how much is interest only compared to full amount?

ok my mortgage is 308k left to pay from the 315 i took out just over 2 years ago. i was paying back 895 until this year it went down cause i ended 2 yr fixed. now im on a variable 3.25 paying 740. im with ptsb.....my question is this........if i wanted to pay interest only how much would it work out at? including trs deducted ?? i neeed to lower payments to pay back c/c bills that keep mountimng up...or do ptsb allow ppl to take a year out of payments??? thanks

How long is the term of your mortgage?

multiply amount owing by rate you are paying and divide by 12 and that is approx monthly payment. TRS should remain the same. Payments may vary due to different number of days in month.

galwaydude said:

ok my mortgage is 308k left to pay from the 315 i took out just over 2 years ago. i was paying back 895 until this year it went down cause i ended 2 yr fixed. now im on a variable 3.25 paying 740.

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I make the principal and interest monthly repayment on 315k over 40 years to be €1173 a month at 3.25%.

That figure doesnt include TRS which would be around €200 a month - still leaves a monthly payment of over €900, so I'm not sure how you're only paying €740 if you're currently repaying principal.

its over 35 years tho i only have 33 left now. im down to 740 after trs has being deducted. so i suppose its not to bad. just wondering what would interest only be on that. only askin cause iv other bills that id like to clear so need to free up some cash for a while

I have 277K left on my mortgage, pay 1119 euro/month with interest rate of 1.75%.how could you be paying 740 on mortgage of 308K at 3.25%? maybe you are already paying interest only?

just noticed that it is 208k not 308k i typed. fingers failed me on that one!