tracker mortgage calculation

T

the king

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i have a 60,000euro home loan tracker mortgage over 294 months.

on my statement:
interest rate, trackerhome LTV>50%&<=80% is 5.40% {APR 5.521%} including interest adjustment of 1.15%

my monthly payments were 367.71 euros now they are 350.46

this seems a very small adjustment as interes rates have come down all of 1%, maybe someone could do a calculation for me. thanks

the king
 
the king said:
i have a 60,000euro home loan tracker mortgage over 294 months.

on my statement:
interest rate, trackerhome LTV>50%&<=80% is 5.40% {APR 5.521%} including interest adjustment of 1.15%

my monthly payments were 367.71 euros now they are 350.46

this seems a very small adjustment as interes rates have come down all of 1%, maybe someone could do a calculation for me. thanks

the king
Click to expand...

Your Majesty

Why don't you take a look at Karl Jeacle's Mortgage Calc and input your own figures.

Honestly, you Royal types just want everything done for you :p
 
hi,
forgive me for my ignorance, i presume its an ECB TRACKER as i dont know of any other tracker mortgage.
 
Well, I may be being a bit ignorant myself, as ECB is the only one I'm aware of too. Could be other types, I'm not sure. Justdoes sound very high for an ECB tracker
 
the king said:
i have a 60,000euro home loan tracker mortgage over 294 months.

on my statement:
interest rate, trackerhome LTV>50%&<=80% is 5.40% {APR 5.521%} including interest adjustment of 1.15%

my monthly payments were 367.71 euros now they are 350.46

this seems a very small adjustment as interes rates have come down all of 1%, maybe someone could do a calculation for me. thanks

the king
Click to expand...

That looks like about a reduction of 0.5% rather than 1%. Maybe your repayments will fall again next month as this only takes the first ECB reduction into account? If I plug in 5.521% APR on €60,000 over 294 months, I get a repayment of €367.92 per month, vs €334.82 per month for a rate of 4.521% or €351.20 for 5.021%. There's some scope for things being a few cents out here and there as interest accrues daily and rate changes won't typically occur on the repayment and so on.

ATB,
A.
 
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