Interest Rate Calculation Query

E

eyesgreen_1

Registered User
Messages
95
I am currently on an interest rate of 3% with BOI fixed for 3 years. Morgage amount outstanding is €59,416.52 with 14 years remaining. My present monthly repayment is €452.74. When I enter these details on online mortgage calculators my repayments calculate at €433.56. Has this to do with APR? What am I missing?
 
Nothing to do with APR but it's probably 14 years from Jan 2018 rather than exactly 14 years from now i.e. November 2018. So chances are you only have 13 years and 2 or 3 months left to finish.
 
Hi eyesgreen

When did you go on the fixed rate?

The repayment would have been calculated then.

But the best thing to do is to ask Bank of Ireland in writing for the calculation.

Brendan
 
Hi Brendan/Elcato, thank you both for your reply. Your right Elcato, I just checked paperwork and I indeed have term of 13 years and 3 months left on mortgage. Brendan I Began fixed rate at end of Aug 2017.
 
Thanks Brendan, miscalculation of the term on my part. Always good to learn more and understand though. Thanks a mill.
 
You must log in or register to reply here.
Back
Top