How to calculate mortgage repayments

[digweed]

Hi All,
I'm trying to use the mortgage calculator here:
http://www.drcalculator.com/mortgage/ie/

I've recently come off a fixed rate and gone to variable.
What the calculator says and what the bank is charging don't add up (also taking into account TRS etc.), so I figure I'm doing something wrong.

Question: For the 'Principal' amount, should I enter the original amount borrowed or the remaining balance?

For 'Years', I've entered the remaining number of years, not the original term.

Any help would be great.

Cheers,

digweed.

 

[PaddyW]

What I would normally do is put in the remaining balance and the years remaining also.

 

[twofor1]

Hi All,
I'm trying to use the mortgage calculator here:
http://www.drcalculator.com/mortgage/ie/


Question: For the 'Principal' amount, should I enter the original amount borrowed or the remaining balance?

For 'Years', I've entered the remaining number of years, not the original term.

Put in the outstanding balance when the fixed term ended and the remaining term. This calculator only gives options for even thousands and full years so will not be accurate if your figures fall outside of this.

If you have Excel, you will get a more accurate repayment if you use this formula;

=PMT(5%/12,127,-102437)

5% is the interest rate, 12 is for monthly payments, 127 is the remaining term in months, and 102437 is the remaining balance.

 

[digweed]

Put in the outstanding balance when the fixed term ended and the remaining term. This calculator only gives options for even thousands and full years so will not be accurate if your figures fall outside of this.

If you have Excel, you will get a more accurate repayment if you use this formula;

=PMT(5%/12,127,-102437)

5% is the interest rate, 12 is for monthly payments, 127 is the remaining term in months, and 102437 is the remaining balance.

Thanks very much twofor1!
I used the formula you gave and it ties in with the rough value from the mortgage calculator. Seems like the bank is charging me about €130 more than this.
I called them today and they said the amount is based on the new variable rate. I asked for a detailed statement to be sent to confirm this.

Strangely though, if I plug in my 'old' rate fixed rate, I get the same amount as the bank is now charging. Very frustrating.

Thanks,

digweed