How the mortgage repayment calculator/amortisation calculator Ireland works
There are 3 things that drive how much your monthly mortgage repayment will be.
- The amount you borrow
- How long you borrow it for
- The rate you borrow it at
Based on these things the lender calculates the total interest on your mortgage, then adds it to the amount you borrow (known as the capital) and spreads it out monthly over the length of your mortgage (known as the term).
This spreading of repayments in known as an amortisation calculation or if you are from the US an amortization calculation.
Calculated mortgage repayments are based on your mortgage requirements using the annual percent rate charged, this includes the full cost of the mortgage payments and is the most accurate way to compare mortgage repayments across the full term.
The mortgage repayment calculator Ireland repayments will therefore will vary on a monthly basis, in the early months you may actually save more per month as your repayments may be lower. For example if you switch to a 3 year fixed rate for the first 3 years your monthly payments will be based on the fixed rate you choose. At the end of the 3 year period you will go onto the ‘follow on’ rate, which is typically higher. This means your repayments will rise as a result.
So if you fix for longer or on a rate with a lower follow on rate you may be better off long term even if you are paying more for the initial fixed period. If you just look for the cheapest short term fixed rate it could end up costing you a lot more.
|Total Repayment Comparison||Fixed Monthly Repayment||Follow On Monthly Repayment||Total Repayment|
|3 Year Fixed @ 3.60%||€1,364||€1,703||€600,400|
|20 Year Fixed @ 3.95%||€1,424||€1,703||€545,297|
To get a true comparison of your repayments then you should compare the average of the fixed period and follow on period repayments versus the average repayments of your current mortgage. Unlike others, that’s how we calculate our repayment comparisons. This gives a truer picture of the actual likely cost of your repayments.
You should use the APRC to check the average monthly payments for your mortgage and compare against others according to the CCPC.
How much will I repay – mortgage repayment calculator Ireland
The mortgage repayment calculator Ireland shows how much you will repay each month based on the lowest repayment available to you based on your loan to value. It only shows the mortgage rates at your loan to value based on the ratio of the home value to the mortgage value.
Mortgage repayments are calculated by amortising (or amortizing if you are american) your repayments across the duration of the mortgage. The mortgage amortisation calculator simply splits the total cost of your original mortgage capital and the total interest to be charged on that capital into monthly payments.
Depending on your exact circumstances and credit history the actual rate and lenders available to you may vary. Your mortgage broker will advise as to the best repayments for you taking these factors into account.
You can also check out every rate on the market by using our mortgage calculator which will give you each rate by lender.
In a nutshell – mortgage repayment calculator or amortisation calculator Ireland
In just 3 steps the mortgage repayment calculator, scans the whole Irish market for the latest offers and calculates your lowest monthly repayment. If you want to apply online you can then book a free mortgage check up with one of our mortgage sherpas. Simple as that!
You can also use our other mortgage tools to help you get mortgage ready.
- Want to compare mortgage repayments by lender? Use the Mortgage Comparison Calculator Ireland
- Thinking of switching mortgage? Use our Mortgage Switcher Calculator Ireland.
- Want to know how much mortgage you can get? Use the Mortgage Borrowing Calculator Ireland to see how much you can borrow
- Need to calculate how interest rate changes will alter your repayments? Check out our Mortgage Interest Rate Calculator Ireland 
- Need a mortgage amortisation calculator to work out your monthly mortgage repayments? Check our our Mortgage Repayment Calculator Ireland
- Use our Online Mortgage Application for pre approval in 5 minutes