calculators.ieAll calculators

Mortgage repayment calculator

Monthly repayments, total interest and what an overpayment saves on an Irish repayment mortgage.

Overpayments
Overpay
Monthly repayment 
Total interest
Total repaid
Balance year by year
YearInterestBalance at end

This is an estimate for general information, based on the rates and rules described on this page. It is not financial, tax or legal advice and does not take account of your full circumstances. Check your own position with your lender, solicitor or Revenue before making a decision. Terms of use.

Illustration for the mortgage repayments calculator

How the repayment is calculated

The monthly payment that clears a loan exactly over the term is:

payment = loan × r ÷ (1 − (1 + r)−n)

where r is the annual rate divided by 12 and n is the number of monthly payments. Each month, interest is the balance times r; the rest of the payment reduces the balance. An overpayment goes straight off the balance, so later months carry less interest and the loan ends sooner. The monthly payment stays the same.

Example. A €300,000 mortgage at 4% over 30 years costs €1,432.25 a month. Over 360 payments you repay €515,609, of which €215,609 is interest. Paying an extra €200 a month clears it in 23 years and 10 months, saving €50,412 of interest.

What this calculator assumes

  • The rate stays the same for the whole term. Most Irish mortgages start on a fixed rate and move to a variable rate after it ends.
  • Payments are monthly, at the end of each month.
  • Fees, insurance and early repayment charges are not included.

Questions

How are mortgage repayments worked out?
A repayment mortgage has the same monthly payment for the whole term, as long as the rate does not change. Each month interest is charged on the balance at one twelfth of the annual rate, and the rest of the payment reduces the balance. Early payments are mostly interest; later ones are mostly capital.
What is the monthly repayment on a €300,000 mortgage?
At 4% over 30 years it is €1,432.25 a month, with €215,609 of interest over the term. At 3.5% it is €1,347.13, and at 4.5% it is €1,520.06.
Does overpaying my mortgage save money?
Yes, every euro of overpayment reduces the balance that interest is charged on. On €300,000 at 4% over 30 years, paying an extra €200 a month clears the loan 6 years and 2 months early and saves €50,412 of interest.
Can I overpay a fixed rate mortgage?
Many Irish lenders allow overpayments of up to 10% of the balance a year during a fixed rate period without a fee. Above that, or when breaking a fixed rate early, a lender can charge an early repayment fee. Check your loan offer or ask your lender before overpaying.
Is the annual percentage rate (APRC) the same as the interest rate?
No. The APRC includes fees and assumes the rate changes to the lender's variable rate after any fixed period. This calculator uses the interest rate you enter for the whole term.
Does the result include mortgage protection or home insurance?
No. Mortgage protection insurance and home insurance are usually required by lenders but are paid separately from the mortgage repayment.

Related calculators