How to verify correct monthly mortgage cost

riddles

Frequent Poster
Messages
106
Hi

If I put the mortgage amount into a standard calculator 135000 over 20 years 1.20% I get a repayment of 632€ yet the repayment is close on 660€ am I calculating something wrong here?

Thanks,
R

  • Home Loan - Tracker - <60% <200K - ECB+0.95% (this I make the interest 1.20%)
  • Product start date

    n/a
  • Interest rate

    0.950000%
  • Original loan amount

    €135,000.00
  • Amount issued
  • Remaining balance

    €-38,772.31
  • Status

    Loan is active.
  • Arrears / Prepayment

    €201.84 Prepaid
  • Branch NSC

    990722
  • Repayment details
  • Repayment date

    26 Aug 19
  • Principal & interest

    €659.69
  • Insurance

    €13.27
  • Total

    €672.96
  • Agreed payment

    €672.96
  • Mortgage type

    Home Loan - Tracker - <60% <200K - ECB+0.95%
  • Product start date

    n/a
  • Interest rate

    0.950000%
  • Original loan amount

    €135,000.00
  • Amount issued

    €135,000.00
 

cremeegg

Frequent Poster
Messages
3,081
I thought ECB base rate was 0%

But possibly your bank using different
The ECB marginal lending facility is 0.25% see here https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html

So the OPs rate of 1.2% is correct. (0.95+0.25=1.2)

That tells the amount of interest that should be charged, a different thing from the amount of the repayment. The above post refers to an agreed repayment. Whats that ?

Why are you putting €135,000 into the repayment calculator, is that your original loan amount, or your current balance.
 

onequestiononly

Registered User
Messages
4
That looks like an Open24 screenshot. I assume you have approx. 5 years remaining, (what is your actual remaining term) if your oustanding balance is c.38,772.

each time there is a rate change etc. your repayment is recalculated to clear the loan over the remaining term. using your original drawdown amount with current interest rate which is .95% will not give your current repayment amount.
 

onequestiononly

Registered User
Messages
4
put your current balance into an online mortgage calculator with .95 rate and your term (assumed 60 months) and you get payments of approx. 662. payments look about right to me but you would need to get the balance and term at the time it was calculated to be sure.
 
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