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How much does a mortgage really cost

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  • 27-12-2010 6:20pm
    #1
    tc2010
    Closed Accounts Posts: 264 ✭✭


    Just looking to know what calculator ive to believe online. they all give different figures

    Roughly how much would a 130,000 35 year mortgage cost all inclusive of everything?


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Unfortunately, you don't give enough information to give a reasonable figure. The biggest factor in the cost of the loan is interest. Obviously, we can only guess the interest rate over the term of the loan, but if you can at least indicate what interest rate you are starting at, if is fixed etc it would mean a more accurate guesstimate. You also refer to "inclusive of everything". I have no idea what that means. Are you referring to Payment Protection Insurance? What about Mortgage Protection Insurance? Legal fees? Are you including the cost of all these in the loan or paying for them separately?

    The problem with home loans is their term. You change any one of the above figures slightly and it can have a huge impact on the overall figure.


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    #3
    tc2010
    Closed Accounts Posts: 264 ✭✭tc2010


    Sorry for being vague.

    By all inclusive i meant insurance, interest relief and everything else that increases the cost of monthly payments.

    lets say i was to borrow at 3.1% over 35 years. Thats what Ulster Bank is charging at the moment. Roughly how much would it cost per month for a 130k mortgage?


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    #4
    Trampas
    Registered Users Posts: 7,667 ✭✭✭Trampas


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

    for starters.


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