calculating total cost of mortgage

Seoid

Does anyone know where I can find a calculator to show the total cost of mortgage repayments? I have found plenty of sites that calculate your monthly repayments - can I just multiply this amount by the time of your mortgage to get the total?

So for example (hypothetically - assuming interest rates stay the same, which they won't)
If I borrow 400k at 3.5% over 30 years the repayment is €1796.18 (according to mortgages.ie). So if nothing changes does this make the total repayment amount:
1796.18 x 12 x 30 = €646,624.80 total?

I have found this site very helpful but not sure if all of the calculations it shows apply the same here in Ireland: http://www.drcalculator.com/mortgage/

seamus

The calculations in Karl's mortgage calc you have linked are spot on, the currency is irrelevant.

If you put in the same parameters into that calculators, it gives you back the same as mortgages.ie - €1,796.18 per month, €246,624.06 interest repayable.

Seoid

Thanks, Seamus.
That seems like a bit obvious now.
Do you know how to calculate it if the interest rate changes (I'm trying to work out various hypothetical comparisons)

For example, if I take out 400k mortgage and fix at 3.5% for 5 years, after which the interest rate is 5% for the remaining 25 years what is the total? Does it work like this:

€1796.18 x 60 = €107,760 paid over 5 years and (I think, according to Karl's Calculator) €346,616.53 remaining

repayments for 347k over 25 years at 5% are €2028.53
€2028.53 x 12 x 25 = €608,559

so the total cost of mortgage is 107,760 + 608,559 = €716,319

Does that math follow through?

JuliusCaesar

seamus wrote: »

The calculations in Karl's mortgage calc you have linked are spot on, the currency is irrelevant.

Or just change the country to Ireland....http://www.drcalculator.com/mortgage/ie/