DubContract
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According to an article in the morning papers;
A basic €250,000 mortgage spread across 20 years incurs interest charges of €101,067 at current rates. That brings total repayments to €351,067.
In contrast, by spreading the repayments across 40 years the interest charges reach €222,094. Total repayments come to €472,094.
Those who opt to spread the loan burden across an additional 20 years end up paying an extra €121,027.
In fact the 40-year customer is almost renting.
A basic €250,000 mortgage spread across 20 years incurs interest charges of €101,067 at current rates. That brings total repayments to €351,067.
In contrast, by spreading the repayments across 40 years the interest charges reach €222,094. Total repayments come to €472,094.
Those who opt to spread the loan burden across an additional 20 years end up paying an extra €121,027.
In fact the 40-year customer is almost renting.