Tracker mortgage interest only option?

RangeR

Hi guys,

Not sure if this is a stupid question or not but I'm really hoping someone can help. I'd rather not approach the institution at this early stage. Just looking for some "back of beer mat figures".

Roughly how much are monthly interest only payments, per €100,000 per term. I'm sure it's not as simple as multiplying the interest rate by 100,000 as there are other factors to include, like compound interest.

There are many of us in a distressed state at the moment, so I'm sure this info would benefit many. Trying to minimise my outgoings at the moment want to have an idea of how much I would save, per month, in the short term. Obviously this will have an effect on the long term mortgage but I can worry about that when/if finances get better.

Thanks in advance.

Rabidlamb

What term ? interest rate ? how long are you into the mortgage ?.

RangeR

Rabidlamb wrote: »

What term ? interest rate ? how long are you into the mortgage ?.

BOI tracker but to be honest, it's not for me so I don't know the actual rate.

5 years in to a 30 year term.

Not looking for exacts. Something like, if my monthly repayment is currently €600 per €100,000, then interest only will drop me down to €300 a month, type of thing. Knowing that on my mortgage interest appears to be front loaded.

chris85

RangeR wrote: »

BOI tracker but to be honest, it's not for me so I don't know the actual rate.

5 years in to a 30 year term.

Not looking for exacts. Something like, if my monthly repayment is currently €600 per €100,000, then interest only will drop me down to €300 a month, type of thing. Knowing that on my mortgage interest appears to be front loaded.

The interest rate is key here. Some rates are double other and thus hard to give a ballpark even. Check any recent mortgage statement and it should show how much each payment is in terms of the capital and interest. This would give a fairly good figure as to what it is. I would imagine 5 years into a 30 year term that interest take up about 80-90% of the mortgage payments so that may give a very rough idea also.

Rabidlamb

RangeR wrote: »

BOI tracker but to be honest, it's not for me so I don't know the actual rate.

5 years in to a 30 year term.

Not looking for exacts. Something like, if my monthly repayment is currently €600 per €100,000, then interest only will drop me down to €300 a month, type of thing. Knowing that on my mortgage interest appears to be front loaded.

Ok, using Karl Jeacle
http://www.drcalculator.com/mortgage/ie/
I'm giving you a tracker of ECB +1%, so 2% interest rate you lucky boy.
For €100k over 30 years the breakdown is as follows:

Year Interest Principal Balance
2007 €1,977.55 €2,457.89 €97,542.11
2008 €1,927.93 €2,507.51 €95,034.60
2009 €1,877.32 €2,558.12 €92,476.48
2010 €1,825.70 €2,609.74 €89,866.74
2011 €1,773.02 €2,662.42 €87,204.32
2012 €1,719.27 €2,716.17 €84,488.15
2013 €1,664.44 €2,771.00 €81,717.15
2014 €1,608.54 €2,826.90 €78,890.25
2015 €1,551.45 €2,883.99 €76,006.26
2016 €1,493.27 €2,942.17 €73,064.09
2017 €1,433.86 €3,001.58 €70,062.51
2018 €1,373.28 €3,062.16 €67,000.35
2019 €1,311.49 €3,123.95 €63,876.40
2020 €1,248.42 €3,187.02 €60,689.38
2021 €1,184.07 €3,251.37 €57,438.01
2022 €1,118.47 €3,316.97 €54,121.04
2023 €1,051.52 €3,383.92 €50,737.12
2024 €983.22 €3,452.22 €47,284.90
2025 €913.53 €3,521.91 €43,762.99
2026 €842.45 €3,592.99 €40,170.00
2027 €769.92 €3,665.52 €36,504.48
2028 €695.94 €3,739.50 €32,764.98
2029 €620.44 €3,815.00 €28,949.98
2030 €543.44 €3,892.00 €25,057.98
2031 €464.89 €3,970.55 €21,087.43
2032 €384.76 €4,050.68 €17,036.75
2033 €302.99 €4,132.45 €12,904.30
2034 €219.59 €4,215.85 €8,688.45
2035 €134.50 €4,300.94 €4,387.51
2036 €47.65 €4,387.51 €0.00

uberwolf

RangeR wrote: »

I'm sure it's not as simple as multiplying the interest rate by 100,000 as there are other factors to include, like compound interest.

it really is that simple. debt * rate = annual interest bill (for interest only)