Is my mortgage repayment correct

Hi,

I'm wondering can someone help with these calculations.

No matter what calculator I use I can't get the mortgage repayments to match what AIB are charging me.

For example:
Original Principal Sept 2009 - 345,000 interest only
Sold old house in Oct 2010
New Balance Jan 2011 and start of 20 year mortgage -

Current outstanding @ Jan 2014 is 129,900 and my repayments are 943.00 per month.


no matter what calculator I use online to calculate my repaymenst they are coming in way under the 943. Am I missing something.. The 943 is before TRS.

Any advice would be very greatly welcomed. I am trying to contact AIB but would love to know how 'off' I am.

Regards,

G.

What's the interest rate?

Also what was the o/s balance as at Jan-2011 - ie what was the total sum repayable on the 20-year mortgage

Interest rate is 4.29

old balance was 165000

thanks

If you owed 175 k three years ago,how is your mortgage down to 130k now?

things happen but we put every single cent spare on the mortgage.

I think the answer is that your current repayment will pay off the loan a year early.

Thanks
But I don't know how the term can reduce with out asking for that.

that's why my question was on repayments because on 129k approx on 17 years remaining i can't reconcile the 943 monthly payment.

thanks

When you make a capital repayment, you should be given the option of reducing the payment or reducing the term. I suspect that the default option is reducing the term.

For the record, the repayment on €129,000 @ 4.29% over 17 years is 891.8
The repayment on €129,000 @4.29% over 16 years is €929.79

So it looks as if vandriver has guessed correctly.

Thank you.