BusyAtMaths
Registered User
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- 30
Hi all,
Would really appreciate your advise. Today I need to choose one of the following mortgage rates. Both rates offer cash back 2% (which I will be use for furniture etc). First Time Buyer.
The length of the Term is stalling me..
1. PTSB 3.2% 3yr Fixed Rate (Term=32 years)
Montly repayments: €1404
After 3 years the Cumulative interest is €31,477
OR
2. BOI 3.0% - 3yr Fixed Rate (Term=30 years)
Montly repayments: €1421
After 3 years the Cumulative interest is €29,392
Option 1 is cheaper by €17 per month. - Couldn't I reduce the term after the initial 3 years if I wanted?
Is Option 2 better in the long term?
Thanks.
Would really appreciate your advise. Today I need to choose one of the following mortgage rates. Both rates offer cash back 2% (which I will be use for furniture etc). First Time Buyer.
The length of the Term is stalling me..
1. PTSB 3.2% 3yr Fixed Rate (Term=32 years)
Montly repayments: €1404
After 3 years the Cumulative interest is €31,477
OR
2. BOI 3.0% - 3yr Fixed Rate (Term=30 years)
Montly repayments: €1421
After 3 years the Cumulative interest is €29,392
Option 1 is cheaper by €17 per month. - Couldn't I reduce the term after the initial 3 years if I wanted?
Is Option 2 better in the long term?
Thanks.