Before our son was born, we overpaid our mortgage
Employment gross €18,370.44. Net €16,655.88
Plus job seekers allowance €1,197.00
Total: 17852 / 12 = 1487
Annual gross income of spouse:
Carers allowance €11,382.84
Children's allowance € 1,560.00
Domicillary care €3,714.00
Total: 16656 / 12 = 1388
Monthly take-home pay €2875.81 CORRECT
Rough estimate of value of home: €330k
Amount outstanding on your mortgage: €251,051.57
What interest rate are you paying? Fixed @ 3.86% on €204,152.37 until December 2014. Variable rate of 4.49% on €46899.20
204K @ 3.86 = 7880 /12 = 656 plus the variable rate amount.
Savings and investments: 4k
(the mortgage will revert to the standard variable rate of 4.49%) and the bank has indicated that they will not allow us interest only again.
health insurance. It is €163.21 a month
Life insurance: €43.73 per month
. Under the CCMA code a bank must classify your mortgage as unsustainable. They cannot offer you a long term interest only deal even if they wanted to.
We overpaid the mortgage by a significant amount, it came off the principle and means that today we owe less than we would have.
Regarding the logistics of just paying the interest, how do we actually do that? As in the bank will call for the full mortgage by direct debit and do we have no money in the account and then make transfers to the mortgage accounts of the interest amount?
Bronte, the variable part of the mortgage (bal €46,899.20) is currently costing €175 interest only. The interest rate is 4.49%.
28 years left on the mortgage
the total cost (interest + capital) on our €251k with 28yrs left at 4.49% interest is monthly repayments of €1,313. Out of this approx €940 is interest and €75 can be deducted for trs.
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