Calculate your monthly mortgage repayments
Planning your budget is one of the most important steps on your journey to owning a home. Understanding what your monthly repayments might look like gives you the clarity and confidence to move forward. Our straightforward mortgage repayment calculator is designed to give you a clear estimate of your potential monthly costs.
How to use the Mortgage Repayments Calculator
This mortgage calculator is provided for illustrative purposes only and does not constitute a loan application, offer, or financial advice. The results are estimates based on the information you provide and may not reflect actual loan terms or repayments.
Find Your Best Rate and Lowest Repayment
An online calculator is the perfect starting point. The essential next step is to get expert advice tailored to you. At JC Mortgage Brokers, we provide a no-obligation consultation to give you an accurate assessment of your options. We’ll compare the entire market to find you the best interest rate and the lowest possible monthly repayment. Make contact today on 01-8102032 or email info@jcmortgages.ie. More on JC Mortgage Brokers
First Time Buyers – why use a mortgage calculator
Buying your first home can be both exciting and overwhelming. That’s why our mortgage repayments calculator is here to help First Time Buyers. It’s a simple tool that lets you see how much you might pay each month for your mortgage. Just enter a few details like how much you want to borrow and how long you want to pay it back. This will give you a clear idea of what to expect and help you plan your finances. Using our mortgage calculator will help you feel more confident and prepared when talking to lenders. It’s an easy way to take control of your home-buying journey and make informed decisions. Try it out today and take the first step towards owning your dream home!
Beyond the Numbers: What Really Determines Your Monthly Cost?
This calculator gives you an excellent guide to your potential monthly repayments, but it’s important to remember that this figure is an estimate. The final cost comes down to one crucial factor: the interest rate you secure from a lender.
This is where our expertise makes all the difference. The lowest advertised rate isn’t always available to every applicant, as each bank has its own unique lending criteria and appetite for risk. Some lenders might offer a better rate based on your profession, your savings history, or the energy rating of the home you’re buying.
As independent mortgage brokers, we work with all the main lenders across Ireland. Our job is to navigate the entire market on your behalf, matching your specific circumstances to the lender who will offer you the best possible rate, saving you thousands over the lifetime of your loan.
Fixed vs. Variable Rates: Which is Right for You?
When you get a mortgage, you’ll need to decide between a fixed or a variable interest rate. Here’s a simple breakdown:
- Fixed Rate: Your interest rate is locked in for a set period (e.g., 3, 5, or 7 years). This means your monthly repayments will not change during that time, giving you certainty and making it easier to budget. It’s a great option if you value stability.
- Variable Rate: Your interest rate can go up or down depending on market changes. This offers more flexibility, but it also means your repayments could increase in the future.
The right choice is a personal one. We can walk you through the pros and cons of each option based on your financial situation and your appetite for risk.
Don’t Forget These Other Monthly Costs
Your mortgage repayment is the biggest cost, but it’s not the only one. To give you a true picture of your monthly outgoings, you also need to budget for:
Mortgage Protection Insurance: This is a form of life insurance that pays off your mortgage if you pass away during the term. It is mandatory for all mortgage holders in Ireland.
Home Insurance: You will also be required by your lender to have buildings insurance in place to protect your property against damage from events like fire or flooding.
Frequently Asked Questions (FAQ)
How are monthly mortgage repayments calculated?
Your monthly repayment is calculated based on the total mortgage amount, the interest rate, and the loan term (the number of years you borrow for). Each payment is made up of two parts: the capital (a portion of the original loan) and the interest charged for that month.
What is the difference between a fixed and variable interest rate?
A fixed rate is set for an agreed period, meaning your repayments are predictable and won’t change. A variable rate can fluctuate, meaning your repayments could rise or fall over the life of the loan.
How much will my mortgage cost in total?
The total cost is the full amount you borrow plus all the interest you pay over the entire loan term. Our calculator provides this figure, showing you the true long-term cost of the mortgage.
Does this calculator include mortgage protection insurance?
No, this calculator estimates the mortgage repayment only. Mortgage protection and home insurance are separate, additional monthly costs that you must also budget for.
How can I get the lowest mortgage interest rate in Ireland?
The best way to secure the lowest rate is to work with a mortgage broker. We compare the entire market—from major banks to specialist lenders—to find the best deal for your specific financial situation, something you can’t do by going to just one bank.
What other fees are there when getting a mortgage?
Besides your deposit, you will need to budget for legal fees, a property valuation fee required by the lender, and Stamp Duty.