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How are mortgages calculated?

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  • 24-11-2011 6:46pm
    #1
    98-00
    Registered Users Posts: 185 ✭✭


    I've found loads of site explaining how to calculate the following but they are all based on US and Canadian mortgage systems. Is there a difference to the Irish system?

    How do banks calculate what interest to charge on a mortgage loan?
    How much of the monthly repayment interest and how much is repayment of the borrowed amount?

    I'm trying to create a spreadsheet to show total repayments, total repayments and amount owed. The numbers I'm working with are Loan amount €135000 Term 33 years. Below is a link to the type of thing I'm after

    http://www.canequity.com/mortgage-calculator/

    I put my details into that and the results were close, the monthly repayments doesn't match which is worked out be the interest rate I put in.


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