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Breakdown of future mortgage payments

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  • 24-02-2017 1:15pm
    #1
    Tigerandahalf
    Registered Users Posts: 7,814 ✭✭✭


    Hi

    I see some calculators online that detail how much principal and interest you will pay for each year of your mortgage.

    Would this be detailed on the mortgage contract or would you need to call into the bank to request it.

    Thanks


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    #2
    Snaga
    Registered Users Posts: 1,562 ✭✭✭Snaga


    This has been a staple calculator for many years, plug in your details and it should be accurate...

    https://www.drcalculator.com/mortgage/ie/


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    #3
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    This post has been deleted.


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    #4
    Tigerandahalf
    Registered Users Posts: 7,814 ✭✭✭Tigerandahalf


    Snaga wrote: »
    This has been a staple calculator for many years, plug in your details and it should be accurate...

    https://www.drcalculator.com/mortgage/ie/

    Ok I have tried that calculator but it only allows you to enter a single interest rate. Given that the interest rate has changed due to being on fixed/variable rate I am not sure if it is of any use.

    I was reading today that the ECB could be putting up rates.

    Would it be an idea to fix the mortgage rate for 5 or 6 years to provide some certainty. Some of the fixed rates are lower than the variable rate at the moment.


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    #5
    Tigerandahalf
    Registered Users Posts: 7,814 ✭✭✭Tigerandahalf


    After reading a bit more on this I am wondering is one better to stick to the variable rate.

    If ECB rates rise tracker rates will follow. About 350,000 mortgages (1/2 of all mortgages) are on trackers so I am thinking that the banks will start to make money on these trackers again.

    Could this have the effect of pushing down variable rates given that they are among the highest in Europe?

    There is a huge gap between trackers (0.5% - 1% roughly) and variables (3% - 6% roughly) so it is hard to see how variables would rise much in the next 5 years.

    Given that the max fixed period is 5 years one could actually lose money on the fixed rate.

    Also when I hear the banks telling people to fix their variable rate you would wonder should you do the exact opposite.


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    #6
    wench
    Registered Users Posts: 1,646 ✭✭✭wench


    Tigerandahalf wrote: »
    Ok I have tried that calculator but it only allows you to enter a single interest rate.
    Look at the bottom of the page, click on the interest button.
    It will allow you to enter five rate changes.


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    #7
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    Tigerandahalf wrote: »
    After reading a bit more on this I am wondering is one better to stick to the variable rate.

    If ECB rates rise tracker rates will follow. About 350,000 mortgages (1/2 of all mortgages) are on trackers so I am thinking that the banks will start to make money on these trackers again.

    Could this have the effect of pushing down variable rates given that they are among the highest in Europe?

    There is a huge gap between trackers (0.5% - 1% roughly) and variables (3% - 6% roughly) so it is hard to see how variables would rise much in the next 5 years.

    Given that the max fixed period is 5 years one could actually lose money on the fixed rate.

    Also when I hear the banks telling people to fix their variable rate you would wonder should you do the exact opposite.

    The banks are always out to screw people. Unless forced to, they won't bring variable rates down but they will put trackers up as quickly as possible.Always do the opposite of what the banks tell you.


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    #8
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Tigerandahalf wrote: »
    After reading a bit more on this I am wondering is one better to stick to the variable rate.

    If ECB rates rise tracker rates will follow. About 350,000 mortgages (1/2 of all mortgages) are on trackers so I am thinking that the banks will start to make money on these trackers again.

    Could this have the effect of pushing down variable rates given that they are among the highest in Europe?

    Also when I hear the banks telling people to fix their variable rate you would wonder should you do the exact opposite.

    The usual rags were running with the story that ECB will hike rates in 2019. If inflation 5% in 3 months you can be sure the ECB would not wait until 2019. No can predict interest rates but inflation is too low to increase it anytime soon.

    Banks are making generally money on trackers. They just arent as profitable as variable mortgages eg one customer might on a tracker of 1% versus 4% for variable.

    Banks want people to fix rates to lock people into higher rates before they cut them. Also fixing ties you to that bank, it is scaring banks as people are starting to switch banks.


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