is my mortgage repayment correct

G

goldie1

Registered User
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19
hi

just looking for some help,

mortgage bal €137053 270 repayments left and rate of 4.05%.

when i got my knew repayment from ptsb i am paying slightly more than this time last year when i was on same rate. i have not changed trs rate so that is not factor.

So i went on to itsyourmoney and karl jeacles and got gross repayments of €764.32 but my bank is saying gross repayments of €777.04.

they sent me some mad formula that i can not work out. so can some kind soul work out the above for me and let me know if it is correct.

thanks a million
 
im getting 774.33 on a calc i have
sorry but i cant send or post it up.
sure doesnt it all come off the mortgage balance anyway.
on the payment of 764.32 you would be adding 6 months to your mortgage by my calc.
 
I get 774.33 based on 137053, 22.5 years, 4.05%. The result oviously changes when any of the above variables change.
 
Could it be the case that at some stage you asked the bank if you could miss a payment? If so, they may have spread the missed payment amount over the term of the loan, which could account for a small discrepancy.
 
No didnt ask for missed payment or anything like that...

i know the interest reduces but the gross payment is higher than it was this time last year, would i not be right in saying that lower amount owed should result in lower repayments..

it is very immaterial i know but i just like to be able to work things out
 
plant43 said:
You do pay less interest over time, so your TRS amount would change.
Click to expand...

This could be key - only interest is claimable for TRS. In your first year most of the repayment is interest, with a small part paid of capital balance. In later years the interest portion will gradually reduce, meaning you are entitled to less TRS.

Or are you saying the gross payment before TRS has increased?
 
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