- October 8, 2008 at 7:28 pm #54390
I am currently paying 1751 euros per month(621 euros for principal loan and 1130 for interest) for a loan of 250,000 euros over 22 years current rate 5.74,I am approx 2 years into the mortgage,when I calculate the same rate on one of these internet mortgage calc sites I get a payment of 1669 euros.Can someone explain why the difference?
- October 9, 2008 at 12:28 pm #86799
There various permutations, e.g interest rates, MIBOR, BASIS 3months, six months, date of calculation, no of days in a month are some that come to mind.
- October 9, 2008 at 12:34 pm #86800
I think I have sussed out what happened,it was a construction mortgage 2 years at interest only so if you calculate it at 20 years instead of 22 it works out about right.
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