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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?
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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.
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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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