Mortgage Repayment Calculator
Repayment Details

Your monthly repayment will appear here.

Total interest to be paid:

Total amount to be paid (principal + interest):

Disclaimer: This calculator is a simple mortgage calculator intended for illustrative purposes only. It does not constitute financial advice and does not account for all variables that may impact your mortgage, such as lender-specific criteria, taxes, fees, insurance, or interest rate changes. The results provided are estimates and should not be relied upon as the sole basis for making financial decisions. For a more accurate assessment of your mortgage options, please consult with a qualified mortgage advisor or financial professional.

How to use our mortgage calculator

Knowing how to use our mortgage calculator is the first step in getting your mortgage on that dream home. It may be an apartment close to the city centre, the house on a leafy street or the home in the best estate, but you will need a mortgage to secure the keys.

Using our mortgage calculator will give you a good idea of your monthly repayments and the options available to you. There are variables in every calculation, and they are not any different when working out the right mortgage.

We designed our mortgage calculator to work for you. It is simple to use, and a little look behind the scenes will help you understand how the calculations are made.

Table of Contents

How is a mortgage calculation made?

A mortgage calculation is made by taking a few simple financial inputs and making a straightforward determination of your monthly mortgage repayments.

The financial inputs we use in the mortgage calculation are:

Loan amount is what it is costing you to purchase your new home. To get an accurate return from the calculator, you must input the full amount you need to pay.

Annual interest rate is the current rate being charged by mortgage providers to buyers of homes and apartments. Rates can vary depending on circumstances, but a quick look at online rates will give you an idea.

Term of the loan is how long you plan to have the mortgage. Mortgage terms are at least ten years and can stretch to 25 years and beyond.

You can play around with the mortgage calculator, see how much you need to repay and how long it will take to pay off a mortgage. Having a realistic repayment amount and knowing that you can make the mortgage each month is vital.

The more years of a mortgage you have, the lower the monthly repayment, but you could end up paying more than you would with a shorter term.

Factors affecting repayments

Factors affecting repayments can vary and can impact your chances of getting a mortgage. Paying attention to the factors before applying for a mortgage can often help secure one when the time comes.

Common factors that can affect mortgage repayments:

Interest rates go up and down. The drop in interest rates of even half a percentage point could make a big difference in your repayments.

Conversely, the rise in rates will push up the monthly outgoings.

A down payment on the purchase of the home can help reduce your monthly repayments. The more you pay down on the lump sum, the smaller the amount borrowed and the less you will need to repay.

Term length will also affect the monthly repayment on the mortgage. The shorter the mortgage term, the more you will need to pay monthly, but you will finish the mortgage earlier.

Income is another factor in the monthly repayment calculation. If you are on a high salary, the lender may allow you to borrow more, pushing up the monthly repayment

Credit score readings can influence the amount borrowed when purchasing a home. If you have a good credit score, you could get a lower interest rate, and any drop in rates could give you a better repayment due each month.

Many factors affect your monthly repayments, but with good advice from your mortgage expert, you can understand all the factors influencing a mortgage.

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What are the benefits of paying back a mortgage earlier?

The benefits of paying back a mortgage earlier range from paying less in interest to owning your home outright and reducing monthly outgoings.

A mortgage advisor can explain how to repay a mortgage earlier and if it will benefit you.

Some of the benefits of paying back a mortgage earlier:

  • Being mortgage-free sooner than planned

  • Saving money on interest paid over the years

  • The extra money coming into the home each month

  • Having more disposable income in later years

  • Reducing the stress of paying the high monthly repayments

  • Avail of better tax relief on higher repayments over the term

You can save money on paying back a mortgage earlier and enjoy the benefits of owning your own home outright.

Understanding your mortgage repayment

Understanding your mortgage repayment is key to getting the best deal on your mortgage in the first place. You need to know what the mortgage repayment calculator is telling you and what the figures mean.

Getting this part right could save you thousands over a mortgage term, while getting it wrong could cost you your home.

Common terms used in mortgage repayment:

Principal borrowed is the amount of the loan you are looking for from the mortgage provider. It is usually the cost of the home plus all additional charges such as legal fees and other charges.

Loan term is how long you are taking out the mortgage. It may be ten years, 15 years or 30 years, but you agree the term of the mortgage with the provider.

Interest rate is the rate quoted at the time of taking out the mortgage. It will be given at whatever rate is agreed upon, and interest is charged on the principal borrowed.

Monthly interest charged is calculated by adding the interest amount due overall to the principal borrowed and breaking it down into monthly repayments over the loan term.

Monthly repayment is the calculation of what you need to pay every month, including paying back the principal borrowed and the interest due on the loan.

Understanding what the principal borrowed and the interest charged is essential to building a mortgage you can afford. 

You will pay the principal back to the provider, and they will charge you a fee for lending you that principal. The fee charged is the interest on the principal for the term of the loan.

If you borrow €450,000 at 3.5% interest rate over 25 years, your total interest due is €225,841, making the total amount owed to the lender at €675,841. 

Twelve monthly repayments over 25 years to repay the €675,841 works out at €2,252 per month.

Using the mortgage calculator will give you a solid idea of how much you could owe and how much it will cost to repay the mortgage.

Mortgage protection calculator

Use our mortgage protection calculator to see how much you could save on mortgage protection each month.

Our insurance advisors are also on hand if you would like to discuss your mortgage protection application and compare policy prices and features in more depth.

Factors affecting repayments

Factors affecting repayments can vary and can impact your chances of getting a mortgage. Paying attention to the factors before applying for a mortgage can often help secure one when the time comes.

Common factors that can affect mortgage repayments:

Interest rates go up and down. The drop in interest rates of even half a percentage point could make a big difference in your repayments.

Conversely, the rise in rates will push up the monthly outgoings.

A down payment on the purchase of the home can help reduce your monthly repayments. The more you pay down on the lump sum, the smaller the amount borrowed and the less you will need to repay.

Term length will also affect the monthly repayment on the mortgage. The shorter the mortgage term, the more you will need to pay monthly, but you will finish the mortgage earlier.

Income is another factor in the monthly repayment calculation. If you are on a high salary, the lender may allow you to borrow more, pushing up the monthly repayments.

Credit score readings can influence the amount borrowed when purchasing a home. If you have a good credit score, you could get a lower interest rate, and any drop in rates could give you a better repayment due each month.

Many factors affect your monthly repayments, but with good advice from your mortgage expert, you can understand all the factors influencing a mortgage.

Additional costs to consider when getting a mortgage

Additional costs to consider when getting a mortgage range from legal fees to ones that could add more to your monthly outgoings. Making the mistake of not checking on the additional costs could cost you a lot of money through the years of your mortgage.

A mortgage calculator may not include these costs, so keep an eye on them.

Some of the additional costs to consider when getting a mortgage:

  • Legal fees charged by your solicitor for handling the purchase

  • Bank fees charged when taking out the mortgage

  • Stamp Duty can add a lot to the purchase of a new property

  • Interest rates can go up, adding to repayments

  • Local Property Tax varies according to location and house size

  • Annual maintenance fees for the estate or apartment block

  • Valuation fee

  • Surveyor report costs

  • Mortgage Protection Insurance to cover repayments when ill or unemployed

  • Life Insurance in case you pass away during the term of the mortgage

  • Home Insurance to cover any damage to the home

Buying a home can cost money from the day you make an agreement with the seller. You need to be aware of these extra costs and incorporate them into your financial plans.

FAQs on getting a mortgage

The FAQs on getting a mortgage and using a mortgage calculator are an excellent way to see what is ahead of you. Asking questions and getting answers on mortgages will focus the attention and help you prepare for the application.

You can only get a mortgage big enough that you can afford to repay every month for the term length of the loan.

A responsible lender will only allow you to take out a mortgage according to income.

Yes, your monthly repayments may change over the life of your mortgage. Interest rates can go up as well as down, and the slightest changes will influence your monthly repayment.

Yes, your age affects the mortgage you apply for to purchase a home. If you are young enough, you could qualify for a longer term, but if you are not yet in settled employment, it could affect your application.

Government legislation requires that a minimum deposit of 10% is due on all house and apartment purchases. First-time buyers can avail themselves of schemes that help with some of these costs.

A variable interest rate is one that can change during the term of your mortgage. If the rate goes up, you pay more; if it goes down, you pay less.

A fixed interest rate is one as set by the lender when you take out the mortgage. If rates are low, fixing yours could save money over time.

A fixed interest rate mortgage can have restrictions, which you should look at first.

APR is a term used by lenders which is the Annual Percentage Rate charged on the principal of the loan. It takes into account all fees and other setup costs.

Yes, the self-employed can get a mortgage, but there may be additional scrutiny of bank statements, job security and tax returns.

The self-employed may be asked to pay a bigger deposit and possibly pay a higher interest rate.

LTV, Loan To Value, is a ratio of what your home may be worth compared to the amount due on your mortgage.

If you have a mortgage of €350,000 on a home now worth €400,000, you have a LTV of 87.5%.

FAQs are invaluable when working out if a mortgage is suitable for you and if you can afford one.

The list of FAQs can seem never-ending, but a MortgageOne expert can answer them for you.

Call MortgageOne Today

Call MortgageOne today to learn more about mortgages and take the first step to owning your own home.

Our experts will guide you through the various options in the Irish mortgage market and how to get the right one.

Using our online Mortgage Calculator, you can get an idea of what a mortgage may cost and how to get an affordable one.

The team of mortgage experts can talk you through the process and get you the best value on the mortgage market.

Call MortgageOne today, and let us help you save money on your mortgage.