Mortage LTV's different rates - how much savings per year/over term?

[coloc]

Hi

I'm terrible at figuring out this stuff.

But all the banks offer mortgages with different interest rates.
I struggle to figure out how much in Euro saving per year/over term of mortgage is achieved by a lower interest rate.

Eg: In the below example a lot of banks sites write it like below, with the cost per thousand over a term.

Can someone tell me, using below examples, how much I would save:
per year
over 20 year term
for the 3.30 rate and the 3.10 rate, compared with the 3.50 rate

I'm hoping it will give me a formula i can refer to going forward.

Variable Rates APRC over 20 years Cost per €'000 over 20 years
LTV Variable >80% 3.50% 3.58% €5.79
LTV Variable >50%<=80% 3.30% 3.37% €5.69
LTV Variable<=50% 3.10% 3.17% €5.59

 

[poolfanabc]

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

Using link above you can populate any variation of interest rate and term etc to see monthly savings.

Per 100,000 mortgaged,
3.5% = €580/month
3.3% = €570/month (€120/yr saving compared to 3.5%)
3.1% = €560/month (€240/yr saving compared to 3.5%)

 

[Brendan Burgess]

You really do not need an online calculator.

You should be looking at the difference in the interest charged and not the difference in the repayments.

You should be looking at it on an annual basis or maybe looking at 3 years, but no more. You can switch if another lender becomes cheaper.

The difference between 3.58% and 3.17% is 0.4%
For a mortgage of €100,000, 4% is €4,000, so 0.4% is €400

So, you will save €400 per €100,000 per year if you get this lower rate.

Brendan