How to calculate re-payments

[Justbmad]

Hi,

I have 88,100 oweing on my mortgage, term: 10 yrs 7 mths, have a tracker (ecb rate + 0 .75%) currently 1.5%. I am paying 830 euro per month & was thinking of paying extra 100 p/m to reduce the term. I want to be sure that I am paying the right ammount. Any mortgage calculator I have used suggest that based on my term & ammount oweing my repayments should be around 750 p/m not 830 p/m, am I missing something.

 

[peteb]

stab in the dark - they probably include trs.

 

[twofor1]

am I missing something.

Possibly your lender leaves repayments the same when ECB rate falls, only increasing your repayment, when/ if necessary, to ensure the loan is repaid within the agreed term.

You appear to be paying over the required amount for what you owe, this might be the reason, and if so your remaining term should be reduced. I think you need to ask your lender for an explanation.

 

[wbbs]

Any insurances included in it maybe?