Working out ROUGH mortgage repayments monthly!

Ex Flex Member

Hi all

thanks for previous advice.

Another FTB silly question here,

Just trying to work out ROUGHLY the monthly monthly repayment amt so need to know if the following is correct- 90 % loan over 30 years, loan amt provided example 200k

so bank loans 200k , we pick fixed interest over 5 years at rate of say 3% interest.

By my rough FTB calculation that works out as 200k/30 years= 6666.67 per year x by 3% interest is €6866 gross per year , divided by 12 months is 572.22 gross amt per month before int relief .

would this ROUGH calculation be correct?!

Or what else should I be putting into the calculation?

many thanks

EFM

KatMc

I tried an online calculator there and it came close to 850 a month. The way you're apportioning the interest isn't how the bank calculates it.

TheBigGuy

(1+i)n-1 annuity formula, assumes no rate change for 30 years

(1.03)30 -1

=1.4272

1.4272*200000

€285440

9514 PA

roughly 792 per month


i think...

japjap

Karl Jeacle's
Mortgage Calculator

http://www.drcalculator.com/mortgage/ie/

Snaga

Karl Jeacle says just below 850eur a month...

Principal: 200000
Term: 30 years
Interest: 3% year
==============
843.21eur/month


http://www.drcalculator.com/mortgage/

D3PO

definatly will be more than 572 will be somewhere around 840 per month

anyway as an FTB you should be looking at stress testing yourself for rates of 5 - 6 percent

you wont get 3% fixed anywhere for 5 years now and rates will rise from their historic lows

skippy15

try mortgages.ie compares all the best rates and will give you best available rates. Will also let you work out what happens if rates go up, or u need extra payments etc