D David Registered User Messages 22 18 Feb 2015 #1 How much of my EBS Mortgage monthly payment is going towards interest? First time buyer, Paying €1625 (€1700 without the €75 TRS) at 4.33% with an outstanding loan of €328k NE of €70-80k. Just trying to figure this out as accurately as possible to try forecast when NE will be cancelled out. Excuse my laziness...
How much of my EBS Mortgage monthly payment is going towards interest? First time buyer, Paying €1625 (€1700 without the €75 TRS) at 4.33% with an outstanding loan of €328k NE of €70-80k. Just trying to figure this out as accurately as possible to try forecast when NE will be cancelled out. Excuse my laziness...
Brendan Burgess Founder Messages 54,803 18 Feb 2015 #2 In simple terms The interest each year is €328k@ 4.33% which is €14,000 Your repayments are €20,000 (€1,700x12) So you are repaying €6,000 capital each year. The amount of capital repaid rises very slowly each year assuming interest rates remain the same. The best amortisation calculator is here This shows that it will take about 10 years to reduce your loan to €252k
In simple terms The interest each year is €328k@ 4.33% which is €14,000 Your repayments are €20,000 (€1,700x12) So you are repaying €6,000 capital each year. The amount of capital repaid rises very slowly each year assuming interest rates remain the same. The best amortisation calculator is here This shows that it will take about 10 years to reduce your loan to €252k