I'm looking to take out a mortgage and debating between 30 and 35 years. I'd be fixing for 5 years. From my calculations, the interest paid after the 5 years is very similar for the 30 v 35 year terms. Obviously you pay more monthly on the 30 year term but it seems to most go towards the capital.
If I took out a €250,000 I'd pay €500 extra interest in 5 years if I go 35 instead of 30. Is this correct? Seems too good tbh.
€250,000
€500,000
If I took out a €250,000 I'd pay €500 extra interest in 5 years if I go 35 instead of 30. Is this correct? Seems too good tbh.
€250,000
Mortgage Term | Rate | Monthly Repayment | Total Repayments | Capital Repayments | Interest Repayments |
---|---|---|---|---|---|
30 Years | 3.7% Fixed 5 Years | €1,062.40 | €63,744.23 | €19,184.65 | €44,559.58 |
35 Years | 3.7% Fixed 5 Years | €1,150.71 | €69,042.45 | €24,994.82 | €44,047.63 |
Mortgage Term | Rate | Monthly Repayment | Total Repayments | Capital Repayments | Interest Repayments |
---|---|---|---|---|---|
30 Years | 3.7% Fixed 5 Years | €2,124.81 | €127,488.46 | €38,369.29 | €89,119.16 |
35 Years | 3.7% Fixed 5 Years | €1,150.71 | €138,084.90 | €49,989.63 | €88,095.26 |