Learn more
- What changes if you contribute at the start of the month?
- How much of the final balance did you put in?
- What does a mortgage ten years longer cost?