How PTSB calculates my mortgage repayments

STEINER

Registered User
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1,161
A few years ago I queried my repayments as the ECB rate was tumbling and PTSB gave me a formula which calculates my monthly repayment. Maybe some posters might find it interesting, especially PTSB mortgage holders.

(R X P)/(F X (1-((R/F) +1)^-N))

R = Rate/100 eg 0.0318
F = payments in a year ie 12
P = balance outstanding eg 321,912.67
N = number of repayments left eg 331 months

(0.0318 x 321,912.67)/(12 x (1-((0.0318/12) +1)^-331))

= 1,461.85

less TRS of 170.52 = repayment 1,291.33
 
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