Mortgage repayment not dropping as much as I thought

C

collieb

Registered User
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Hi, I recently fixed my AIB mortgage at 3.5%. I have 360k borrowed over 35 years and make repayments every 2 weeks. Karl's mortgage calculator estimates that my repayments should have dropped to 686 every 2 weeks - but AIB are charging me 705. Anyone any idea why thee might be a discrepancy?
 
420 mths @3.5051% Apr = monthly 1477= 17724 per annum =682 per fortnight ie close to Karls.
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The e19 difference has the look of a Mortgage protection policy.
 
Make sure to use the nominal rate and not the APR when using Karl's calculator.
Also make sure to use the exact term - I made this mistake recently (using an even 20 years when, in fact, there was 19.5 years left) and the figures were out of whack leaving me scratching my head for a while...
Karl's calculator doesn't seem to take months/fractional years so I used this Android app instead:

[broken link removed]

If in doubt ask the lender for an explanation of how they calculate the repayments.

Hope this helps.
 
Mortgage repayment query

Hi,

I have a separate query that someone might assist with please

I have a BTL tracker mortgage with AIB - Interest rate of 1%. Balance is €99,789. Expiry date is 11/10/2029. My repayments is €618.98 monthly which appears high for the low interest tracker rate that I have.

Many thanks,
J
 
So,€580 a month is capital.
An average of 50k for 14 years @1% is 7k or about €40 a month.Makes €620 a month on a rough calculation.
So your repayment is right!
 
cmj000 said:
I have a BTL tracker mortgage with AIB - Interest rate of 1%. Balance is €99,789. Expiry date is 11/10/2029. My repayments is €618.98 monthly which appears high for the low interest tracker rate that I have.
Click to expand...

upload_2015-7-13_21-38-46.png
 
cmj000 said:
I have a BTL tracker mortgage with AIB - Interest rate of 1%. Balance is €99,789. Expiry date is 11/10/2029. My repayments is €618.98 monthly which appears high for the low interest tracker rate that I have.
Click to expand...
I use this Android app:

[broken link removed]

I entered your details €99,789 @ 1% over the remaining term of 14 years and 3 months (I presume you mean 11th October 2029?) and got €626.37 p.m. which is also in the ballpark.

Edit: oh - exactly what Brendan posted - I just couldn't see it clearly when not logged in!
 
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