Mortgage Repayment Calculator Ireland — Free & Private
Calculate your monthly mortgage payment, total repayment, and total interest for Irish or European mortgages. Uses the standard amortisation formula and handles edge cases like 0% interest correctly. Free, private, no signup — your financial data never leaves your browser.
How to use this tool
- Enter the loan amount, annual interest rate, and term in years.
- See the monthly payment, total repayment, and total interest instantly.
- Adjust values to compare different scenarios.
Monthly payment
€1,055.67
About Mortgage Calculator
This calculator estimates the monthly repayment on a capital-and-interest (repayment) mortgage using the standard amortisation formula: M = P × r(1 + r)^n / ((1 + r)^n − 1). Here P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12, expressed as a decimal), and n is the total number of monthly payments (years × 12). The formula produces a single fixed payment that, repeated every month, clears the loan exactly at the end of the term. Multiply that payment by n to get the total amount repaid, and subtract the principal to see the total interest cost over the life of the loan.
A worked example makes the mechanics clear. Borrowing 300,000 over 30 years at 4% gives a monthly rate of 0.04 / 12 ≈ 0.003333 and 360 payments. The formula returns a monthly payment of about 1,432, a total repayment near 515,609, and roughly 215,609 in interest, meaning interest adds about 72% on top of the sum borrowed. Early in the term most of each payment is interest and only a little reduces the balance; as the balance falls, the interest share shrinks and the capital share grows. That front-loading is why overpaying in the early years saves disproportionately more interest than overpaying later, and why a small rate change moves the payment more than people expect.
Use it to compare scenarios before talking to a lender: try different deposit sizes (a larger deposit lowers P), term lengths (a longer term cuts the monthly payment but raises total interest), and rates. Shortening a 35-year term to 25 years raises the monthly cost but can save a large amount of total interest. The 0% case is handled correctly, dividing the principal evenly across the months. Note that real mortgages quote an APRC (Annual Percentage Rate of Charge) that bundles fees into an effective rate, and that variable or tracker rates change over time, so a single fixed-rate calculation only reflects the period your rate stays put.
This is an estimate, not financial advice or a mortgage offer. It models principal and interest only and deliberately excludes mortgage protection insurance, home (buildings) insurance, lender arrangement or valuation fees, property tax, and any stamp duty or legal costs. It assumes a constant interest rate for the whole term, which is rarely true once a fixed period ends. Actual lender quotes may also differ slightly because of daily-interest accrual or rounding conventions. Treat the output as a planning figure and confirm exact numbers with a regulated lender or broker. All calculations run locally in your browser and none of your figures are sent to a server.
Frequently Asked Questions
- How is the monthly mortgage payment calculated?
- It uses the standard amortisation formula M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12 as a decimal), and n is the number of monthly payments (years × 12). This produces one fixed payment that fully repays the loan over the term.
- Does this include insurance, taxes, and fees?
- No. It calculates principal and interest only. Your real monthly outgoing will typically also include mortgage protection insurance and home insurance, and upfront costs such as arrangement fees, valuation fees, stamp duty, and legal fees are not part of the figure. Treat the result as a baseline, not the full cost of ownership.
- Why does so much of my early payment go to interest?
- Interest each month is charged on the outstanding balance, which is highest at the start. So early payments are mostly interest with only a small slice reducing the capital. As the balance falls the interest portion shrinks and more of each fixed payment pays down principal. This front-loading is why early overpayments save the most interest.
- How does the term length affect the cost?
- A longer term spreads the loan over more payments, lowering each monthly amount but increasing the total interest paid because you owe money for longer. A shorter term raises the monthly payment but cuts total interest substantially. Try a few term lengths to see the trade-off between affordability now and total cost.
- What happens if I enter a 0% interest rate?
- The calculator handles 0% as a special case: the monthly payment is simply the loan amount divided by the number of months, total interest is zero, and total repayment equals the principal. This avoids the division-by-zero that the standard formula would otherwise produce.
- Is this the same as the APRC my lender quotes?
- Not exactly. Lenders quote an APRC (Annual Percentage Rate of Charge) that folds certain fees into an effective annual rate to allow fair comparison. This tool uses the plain interest rate you enter and excludes fees, so the true cost reflected in an APRC is usually a little higher than a raw rate calculation suggests.
- Can it model a variable or tracker rate?
- It assumes a single fixed rate for the whole term. Variable, tracker, and fixed-then-revert mortgages change rate over time, so use the calculator to model one rate period at a time. After a fixed period ends, recalculate with the expected follow-on rate and the remaining balance and term.
- Is my financial data private?
- Yes. Every calculation runs in your browser. Your loan amount, rate, and term are never uploaded, stored, or shared, and no account or sign-up is required.
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