Query on moving mortgage from KBC to Avant

P

pclive

Registered User
Messages
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Im currently on a two year fixed rate with KBC. I moved to KBC in March 21. I borrowed 183k at 2.25% interest over 12years
I am now planning to move to Avant on an initial three years fixed rate of 1.95% borrowing 170k over 11 years
My monthly repayment is increasing by €10 per month.
Is this correct? I thought it would go down
 
pclive said:
My monthly repayment is increasing by €10 per month.
Is this correct? I thought it would go down
Click to expand...
Doesn't make sense to me using this calculator.

Karl's Mortgage Calculator

Mortgage calculator with graphs, amortization tables, overpayments and PMI
www.drcalculator.com
Are you sure that the new repayment doesn't include new mortgage protection life insurance cover or something?
 
Agreed.
183K , 12y @ 2.25% = approx 1451 / month
After 1 year you have 170,500 left approx.
Reducing interest rate to 1.95% after one year (everything else staying the same) decreases payment to about 1428 / month

Something's missing.

 
Using that calculator I get...

€183k over 12 years @ 2.25% = €1,451 p.m.
€170k over 11 years @ 1.95% = €1,432 p.m.

Edit: post crossed with @newirishman's.
 
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