calculating mortgage repayments

J

JEMOL

Registered User
Messages
51
I am coming to the end of a 3 year fixed term with brings me into year 5 of a 20 year mortgage. When trying to work out the different rates from different providers, do I multiply the euro repayment amount per 1000€ by the remaining balance or by the original balance?

ie if the original loan was 200k
the rate per 1000 is 6.50
and the remaining balance today is 170k
Would my new monthly mortgage repayments be
6.5 x 200 = 1300
or
6.5 x 170 = 1105

Hope I have explained this clearly.

Thanks,
 
Assume you are going to remortgage with a different providor - the amount you need will be 170k so the 200k is now irrelevant.

Term and Rate still subject to change.

Karl Jeacles Mortgage Calc will show you the various scenarios: http://www.jeacle.ie/mortgage/

Paddy
 
Thanks for that.

One more question, how do I work out the cost per 1000€ from the interest rates quoted based on an original term of 20 years which is now down to 16 years? Is there a standard formula?

Thanks
 
You might get mixed up if you start using cost per thousand when comparing diifferent mortgage providers offers. Just try and look for the lowest rate if you are shopping around.
Be very careful on some of the 1 year discounted rates - the published cost per thousand may well be just for that first year.
Also - the cost per thousand means nothing much if you are comparing a mortgage over 15 years with a mortgage over 20 years. The one over 20 years will have a lower cpt but you will be paying 60 months more of repayments.
 
You must log in or register to reply here.
Back
Top