Mortgage calculator

T

thedaras

Registered User
Messages
812
Hi, would anyone know how to figure out what repayments should be on an interest only mortgage?


I have looked at all the on-line mortgage calculators ,but none of them can give me a tally when paying interest only.

For example say 100k over 17 years at 5.69% ,repayments would be 758e a month,but I cant figure what it should be on interest only.
Thanks in advance
 
(100,000 x 5.69%) / 12 = €474pm

Term doesn't matter as you are just paying the interest.
 
And don't forget to subtract owner occupier mortgage interest tax relief (if applicable) from the gross interest figure to get your net interest (only) repayment.

Also - calculate the interest only repayment on the outstanding capital amount at the time you start paying interest only - and not the original amount borrowed.
 
Thanks so much posters.
serotoninsid, that is a brilliant calculator, it actually shows the interest only portion and the repayment.You would not believe how long I've searched for that!! Thanks
 
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