Mortgage Repayment Examples
The Mortgage Journey - If I make early repayments, what impact?
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Assumptions
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Option 1
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Option 2
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Option 3
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- Original Mortgage commenced April 2001
- Mortgage of €200,000
- Term of Mortgage 25 Years. Fully paid April 2026
- All based on Interest Rate of 4.25%
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- In April 2007 you deposit €40,000 against Mortgage
- Term remains the same, i.e., 25 years to April 2026
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- In April 2007 you deposit €40,000 against Mortgage
- You decide to continue your monthly repayments at original level of €1,083 p.m.
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- In April 2007 you deposit €40,000 against Mortgage
- You decide to continue your monthly repayments at original level of €1,083 p.m.
- In addition to these monthly repayments you add an extra €508 p.m. (Your SSIA monthly contributions)
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Mortgage Repayment Schedule
| 2001
| Year 1
| €8,664
|
|
| Year 2
| €12,996
|
|
| Year 3
| €12,996
|
|
| Year 4
| €12,996
|
|
| Year 5
| €12,996
|
| 2006
| Year 6
| €12,996
|
| 2007
| Year 7
| €12,996
|
|
| Year 8
| €12,996
|
|
| Year 9
| €12,996
|
|
| Year 10
| €12,996
|
| 2011
| Year 11
| €12,996
|
|
| Year 12
| €12,996
|
|
| Year 13
| €12,996
|
|
| Year 14
| €12,996
|
|
| Year 15
| €12,996
|
| 2016
| Year 16
| €12,996
|
|
| Year 17
| €12,996
|
|
| Year 18
| €12,996
|
|
| Year 19
| €12,996
|
|
| Year 20
| €12,996
|
| 2021
| Year 21
| €12,996
|
|
| Year 22
| €12,996
|
|
| Year 23
| €12,996
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|
| Year 24
| €12,996
|
|
| Year 25
| €12,996
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| 2026
| Year 26
| €4,332
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Mortgage Repayment Schedule
| 2001
| Year 1
| €8,664
|
|
| Year 2
| €12,996
|
|
| Year 3
| €12,996
|
|
| Year 4
| €12,996
|
|
| Year 5
| €12,996
|
| 2006
| Year 6
| €12,996
|
| 2007
| Year 7
| €10,948
|
|
| Year 8
| €9,924
|
|
| Year 9
| €9,924
|
|
| Year 10
| €9,924
|
| 2011
| Year 11
| €9,924
|
|
| Year 12
| €9,924
|
|
| Year 13
| €9,924
|
|
| Year 14
| €9,924
|
|
| Year 15
| €9,924
|
| 2016
| Year 16
| €9,924
|
|
| Year 17
| €9,924
|
|
| Year 18
| €9,924
|
|
| Year 19
| €9,924
|
|
| Year 20
| €9,924
|
| 2021
| Year 21
| €9,924
|
|
| Year 22
| €9,924
|
|
| Year 23
| €9,924
|
|
| Year 24
| €9,924
|
|
| Year 25
| €9,924
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| 2026
| Year 26
| €3,308
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Mortgage Repayment Schedule
| 2001
| Year 1
| €8,664
|
|
| Year 2
| €12,996
|
|
| Year 3
| €12,996
|
|
| Year 4
| €12,996
|
|
| Year 5
| €12,996
|
| 2006
| Year 6
| €12,996
|
| 2007
| Year 7
| €12,996
|
|
| Year 8
| €12,996
|
|
| Year 9
| €12,996
|
|
| Year 10
| €12,996
|
| 2011
| Year 11
| €12,996
|
|
| Year 12
| €12,996
|
|
| Year 13
| €12,996
|
|
| Year 14
| €12,996
|
|
| Year 15
| €12,996
|
| 2016
| Year 16
| €12,996
|
|
| Year 17
| €12,996
|
|
| Year 18
| €12,996
|
|
| Year 19
| €12,996
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| 2020
| Year 20
| €4,432
|
|
Mortgage Repayment Schedule
| 2001
| Year 1
| €8,664
|
|
| Year 2
| €12,996
|
|
| Year 3
| €12,996
|
|
| Year 4
| €12,996
|
|
| Year 5
| €12,996
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| 2006
| Year 6
| €12,996
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| 2007
| Year 7
| €17,060
|
|
| Year 8
| €19,092
|
|
| Year 9
| €19,092
|
|
| Year 10
| €19,092
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| 2011
| Year 11
| €19,092
|
|
| Year 12
| €19,092
|
|
| Year 13
| €19,092
|
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| Year 14
| €19,092
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| 2015
| Year 15
| €6,364
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Repayments €1,083 p.m. or €12,996 p.a.
Total Repayments for the 25-year period: €325,000
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Repayments reduce from €1,083 to €827 p.m. or €9,924 p.a.
Total cost of borrowing reduces from €325,000 to €266,732 giving a saving of €58,268
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The period to complete your mortgage repayments is reduced by 6 years.
Total cost of borrowing reduces from €325,000 to €247,024 giving a saving of €77,976
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The period to complete your mortgage repayments is reduced by 11 years.
Total cost of borrowing reduces from €325,000 to €230,712 giving a saving of €94,288
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