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Mortgage Calculation Query

  • 30-08-2023 1:30pm
    #1
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,255 ✭✭✭✭


    I’ve asked my bank for this a few times yet they seem unable to do it so I wondered if somebody here could help.


    Balance remaining on mortgage is €30618

    Mortgage due to end 01/04/2027

    Interest rate is 2.35 fixed

    Monthly repayment is €729.24

    My current fixed rate ends on 14/04/2025


    The question is: what amount will be owing on the mortgage when the fixed rate ends on 14/04/2025?



Comments

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


    Assuming you make a payment on the 14th day of each month, your balance after the April 14th 2025 payment will be €16,970.

    If you stay on a rate of 2.35%, your balance by the beginning of April 2027 will be €607 which is just under the monthly payment so the April 14th 2027 payment will clear the mortgage.



  • #3
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,255 ✭✭✭✭Lemlin


    https://www.boards.ie/discussion/comment/121047304#Comment_121047304

    Thanks. My plan would be to have 17000 to clear the mortgage in April 2025 when the fixed term ends.



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