Mortgage Advice

lisademps

I have €40,000 savings. If I apply for a loan and get 200,000, is my 40K gone and I'm really only getting 160,000, or do I still have my 40K to spend?

ec18

the house is 200K or the loan is 200k?

P_Cash

If u have 40. And apply for 200. Then 200+40 is 240.

lisademps

ec18 wrote: »

the house is 200K or the loan is 200k?

Well both scenarios please. This is all hypothetical. Basically I want to know if I can keep my savings!

The_Chap

If you are FTB you will at least need to use 10% of the house value from your savings

so, if you want loan of 200k - house price could be 222k and you'd need at least 22k of deposit

if house price is 200k, then you'd need at least 20k deposit - loan would then be 180k

ANXIOUS

Is this a serious question?

The_Chap

ANXIOUS wrote: »

Is this a serious question?

believe it or not, some people don't know how buying a house works....;)

ABajaninCork

Isn't the maximum you can borrow 3.5 your salary? Think the new bank rules came in this week...

And the bank will want you to use some of the savings. Isn't that why you saved - to buy property??

The_Chap

ABajaninCork wrote: »

Isn't the maximum you can borrow 3.5 your salary? Think the new bank rules came in this week...

And the bank will want you to use some of the savings. Isn't that why you saved - to buy property??

This is true, so single income or joint would need to be at least 50k to fly

NinjaTruncs

lisademps wrote: »

Well both scenarios please. This is all hypothetical. Basically I want to know if I can keep my savings!

No you won't get to keep your savings, the bank will expect you to use them towards the purchase of the property. How much you need to use will depend on the value of the house, under the new rules if you were to buy a house for ~200K you would need to use ~20K of your savings, solicitors fees and furnishing the house will then take a good chunk out of what's left.

Electric Sheep

The_Chap wrote: »

believe it or not, some people don't know how buying a house works....;)

And yet they still think they are "entitled" to buy a house. The house of their dreams, even...

rathmoresham

People use this site to gain information, not to get ridiculed by others. Help a person out instead of making them feel bad just because they are not educated in the same subject matter as you..

The_Morrigan

rathmoresham wrote: »

People use this site to gain information, not to get ridiculed by others. Help a person out instead of making them feel bad just because they are not educated in the same subject matter as you..

Leave the moderation to the mod team please.

Baby01032012

rathmoresham wrote: »

People use this site to gain information, not to get ridiculed by others. Help a person out instead of making them feel bad just because they are not educated in the same subject matter as you..

Well said rathmoresham, putty there aren't more posters like you

The_Morrigan

Baby01032012 wrote: »

Well said rathmoresham, putty there aren't more posters like you

There aren't more posters like that because backseat modding is against every charter on Boards.
Please don't encourage it.

lisademps

ABajaninCork wrote: »

Isn't the maximum you can borrow 3.5 your salary? Think the new bank rules came in this week...

And the bank will want you to use some of the savings. Isn't that why you saved - to buy property??

Yeah exactly so I will be lucky to get 140,000 plus my 40,000 savings. So no matter what I have saved I still won't be able to buy a house.

ec18

lisademps wrote: »

Yeah exactly so I will be lucky to get 140,000 plus my 40,000 savings. So no matter what I have saved I still won't be able to buy a house.

For example, if your salary is 30K p/a

your maximum mortgage is 30,000 * 3.5 = 105,000
Your savings are 40,000

You can buy a house worth 145,000 and your savings will be used as part of the funds to purchase the house.

lisademps

ec18 wrote: »

For example, if your salary is 30K p/a

your maximum mortgage is 30,000 * 3.5 = 105,000
Your savings are 40,000

You can buy a house worth 145,000 and your savings will be used as part of the funds to purchase the house.

Yes but the problem is finding a house for 145K, or 200K for that matter. It just seems that the market is there for couples, a single wage is not going to get you a house.

Michael D Not Higgins

lisademps wrote: »

Yeah exactly so I will be lucky to get 140,000 plus my 40,000 savings. So no matter what I have saved I still won't be able to buy a house.

You have to understand that there are going to be couples with more than your salary and more than your savings also looking to buy a house. They have more buying power than you have. This has been the way for at least 20 years (maybe more?) and is not changed by the new lending rules. In fact, the new rules reduces the overall credit available and may reduce house prices.

As an example, let's assume you have 40k salary and 40k savings. Like you've said above, you'll probably get 180k today. You're bidding against a couple with combined salary of maybe 50k (I seem to recall this being used as the household average somewhere) and 50k savings (similar proportion to your own). They can afford a house of 225k. You're outbid. If the LTI were 5 and LTV 90%, you might get 240k, but the couple with two salaries also looking at the same house can get 300k. You're outbid again.

This is how the credit availability works and family homes will inevitably go for what the couple can afford not the single person. The one benefit you have is that the prices may come down and you won't have to borrow as much.

ShowMeTheCash

lisademps wrote: »

Yes but the problem is finding a house for 145K, or 200K for that matter. It just seems that the market is there for couples, a single wage is not going to get you a house.

Don't see this as a bad thing, these measure which where totally ignored pre 2008 are there to protect people from borrowing too much...

Make no mistake interests rates will rise, no point buying something you cannot afford to pay back!

Alterntatives: Get a better job, move somewhere cheaper, keep on saving.

Personally on a low salary like 30K I would not want to be in too much debt, there are basics, bills, food, entertainment that everyone kind of needs to cover, I think if you can do this on 1000 to 1500 a month you are doing well.
So 12K to 18K a year probably leaves 12K to 6K expendable income do cover all of lifes other costs - Granted if you pay rent it might be eating most of it up but you do not want to be down to the wire with a mortgage!

lisademps

ShowMeTheCash wrote: »

Don't see this as a bad thing, these measure which where totally ignored pre 2008 are there to protect people from borrowing too much...

Make no mistake interests rates will rise, no point buying something you cannot afford to pay back!

Alterntatives: Get a better job, move somewhere cheaper, keep on saving.

Personally on a low salary like 30K I would not want to be in too much debt, there are basics, bills, food, entertainment that everyone kind of needs to cover, I think if you can do this on 1000 to 1500 a month you are doing well.
So 12K to 18K a year probably leaves 12K to 6K expendable income do cover all of lifes other costs - Granted if you pay rent it might be eating most of it up but you do not want to be down to the wire with a mortgage!

I have a great job, I'm trying to move out of Dublin but can't even afford that, and I am saving still, don't really have a choice now but to save.

And I know what I can and can't afford to pay back. At the minute I am paying 550 for rent and 800 for a car (which ends in April) and still managing to save 500 and able to live comfortably. So the paying back isn't the problem, it's getting the house and mortgage!

ShowMeTheCash

Michael D Not Higgins wrote: »

You have to understand that there are going to be couples with more than your salary and more than your savings also looking to buy a house. They have more buying power than you have. This has been the way for at least 20 years (maybe more?) and is not changed by the new lending rules. In fact, the new rules reduces the overall credit available and may reduce house prices.

As an example, let's assume you have 40k salary and 40k savings. Like you've said above, you'll probably get 180k today. You're bidding against a couple with combined salary of maybe 50k (I seem to recall this being used as the household average somewhere) and 50k savings (similar proportion to your own). They can afford a house of 225k. You're outbid. If the LTI were 5 and LTV 90%, you might get 240k, but the couple with two salaries also looking at the same house can get 300k. You're outbid again.

This is how the credit availability works and family homes will inevitably go for what the couple can afford not the single person. The one benefit you have is that the prices may come down and you won't have to borrow as much.

This is not true.
When couple borrowing they will factor in the cost of two people, daily costs go up and the formula is not the same.

It used to be 3 (Or 3.5 for this example) x the big salary + the small

So lets say one salary is 30K and the other is 20K (50K combined)

30K x 3.5 + 20 will only be 125K + deposit. 165K

In reality a couple will bring two salaries of 40K each

40K x 3.5 + 40K will be 180 plus deposit 220K

But really it comes down to disposable income.

lets say on 40K you get 120K mortgage so you think on 80K you get double right?... No you actually might get more, at 40K bank might factor in you have living expenses of 20K per year so really you only have 20K for savings and mortgage, but at 80K (We are talking Net) you have 60 disposible income which is three times that of the 40K.

ShowMeTheCash

lisademps wrote: »

I have a great job, I'm trying to move out of Dublin but can't even afford that, and I am saving still, don't really have a choice now but to save.

And I know what I can and can't afford to pay back. At the minute I am paying 550 for rent and 800 for a car (which ends in April) and still managing to save 500 and able to live comfortably. So the paying back isn't the problem, it's getting the house and mortgage!

550 a week?

You can pay back it now but what about next month? Or Next year?

Mortgage rates today are about 4.5 % 375 per month on every 100K you owe.
You Borrow 200K thats 750 euro a month on interest alone.
For every 1% move your mortgage will go up 167 euro a month.

The bank will look at a 2 or 3 % rise in interest minimum so you will need to be able to pay 1250 a month on interest alone and probably no less than 500 euro a month off the mortgage if you plan to pay it back in 25 years to 1250 to 1800 euro a month comfortably.

That does not include interest rates going nuts! Interest rates in the 80 shot up to 16%

In your case your repayment would shoot to nearly 3000 euro a month.

lisademps

ShowMeTheCash wrote: »

550 a week?

You can pay back it now but what about next month? Or Next year?

Mortgage rates today are about 4.5 % 375 per month on every 100K you owe.
You Borrow 200K thats 750 euro a month on interest alone.
For every 1% move your mortgage will go up 167 euro a month.

The bank will look at a 2 or 3 % rise in interest minimum so you will need to be able to pay 1250 a month on interest alone and probably no less than 500 euro a month off the mortgage if you plan to pay it back in 25 years to 1250 to 1800 euro a month comfortably.

That does not include interest rates going nuts! Interest rates in the 80 shot up to 16%

In your case your repayment would shoot to nearly 3000 euro a month.

3000 euro a month really.

The_Morrigan

lisademps wrote: »

3000 euro a month really.

Yup...my mortgage has increased by €300 in 6 years and the rates haven't moved much.

This is why they do stress testing based on your current income/expenditure.

NinjaTruncs

The_Morrigan wrote: »

Yup...my mortgage has increased by €300 in 6 years and the rates haven't moved much.

This is why they do stress testing based on your current income/expenditure.

Its scaremongering to suggest that a 200K mortgage would cost 3K to repay. If interest rates went anywhere near what they were in the 80s, the entire financial system is screwed not just the OP. At the moment, and that is all we can go on at the moment the repayment would be half that depending on the term of the mortgage.

However the logic is true, banks will stress test your ability to repay much higher than what the actual repayments would be, in my case the stress tested payments are approx. 25% higher than the actual repayments based on current interest rates.

ShowMeTheCash

NinjaTruncs wrote: »

Its scaremongering to suggest that a 200K mortgage would cost 3K to repay. If interest rates went anywhere near what they were in the 80s, the entire financial system is screwed not just the OP. At the moment, and that is all we can go on at the moment the repayment would be half that depending on the term of the mortgage.

However the logic is true, banks will stress test your ability to repay much higher than what the actual repayments would be, in my case the stress tested payments are approx. 25% higher than the actual repayments based on current interest rates.

Well this is what happens, markets will crash things fall apart then rebuild, it happens over and over and over again and will continue like this.

The 16% is really just to demonstate a worst case scenario it is not scaremongering people should really educate themselves in what has happened within their own lifetime, that being said 8% to 10% throughout history is a real possibility and coming off the back of record lows, people need to remember the record lows we have seen are not the norm!

But that being said I would say running a 4% - 8% interest buffer for the next 10 years would be sensible.

So 1800 - 2000 euro would be a top end possibility on 200K Interest min 750 top end 1300.

ShowMeTheCash

lisademps wrote: »

3000 euro a month really.

It has happened!

What do you reckon you could afford per month?

Agent Smyth

Back in the 90s when I got my first mortgage we were advised to borrow as much as you can for house purchase
The thinking behind it was the mortgage is based on current salary but in the future you most likely will be earning more.

ShowMeTheCash

Agent Smyth wrote: »

Back in the 90s when I got my first mortgage we were advised to borrow as much as you can for house purchase
The thinking behind it was the mortgage is based on current salary but in the future you most likely will be earning more.

People in the 90s got on average 3 maybe 4 times there annual salary.
Peoople in 2006 where getting mortgages of 10 times there annual salary!

ABajaninCork

ShowMeTheCash wrote: »

People in the 90s got on average 3 maybe 4 times there annual salary.
Peoople in 2006 where getting mortgages of 10 times there annual salary!

That's what landed a lot of people here in trouble! In real terms salaries have actually fallen from the boom times. Don't forget to factor in the property tax, USC and water rates.

seamus

ShowMeTheCash wrote: »

But that being said I would say running a 4% - 8% interest buffer for the next 10 years would be sensible.

The banks are offering 10 year fixed rates under 5%, so even they don't believe that rates will go above that in the medium term.

At the moment the banks are stress testing @ 2% over the standard variable, so I do agree that budgeting for 4%-8% is about the most robust test. But 7% would be adequate.

The double-digit percentages of the 1980s are a non-concern really. It could theoretically happen, but we're part of a much larger and more stable currency now. If interest rates in the eurozone hit 16% we'd probably have a lot more to worry about than repaying our mortgages.

ShowMeTheCash

seamus wrote: »

The banks are offering 10 year fixed rates under 5%, so even they don't believe that rates will go above that in the medium term.

At the moment the banks are stress testing @ 2% over the standard variable, so I do agree that budgeting for 4%-8% is about the most robust test. But 7% would be adequate.

The double-digit percentages of the 1980s are a non-concern really. It could theoretically happen, but we're part of a much larger and more stable currency now. If interest rates in the eurozone hit 16% we'd probably have a lot more to worry about than repaying our mortgages.

OK yes you can get just below 5% fixed rate mortgage today but banks are hedging their bets.

What is the ECB rate today? 0? -0.6 or something crazy.

So a bank will do 4.8 % today
Interest rates could actually increase 4.8% before the bank will lose any money on that rate.

if the rate moved tomorrow to say 1 % the bank will adjust you would now probably get just below 6% for 10 years.

A bank will look at the 10 year spread they are gurarnteeing 4.8% now for 10 years Interest rates could go to 8% with the bank in 5 years easy (say 4% at the ecb), its not that the banks think they will stay low for 10 years, they are ensuring they make money in short and maybe make a little less in the long. But new mortages make up the short fall in the long term.

ec18

ShowMeTheCash wrote: »

.
Peoople in 2006 where getting mortgages of 10 times there annual salary!

did they really? or is that just common belief that we all went mad

ShowMeTheCash

ec18 wrote: »

did they really? or is that just common belief that we all went mad

Guy I graduated with bought a house at 200K when his salary was 20K a year.
That was 2006/2007

Trond

ShowMeTheCash wrote: »

Guy I graduated with bought a house at 200K when his salary was 20K a year.
That was 2006/2007

:eek: what a time to be alive!

Gumbo

ShowMeTheCash wrote: »

OK yes you can get just below 5% fixed rate mortgage today but banks are hedging their bets.

What is the ECB rate today? 0? -0.6 or something crazy.

So a bank will do 4.8 % today
Interest rates could actually increase 4.8% before the bank will lose any money on that rate.

if the rate moved tomorrow to say 1 % the bank will adjust you would now probably get just below 6% for 10 years.

A bank will look at the 10 year spread they are gurarnteeing 4.8% now for 10 years Interest rates could go to 8% with the bank in 5 years easy (say 4% at the ecb), its not that the banks think they will stay low for 10 years, they are ensuring they make money in short and maybe make a little less in the long. But new mortages make up the short fall in the long term.

Ulster Bank offering 7 year fixed terms at 3.99% currently.

lisademps

ShowMeTheCash wrote: »

It has happened!

What do you reckon you could afford per month?

I could probably afford 1300/1400 a month. I fully intend on renting out a room but I know the banks don't care about that.

MrWalsh

ec18 wrote: »

did they really? or is that just common belief that we all went mad

Yes, I know a tradesman and a shop assistant who had a combined income of perhaps 70k (at the time) get a 92% mortgage for a property priced at 550k. The deposit came from credit union borrowings.

The combined income is now perhaps 45k, and the property is worth ~200k. The latest deal from the bank is offering a split mortgage with half the capital warehoused until they are in their late 60s. So far in arrears they can never catch up.

So kids - dont borrow more than you can afford, no matter what the bank tells you.

marathonic

kceire wrote: »

Ulster Bank offering 7 year fixed terms at 3.99% currently.

Actually, 3.8% for below 60% LTV - which shows how confident they are that rates will remain low.

Agent Smyth

Imo for the last 20 years the people who kept the mortgages on variable rates did better then those who fixed for longer then a year

ShowMeTheCash

kceire wrote: »

Ulster Bank offering 7 year fixed terms at 3.99% currently.

Yeah this is with a 40% deposit.
Also a fixed rate you are stuck with the term, you cannot pay back early. Well you can but they will probably look for some of the interest they are now missing out on!

ShowMeTheCash

lisademps wrote: »

I could probably afford 1300/1400 a month. I fully intend on renting out a room but I know the banks don't care about that.

The bank will do their own "What you can afford".
They look at, loans, dependants monthly outgoing and what money you save from month to month.

On the plus side they will factor in your current rent payments.


Borrow 200K
1366.35 per per month at 6.5 stress rate
1123.98 per per month at 4.5 normal rate today.

Minimum to borrow 200K you will need to put down 10% call it 20K.

For the lower rate of 3.99% you will need closer to 80K deposit...

You are kind of at the max you could borrow I reckon assuming the bank argree you can afford 1300 ro 1400 a month.

Gumbo

ShowMeTheCash wrote: »

Yeah this is with a 40% deposit.
Also a fixed rate you are stuck with the term, you cannot pay back early. Well you can but they will probably look for some of the interest they are now missing out on!

Nope. We have been offered it with 10% deposit.
Obviously we can't overpay in the first 7 years but that's a given. If we have extra cash I can throw it in the savings account and decide what to do with it over the long term.

Gumbo

ShowMeTheCash wrote: »

The bank will do their own "What you can afford".
They look at, loans, dependants monthly outgoing and what money you save from month to month.

On the plus side they will factor in your current rent payments.


Borrow 200K
1366.35 per per month at 6.5 stress rate
1123.98 per per month at 4.5 normal rate today.

Minimum to borrow 200K you will need to put down 10% call it 20K.

For the lower rate of 3.99% you will need closer to 80K deposit...

You are kind of at the max you could borrow I reckon assuming the bank argree you can afford 1300 ro 1400 a month.

You won't. We are getting the 7 year fixed rate of 3.99% on a mortgage of €193,500 with a purchase price of €215k.

ShowMeTheCash

kceire wrote: »

You won't. We are getting the 7 year fixed rate of 3.99% on a mortgage of €193,500 with a purchase price of €215k.

No you will or at least most people will!
Do you work for the bank? Or do you hold a lot of savings with the bank?

LVT on 3.99 is 40% why they are giving you a better rate I don't know but this is not indicative to what is being advertised by ulster bank, nor is it what most people will get.

I also have my mortgage with ulsterbank, I put down 10% back in Aug but mine is variable not Fixed, 4.5% I think with 90% LTV.

I only borrowed 80K and salary exceeds 100K per year, I took variable rate as I will pay this off in the minimum 5 years terms you can take mortgage over.

Just one last thing are you in the North or the South? UK give better rates than ROI so 3.99 in Northern Ireland perhaps is possible I have not looked.

ShowMeTheCash

From the website:

http://www.ulsterbank.co.uk/roi/personal/borrowing/mortgages/important-information/rates.ashx

3 Year Fixed Rate <80% LTV (Fixed until 31/03/2018) 4.40%
3 Year Fixed Rate <90% LTV (Fixed until 31/03/2018) 4.50%
5 Year Fixed Rate <80% LTV (Fixed until 31/03/2020) 4.40%
5 Year Fixed Rate <90% LTV (Fixed until 31/03/2020) 4.50%
7 Year Fixed Rate <80% LTV (Fixed until 31/03/2022) 4.40%
7 Year Fixed Rate <90% LTV (Fixed until 31/03/2022) 4.60%


Actually looking at Ulster bank there are no fixed rate mortages at 3.99%

Just out a matter of interest when did you take out your mortgage kceire?


The lowest rate I see currently is

Discounted Variable <60% LTV with ufirstgold / ufirst Private discount (Standard Variable Rate* minus 0.65% for the life of the mortgage)

At 3.9% but again it requires a 40% deposit.

Gumbo

ShowMeTheCash wrote: »

No you will or at least most people will!
Do you work for the bank? Or do you hold a lot of savings with the bank?

LVT on 3.99 is 40% why they are giving you a better rate I don't know but this is not indicative to what is being advertised by ulster bank, nor is it what most people will get.

I also have my mortgage with ulsterbank, I put down 10% back in Aug but mine is variable not Fixed, 4.5% I think with 90% LTV.

I only borrowed 80K and salary exceeds 100K per year, I took variable rate as I will pay this off in the minimum 5 years terms you can take mortgage over.

Just one last thing are you in the North or the South? UK give better rates than ROI so 3.99 in Northern Ireland perhaps is possible I have not looked.

Nope, dont work for the bank, dont bank with them. I bank with PTSB.

We are getting the 3.99% fixed for 7 years on our 90% mortgage which hopefully will be drawn down in the next few weeks. Valuer is viewing the property this week on behalf of UB.

Also, we are in Dublin, not up the north.

ShowMeTheCash wrote: »

From the website:

http://www.ulsterbank.co.uk/roi/personal/borrowing/mortgages/important-information/rates.ashx

3 Year Fixed Rate <80% LTV (Fixed until 31/03/2018) 4.40%
3 Year Fixed Rate <90% LTV (Fixed until 31/03/2018) 4.50%
5 Year Fixed Rate <80% LTV (Fixed until 31/03/2020) 4.40%
5 Year Fixed Rate <90% LTV (Fixed until 31/03/2020) 4.50%
7 Year Fixed Rate <80% LTV (Fixed until 31/03/2022) 4.40%
7 Year Fixed Rate <90% LTV (Fixed until 31/03/2022) 4.60%


Actually looking at Ulster bank there are no fixed rate mortages at 3.99%

Just out a matter of interest when did you take out your mortgage kceire?


The lowest rate I see currently is

Discounted Variable <60% LTV with ufirstgold / ufirst Private discount (Standard Variable Rate* minus 0.65% for the life of the mortgage)

At 3.9% but again it requires a 40% deposit.

Their new rates are not on the website just yet. You need to talk to them in person to get the most up to date rates.

http://businessetc.thejournal.ie/ulsterbank-first-permanent-tsb-ireland-collection-1919789-Feb2015/

The benefits of these changes will be most felt by those able to produce a larger deposit.

For those seeking a mortgage for 90% of a house’s value will see a reduction of between 0.41% (7-year fix) and 0.6% (3-year fix) depending on the length of the fix.

The majority of new house buyers will be seeking mortgages of 80% loan-to-value ratio due to the new rules from the Central Bank.

On a 7-year fixed mortgage of 80% buyers will see a reduction of 0.3% from 4.20% to 3.90%.

ShowMeTheCash

OK I see they are becoming more compedative but remember from the article you are not really interested in the 3.99 rate you need to look at the APR rate as in that's what you pay.

7 year Fixed 3.99% (4.2% APR*)

So if this is the mortgage you are getting you are paying 4.2% not 3.99%

This is of course the UB one from the link you posted.

ShowMeTheCash

That being said 4.2 on a fixed 7 year is still pretty good.
That being said not hugely different to a 4.4 Variable where you can over pay!

Fixed gives you security but in the long terms its not great.
Over payment on a varible rate can greatly cut down your mortgage term but you can be subject to changes.

ShowMeTheCash

Again just to run some nunbers:

On a mortgage of 193,500
And a rate of 4.2% assuming you plan to payback in 20 years you will need to pay 1200 a month give or take.
Loan Interest
Year1 187105 8004.82 1200
Year2 180436 15735.8 1200
Year3 173481 23181.3 1200
Year4 166229 30328.9 1200
Year5 158666 37166.1 1200
Year6 150779 43679.4 1200
Year7 142555 49855 1200
Year8 133978 55678.4 1200
Year9 125035 61134.7 1200
Year10 115708 66207.9 1200
Year11 105982 70881.9 1200
Year12 95839.3 75139.3 1200
Year13 85262.5 78962.5 1200
Year14 74232.8 82332.8 1200
Year15 62730.9 85230.9 1200
Year16 50736.4 87636.4 1200
Year17 38228.4 89528.4 1200
Year18 25184.8 90884.8 1200
Year19 11582.7 91682.7 1200

You can see by the end of the 19 years rounding down you pay 91K Interest.

Making payments of 1050 a month and taking over 25 years will cost you and added 26K+

Year24 8690.85 117591 1050

I think the minute you go over 20 years for a mortgage the the amount of interest you pay back is crazy and people really need to think about that.

When you think about it on.

193500

25 years just over 120k on interest re-payment 1050
20 years just over 91k on interest re-payment 1200
15 years just over 72k on interest re-payment 1400