How a mortgage calculator can help home buyers in Ireland

The key issues facing prospective homeowners is of course finance. While this may seem straightforward to those who have never considered purchasing a home, in fact many different variable can affect the finances surrounding a house purchase. For those who are unsure if they can afford a given property even with a mortgage, a mortgage calculator from a bank in Ireland can be a valuable tool.

In the rare cases where a home buyer is in a position to purchase a property directly using their own funds, affordability is a question that can be easily answered. However the vast majority of prospective homeowners will have to consider obtaining a mortgage.

Like any monetary loan, the conditions of a mortgage are worked out based on the magnitude of the loan. Therefore the more expensive the property, the more money that must be repayed. What complicates this issue however is the question of interest. Put simply, interest is the fee that the lender charges for the service they have provided. Interest rates are charged to the mortgage holder throughout the repayment period. They can be fixed or variable, and the percentage charged can differ greatly between lending institutions.

A mortgage calculator aimed at Ireland is very useful when it comes to the question of interest. Users can input the amount of money to be borrowed, the interest rate and the time period over which the loan must be repaid. The calculator then returns a monthly repayment figure. By varying the time period or the interest rate, users can see how this affects the monthly repayment figure. A good mortgage calculator can be found at http://www.aib.ie/personal/mortgages/.

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