Mortgage calculator help please

O

orwell

Registered User
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Hi, I’ve tried a few of the calculator suggested on various thread but they don’t seem to be that I’m looking for
Has anyone a link to an online calculator who which will show me my new monthly repayment month by month if I over pay

Im currently at 2.1 % fixed for 5 years , nearly 4 remaining.. of a 15 year with AIB
My monthly repayment is now down to 1160 , I’m paying 1500 per month making my online overpayment so each month my repayment amount changes but I still pay 1500
I’m thinking of paying extra each month and would like to see how it effects the monthly premium each month keeping it at the 1500 plus whatever extra

(For example I want to over pay another 1000 each month say this year. I’d like to see if I do this for feb to June what would my July repayment , or if I keep the amount each month 2500 the same how quickly it wil be cleared )
I
It’s prob some sort of a spread sheet in looking for .. I’m not tech savvy

Thanks in advance
 
orwell said:
Hi, I’ve tried a few of the calculator suggested on various thread but they don’t seem to be that I’m looking for
Has anyone a link to an online calculator who which will show me my new monthly repayment month by month if I over pay

Im currently at 2.1 % fixed for 5 years , nearly 4 remaining.. of a 15 year with AIB
My monthly repayment is now down to 1160 , I’m paying 1500 per month making my online overpayment so each month my repayment amount changes but I still pay 1500
I’m thinking of paying extra each month and would like to see how it effects the monthly premium each month keeping it at the 1500 plus whatever extra

(For example I want to over pay another 1000 each month say this year. I’d like to see if I do this for feb to June what would my July repayment , or if I keep the amount each month 2500 the same how quickly it wil be cleared )
I
It’s prob some sort of a spread sheet in looking for .. I’m not tech savvy

Thanks in advance
Click to expand...
Not your question I know, but would you consider putting the monthly overpayment into Trade Republic, paying 4% interest, and then using the total saved to pay off a chunk of the mortgage at the end of your fixed rate?
 
Thanks.. yeah tried them but it just tells me how quick ill have paid off or how much interest im saving
I know that 1330 this month will reduce my next month mortgage payment by maybe say €10, so the next month I’ll pay 1340 say and the following month the mortgage payment may be decided by a further €10 say another following mont the over payment I hope to make would be 1350

So I’m hoping to see each month what the mortgage payment will be and keep adding the reduction to the overpayment
And I can’t seem to find a calculator to do that for me

Thanks for the links
 
I suggest that you are asking the wrong question.

The cost of your mortgage is the interest you are paying on it and not the repayment which includes capital.

So if you overpay €1,000 on 1 January then you will save 2.1% or €21, this year.
Next year, you will save €1,021 @2.1% in interest.
Etc.

That is the only meaningful information you need.
Working out what your repayment will be in 6 months or working out the date by which the mortgage will be cleared, doesn't give you any useful information.

Brendan
 
Karls mortgage calculator is one of the most widely used

I am unable to post the link
 
Brendan Burgess said:
I suggest that you are asking the wrong question.

The cost of your mortgage is the interest you are paying on it and not the repayment which includes capital.

So if you overpay €1,000 on 1 January then you will save 2.1% or €21, this year.
Next year, you will save €1,021 @2.1% in interest.
Etc.

That is the only meaningful information you need.
Working out what your repayment will be in 6 months or working out the date by which the mortgage will be cleared, doesn't give you any useful information.

Brendan
Click to expand...
Although if you put it on Deposit at 4% you make €40 minus DIRT @ 33% = €26.80, and you can access the money in event of emergency.
 
Time to plan, thanks for your reply, am already saving an amount that I’m happy with each month and am happy (enough) with my level of saving

I get what you mare saying Brendan, bit I would actually like to know month on month what my reduced payments would be , I’m interested in finding out
So I’d like to overpay 1330 in month 1, in month 2 the 1330 plus whatever the few euro the monthly payment reduced by
Month 3 the same 1330 plus the red auto on amount

I guess I’ll have to work it out month by months with the calculator
 
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