Mortgage monthly repayments

Tipsy McSwagger

Trying to ge my head round exactly how much would I have to pay every month if I borrowed €178k. The fixed rates seem to be good but only last a max of 5 years and then the repayments can go up by €100. What’s the best way to see how much the repayments would be?

Mantis Toboggan

Tipsy McSwagger wrote: »

Trying to ge my head round exactly how much would I have to pay every month if I borrowed €178k. The fixed rates seem to be good but only last a max of 5 years and then the repayments can go up by €100. What’s the best way to see how much the repayments would be?

Online calculators on the banks website.

Snotty

There is no way to tell what the rates will be in 5+ years, we can look at historical rates and guess a range, but it's a guess.
Also, your repayments might go up by alot more than €100, if rates were 8% that's about €1100 and maybe a €500 jump per month.
The ECB want inflation about 4% and their rate would be 2% more to achieve 4%, so 6% ECB rate could be normal, meaning our banks offering standard variables over 8%, currently they are all around 3%, historically low and it will not last, its just there is nothing going to push them up in the short term, but 5 years time, who knows. Interest rates were 18% in the 80's, meaning you paying 2.5k per month, but realistically if interest rates were 18% paying the mortgage might be the least of our worries.

PhoenixParker

Google Dr Karls mortgage calculator.

It's the easiest to play around with and see how different interest rates, amounts and terms will affect your repayments.

mr_cochise

178000, assuming that is 90% LTV would be 799 euro per month over 30 years at 3.5% interest.

Franz Von Peppercorn

Snotty wrote: »

There is no way to tell what the rates will be in 5+ years, we can look at historical rates and guess a range, but it's a guess.
Also, your repayments might go up by alot more than €100, if rates were 8% that's about €1100 and maybe a €500 jump per month.
The ECB want inflation about 4% and their rate would be 2% more to achieve 4%, so 6% ECB rate could be normal, meaning our banks offering standard variables over 8%, currently they are all around 3%, historically low and it will not last, its just there is nothing going to push them up in the short term, but 5 years time, who knows. Interest rates were 18% in the 80's, meaning you paying 2.5k per month, but realistically if interest rates were 18% paying the mortgage might be the least of our worries.

4%? No they don’t. It’s 2%

tedpan

mr_cochise wrote:

178000, assuming that is 90% LTV would be 799 euro per month over 30 years at 3.5% interest.

Definitely go for a 20 year, it'll be around 1000. Worth paying the extra 200 per month to shave 10 years off.

Tipsy McSwagger

tedpan wrote: »

Definitely go for a 20 year, it'll be around 1000. Worth paying the extra 200 per month to shave 10 years off.

I’m hoping to pay €750 per month so will be saving an extra 10k to put towards the deposit

tedpan

Cool, but as I said, it'll be nicer to have it paid off sooner, but only do what you can afford.

Bear in mind this though

800x12 x 30 years - 288k total repayment.

Vs

1000x12 x 20 years - 240k total repayment.