interest only - how much?

[snax123]

hi,
if you have mortgage of 220000 over 35 years at fixed rate of 5.2%, our repayments are about 1300, if we are to switch to interest only, what would repayment be or how do i calculate it?

 

[plant43]

How far into your term at you? If it's the first couple of years, chances are interest only wouldn't save you that much.

Use the Jeacle calculator to figure out how much interest you pay at the moment

http://www.jeacle.ie/mortgage/

 

[Jimbobp]

Also remember that a lot of lenders will insist on you having a term life policy as opposed to a mortgage protection (decreasing) life policy in place, which will cost more than a MP policy.


www.powerinsurances.ie

 

[rameire]

953 per month.

balance * rate / 12 months = int payment per month