Affordable Housing FAQs
How long can a mortgage last?
A mortgage can last from 15 years to 35 years. The number of years the mortgage lasts is called the term. With a shorter term, you have higher monthly repayments but, because you pay the mortgage over a shorter period, you pay less interest in total. With a longer term, you have lower monthly repayments but you pay more interest in total.
|Cost of affordable home||Less deposit (3%)||Mortgage over 25 yrs||Approximate monthy repayment (an interest rate of 4.5%)|
|€ 160,000||€ 4,800||€ 155,200||€ 860|
|€ 180,000||€ 5,400||€ 174,600||€ 970|
|€ 220,000||€ 6,600||€ 213,400||€ 1,185|