Tracker Mortgage monthly payments

S

Stronge

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I was having a look at Karls Mortgage calculator earlier and the monthly repayments appear to be cheaper than I am actually paying.
Discounted rate ECB + .6 repayments on statement €2129.51 on Karls Calculator €2077.64
Ecb went up to 4.25 + .6 on Stat 2180.20 on Karls 2130.77
Discounted rate ends ECB 4.25 +1.1 on Stat 2282.48 on Karls 2230.10.
I am just wordering where am I going wrong on the calculator €370K mortgage over 25 years. Perhaps someone could enlighten me as to why there is a difference of nearly 50 euro each month...
 
Could it be to do with insurance?

I know when we get updates on our mortgage, it does not include life & house insurance that we also have with the same lender.
 
I think what you are missing is you are x years into your 25 year mortgage.

When rates change they recalculate, using your current balance over the remaining term with the new interest rate.
 
How many years into the mortgage are you? Key in amount left on the mortgage and years remaining and that should sort it
 
Thank you for your help. I was leaving the term at 25 years instead of reducing it to 24 years. Am thrilled to hear that the AIB will be reducing my rate by a further .75%. I presume that will come into effect for the Jan. '09 payment?
 
We pay mortgage weekly and I have the mortgage account available on-line, so I will update everyone when the new rate is indicated on the statement and when the first ammended payment is made.
 
KatieC said:
We pay mortgage weekly and I have the mortgage account available on-line, so I will update everyone when the new rate is indicated on the statement and when the first ammended payment is made.
Click to expand...

Hi KatieC, is your mortgage with AIB? I would be interested in paying weekly. Currently on monthly.
 
VOR said:
Hi KatieC, is your mortgage with AIB? I would be interested in paying weekly. Currently on monthly.
Click to expand...


Sorry for delay in reply, yes our mortgage is with AIB and we have paid weekly since we began over three years ago. Should be fairly easy to change over, perhaps get a verbal agreement from your bank manager, follow-up with a request in writing and chase them until it happens!
 
Checked on-line mortgage account this morning and it indicates the new rate with 0.75% reduction. AIB tracker mortgage
 
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