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Help with interest rate

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  • 04-10-2010 12:47pm
    #1
    mortgage000
    Closed Accounts Posts: 1 ✭


    Hi,

    Just finished a 3 year fixed term with KBC (thank god!)

    Was fixed at 5.45% and paying €1368pm on €255,000 before tax relief.

    Now moving to 2.25% tracker...

    Can anyone tell me what the new repayment will be, I must be doing something wrong because it can't be what I think it is....can it??

    Thanks


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    #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    mortgage000 wrote: »
    Hi,

    Just finished a 3 year fixed term with KBC (thank god!)

    Was fixed at 5.45% and paying €1368pm on €255,000 before tax relief.

    Now moving to 2.25% tracker...

    Can anyone tell me what the new repayment will be, I must be doing something wrong because it can't be what I think it is....can it??

    Thanks

    I take it that your mortgage is for 35 years. Therefore your new repayment is approx €877.80 per month. If interest rates stayed the same (2.25% which they won't) and you continue with your current repayment you would have your mortgage payed off about 14 years early!!!


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