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mortgate interest rates.

  • 01-03-2011 9:47pm
    #1
    car crazy
    Registered Users, Registered Users 2 Posts: 27 ✭


    :confused:how do you work out a quater of a percent on ur overall mortgate say if its 275k your montly repayments, i can never quite understand how it works...


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    A good approximation:

    275k balance at time of rate change
    1 percent of this is 2750
    A quarter of this is about 700

    So your mortgage goes up by about 700 per year
    Divided by 12 = about 60 euro per month


  • #3
    car crazy
    Registered Users, Registered Users 2 Posts: 27 ✭car crazy


    thanks a mill im crap at working things like that out.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Compounding means that a 0.25% rate increase on a mortgage of 275K should mean an increase of 57.23 per month on the interest alone.


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