Calculate your estimated monthly mortgage repayment in Ireland.
Loan Details
€
Estimated Monthly Repayment
€0.00
per month
Understanding Your Irish Mortgage Repayments
Navigating the Irish property market and securing a mortgage is a significant financial undertaking. Understanding how your monthly repayments are calculated is crucial for budgeting and making informed decisions. This calculator provides an estimate of your monthly mortgage repayment based on the loan amount, interest rate, and loan term.
The Mortgage Repayment Formula
The standard formula used to calculate the monthly repayment (M) for a mortgage is based on an annuity formula. It takes into account the principal loan amount (P), the monthly interest rate (r), and the total number of payments (n).
In Ireland, mortgage calculations typically use the following formula:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1]
Where:
M = Your total monthly mortgage payment
P = The principal loan amount (the total amount you borrow)
r = Your monthly interest rate. This is calculated by dividing the annual interest rate by 12. For example, an annual rate of 3.5% becomes 0.035 / 12.
n = The total number of payments over the loan's lifetime. This is calculated by multiplying the loan term in years by 12. For a 30-year mortgage, n would be 30 * 12 = 360.
How to Use the Calculator
To get an estimate, simply input the following details into the calculator fields:
Mortgage Amount (€): Enter the total amount you intend to borrow.
Annual Interest Rate (%): Input the yearly interest rate offered by the lender. Be sure to use the annual rate.
Loan Term (Years): Specify the duration of the mortgage in years (e.g., 15, 25, 30 years).
Click the "Calculate Monthly Repayment" button, and the calculator will display your estimated monthly payment.
Factors Affecting Your Actual Repayment
It's important to note that this calculator provides an *estimate*. Your actual mortgage repayment in Ireland may differ due to several factors:
Variable vs. Fixed Rates: This calculator assumes a fixed interest rate for the duration. If you have a variable rate, your payments could change.
Fees and Charges: Lenders may charge various fees (e.g., arrangement fees, valuation fees, legal fees) which are not included in this repayment calculation but add to the overall cost of the mortgage.
Loan-to-Value (LTV) Ratio: The interest rate you are offered is heavily influenced by your LTV, which is the ratio of the loan amount to the property's value. A lower LTV typically results in a lower interest rate.
Mortgage Protection Insurance: This is a mandatory requirement for most mortgages in Ireland and adds to your monthly outgoings.
Early Repayments: Making overpayments can reduce the total interest paid and shorten the loan term, but this calculator doesn't factor that in.
Specific Lender Calculations: Different lenders might have slight variations in their calculation methods or rounding practices.
Always consult with your mortgage advisor or lender for a precise breakdown of your potential mortgage costs.
function calculateMortgage() {
var loanAmountInput = document.getElementById("loanAmount");
var annualInterestRateInput = document.getElementById("annualInterestRate");
var loanTermYearsInput = document.getElementById("loanTermYears");
var monthlyRepaymentOutput = document.getElementById("monthlyRepayment");
var resultSection = document.getElementById("resultSection");
var p = parseFloat(loanAmountInput.value);
var annualRate = parseFloat(annualInterestRateInput.value);
var years = parseFloat(loanTermYearsInput.value);
if (isNaN(p) || p <= 0) {
alert("Please enter a valid mortgage amount.");
return;
}
if (isNaN(annualRate) || annualRate < 0) {
alert("Please enter a valid annual interest rate.");
return;
}
if (isNaN(years) || years <= 0) {
alert("Please enter a valid loan term in years.");
return;
}
var r = (annualRate / 100) / 12; // Monthly interest rate
var n = years * 12; // Total number of payments
var monthlyPayment = 0;
if (r === 0) { // Handle case for 0% interest rate
monthlyPayment = p / n;
} else {
monthlyPayment = p * (r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) – 1);
}
// Format to two decimal places for currency
monthlyRepaymentOutput.textContent = monthlyPayment.toFixed(2);
resultSection.style.display = "block";
}