How to calculate your mortgage when interest goes up?

Johnny Bitte

Hi All,
Just go the shock of my life and need some help.
Called ICS to ask how much a fixed rate on my mortgage on a rented property would be.

I am currently on a variable of 3.65% and the hosue is down as my primary home.

If the house was rented this would jump to 4.8% variable,
6.1% 1 year fixed:(
6.5% 5 year fixed:eek:

Now I dont know what my repayments would be if I was to move to these rates and was hoping there is an online calculator or an equation I can use?

Thanks

DoesNotCompute

What you're looking for is an amortisation calculator. Excel has a built in function, called PMT() that takes the rate, the amount outstanding, and the remaining payment period and calculates the weekly repayment.

Be careful which rate you use - the APR rate is a rate that is used to compare different products on the market across different banks, and incorporates things like breakage fees, etc. The other rate (not sure what it's called - the annual rate or something like that?) is the one you should use in your amortisation calculation.

Not 100% sure if what I've said about the rates is correct though - maybe someone more well informed can advise.

Johnny Bitte

Found an Iphone app and it looks like this
3.65% variable €639
Landlord rate 4.8% variable, €738
Landlord rate 6.1% 1 year fixed €860
Landlord rate 6.5% 5 year fixed €898

I was under the impression the interest wouldnt go up a whole lot when I rented the place, big mistake.

An idea what the repecussions are if I dont tell the mortgage company of the change and let it work away on regular variable?

Trying to find what thier regular fixed rates are?

Can anyone seeing rate riase as high as 6.5%?

Johnny Bitte

Got this from mortgages.ie. Think Your one on the phone was talking through her arse???

Product Type Lender % APR
ICS 1yr fixed FTB only 1 Year Fixed ICS 3.80
ics 2 year fixed first time buyer 2 Year Fixed ICS 4.00
Ics 2 year fixed refinance 2 Year Fixed ICS 4.10
ICS 2 year fixed trade up 2 Year Fixed ICS 4.00
Ics 3 year fixed refinance 3 Year Fixed ICS 4.30
ICS 3yr fixed 3 Year Fixed ICS 4.10
Ics 5 year fixed r4efinnace 5 Year Fixed ICS 4.90
ICS 5yr fixed 5 Year Fixed ICS 4.90
ICS Varaible VRP11 <50%> Variable ICS 3.40
ICS variable VRP12 >50%<80% Variable ICS 3.50
ICS variable VRP12 >50%<80% Variable ICS 3.10
ICS Variable VRP13 >50%<80% Variable ICS 3.50
ICS variable VRP14 >80%> €500k Variable ICS 3.70
ICS Variable VRP15 >80% <€500k Variable ICS 3.70 Where I am now!
ICS Invest 3yr Fixed <50% 3 Year Fixed ICS 5.30
ICS Invest 2yr Fixed <50% 2 Year Fixed ICS 5.20
ICS invest 2yr fixed >50%<75% 2 Year Fixed ICS 5.20
ICS invest 2yr fixed >75% 2 Year Fixed ICS 5.20
ICS invest 3yr fixed >50<75% 3 Year Fixed ICS 5.30
ICS invest 3yr fixed >75% 3 Year Fixed ICS 5.30
ICS invest 5yr fixed <50% 5 Year Fixed ICS 5.80
ICS invest 5yr fixed >50%<75% 5 Year Fixed ICS 5.80
ICS invest 5yr fixed >75% 5 Year Fixed ICS 5.80
ICS Invst varaible VPR11 <50% Variable ICS 4.60
ICS Invst Varaible VRP13 >75%<85% Variable ICS 4.90
ICS Invst VPR12 >50%<75% Variable ICS 4.80

DoesNotCompute

Are those rates that your iPhone is quoting you for a mortgage for your Primary Principal Residences, or for a house you are renting?

Usually banks charge higher rates for mortgages for houses that are rented accomodation, as far as I'm aware, hence the fixed rate being over 6%!

ravendude

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