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mortgate interest rates.

car crazy · 2011-03-01 21:47:46

:confused:how do you work out a quater of a percent on ur overall mortgate say if its 275k your montly repayments, i can never quite understand how it works...

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01-03-2011 10:47pm

#1

car crazy

Registered Users Posts: 27 ✭

Join Date: November 2009

Posts: 22

how do you work out a quater of a percent on ur overall mortgate say if its 275k your montly repayments, i can never quite understand how it works...

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#2 02-03-2011 12:28am
3DataModem

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A good approximation:

275k balance at time of rate change
1 percent of this is 2750
A quarter of this is about 700

So your mortgage goes up by about 700 per year
Divided by 12 = about 60 euro per month

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#3 02-03-2011 10:58pm
car crazy

Registered Users Posts: 27 ✭

Join Date: November 2009

Posts: 22

thanks a mill im crap at working things like that out.

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#4 03-03-2011 1:27am
coylemj

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Compounding means that a 0.25% rate increase on a mortgage of 275K should mean an increase of 57.23 per month on the interest alone.

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