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Working out ROUGH mortgage repayments monthly!

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  • 30-06-2009 4:49pm
    #1
    Ex Flex Member
    Closed Accounts Posts: 19 ✭


    Hi all

    thanks for previous advice.

    Another FTB silly question here,

    Just trying to work out ROUGHLY the monthly monthly repayment amt so need to know if the following is correct- 90 % loan over 30 years, loan amt provided example 200k

    so bank loans 200k , we pick fixed interest over 5 years at rate of say 3% interest.

    By my rough FTB calculation that works out as 200k/30 years= 6666.67 per year x by 3% interest is €6866 gross per year , divided by 12 months is 572.22 gross amt per month before int relief .

    would this ROUGH calculation be correct?!

    Or what else should I be putting into the calculation?

    many thanks

    EFM


Comments

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    #2
    KatMc
    Closed Accounts Posts: 4 ✭KatMc


    I tried an online calculator there and it came close to 850 a month. The way you're apportioning the interest isn't how the bank calculates it.


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    #3
    TheBigGuy
    Closed Accounts Posts: 43 ✭TheBigGuy


    (1+i)n-1 annuity formula, assumes no rate change for 30 years

    (1.03)30 -1

    =1.4272

    1.4272*200000

    €285440

    9514 PA

    roughly 792 per month


    i think...


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    #4
    japjap
    Registered Users Posts: 79 ✭✭japjap


    Karl Jeacle's
    Mortgage Calculator

    http://www.drcalculator.com/mortgage/ie/


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    #5
    Snaga
    Registered Users Posts: 1,562 ✭✭✭Snaga


    Karl Jeacle says just below 850eur a month...

    Principal: 200000
    Term: 30 years
    Interest: 3% year
    ==============
    843.21eur/month


    http://www.drcalculator.com/mortgage/


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    #6
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    definatly will be more than 572 will be somewhere around 840 per month

    anyway as an FTB you should be looking at stress testing yourself for rates of 5 - 6 percent

    you wont get 3% fixed anywhere for 5 years now and rates will rise from their historic lows


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    #7
    skippy15
    Registered Users Posts: 1,552 ✭✭✭skippy15


    try mortgages.ie compares all the best rates and will give you best available rates. Will also let you work out what happens if rates go up, or u need extra payments etc


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