10 year fixed what will the balance be?

T

tom1ie

Registered User
Messages
126
hi people
My mortgage is with aib and we recently changed to a ten year fixed rate. I rang up during the week to find out what balance would be left on the mortgage after the 10 years. I was told by the very unhelpfull person in aib home mortgages that they cannot calculate this!
Is this true?
Surely they can come up with a figure if they know what my rate is for the next 10 years?!
Thanks for the help.
 
How many years are left and what are your fixed repayments and interest rate.

A simple way is to do it is multiply the o/s bal by the int rate and deduct the repayments for a year do the exercise for each of the 10 years. You can also do the exercise monthly.
 
we've 9.5 years left @ 5.9% but the thing is I wanted a piece of paper from aib telling me my balance in 10 years time will be x amount, so that the bank don't try and pull a fast one by charging me more etc.
 
tom1ie said:
we've 9.5 years left @ 5.9% but the thing is I wanted a piece of paper from aib telling me my balance in 10 years time will be x amount, so that the bank don't try and pull a fast one by charging me more etc.
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It is not possible for them to calculate it in advance and give you a definitive figure because they have no idea how it will pan out. If you miss or are even late with a payment it will impact the out come. You have sufficient information to check their calculation as things progress and raise a complaint if you identify a problem.
 
There are simple amortisation tables where you can work this out.
What was the total term of you mortgage?
How many years left till you are mortgage free-(surely not 9.5yrs if you have a 10yr fixed rate)
 
Go to Karl Jeacle's mortgage calculator at http://www.drcalculator.com/mortgage/

Find out the exact balance of your mortgage at the date you started your fixed rate. Work out exactly how months were left to the mortgage's end date from then also. Put these details into the calculator as if it was a new mortgage. You'll be able to see then what the balance will be after 10 years, assuming you pay the repayments on time.
 
tom1ie said:
we've 9.5 years left @ 5.9% but the thing is I wanted a piece of paper from aib telling me my balance in 10 years time will be x amount, so that the bank don't try and pull a fast one by charging me more etc.
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...................................
Aib staff should be capable of printing off this information (subject to issues like you missing payments.) Then again competency with figures has not been their forte!!. Also given their chequered issues over honesty and integrity you are wise to keep an eye on them.Aib are trying to re-find what is called (fee-income) eg a few euro slipped in for a replacement statement.
{It is a shame but all bank staff need to be watched}.
 
no its 9.5 years fixed remaining of a 34 year mortgage
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Not sure what this means.
The original term doesn't matter.
How many years are remaining now?


If you currently owe €100,000

with 34 years left on your mortgage from May 2013

with 9.5 years fixed at 5.9%

your monthly repayments are €568

The balance in Dec 2022 will be €88,019


so that the bank don't try and pull a fast one by charging me more etc.
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You don't really need to worry too much about this.
Check your mortgage statement at the end of each year.
The interest charged, in the early years, will be a little bit less than the opening balance x 0.59.
If the opening balance is correct
If they charge the correct interest.
If they credit the correct repayments,
The closing balance will be correct.

Brendan
 
Luternau said:
There are simple amortisation tables where you can work this out.
Click to expand...

You would think that AIB must have an amortisation table. It's standard practice here to be given such a table when you get a mortgage, so at any given month you can see where you are etc.
 
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