Mortgage Calculator
Compare an annuity and a straight-line repayment mortgage for your home, and estimate the upfront cost of buying (deposit, stamp duty, legal and registration fees), in euro.
Purchase Details
Central Bank rules: at least 10% for a first-time buyer, 20% for a second or subsequent buyer, with borrowing broadly limited to 4 times gross income. Stamp duty and legal costs are extra.
A fixed rate is set for a period (typically 1-10 years); a variable rate moves with the lender's cost of funds and ECB rates. Compare the APRC, not just the headline rate.
1% of the price up to €1 million, 2% on the portion above that.
One-off costs around the purchase: solicitor's fees, a valuation fee for the lender, a structural survey and Property Registration Authority fees.
Annuity vs. Straight-Line Mortgage
Annuity Mortgage
Straight-Line Mortgage
💬 In Plain Words
With a straight-line mortgage you would pay €38,111 less in total interest than with an annuity — but your first monthly repayment would be €463 higher.
Total Upfront Cost
Estimate for educational purposes. Not included: mortgage protection life insurance a lender requires, home insurance, lender's arrangement fee, and any Help to Buy or First Home Scheme support that would reduce your own funds needed. Have the figures confirmed by your mortgage adviser and solicitor before you commit.
Annuity vs. Straight-Line Mortgage: Which Do You Choose?
👋 Simple Explanation
With an annuity mortgage you pay the same amount every month — easier for budgeting, but you pay more interest in total. With a straight-line mortgage you pay more at the start and less at the end — harder to begin, but you end up paying less interest. If you can carry the higher first repayment, the straight-line option is usually cheaper overall. Most Irish mortgages are annuity mortgages by default.
Annuity: Monthly = L × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] (level)
Straight-line: Capital = L / n (level); Monthly = Capital + Balance × r (falling)
Taxes and Costs When Buying a Home in Ireland
Besides the deposit, buying a home in Ireland involves stamp duty (1% of the price up to €1 million, 2% on the portion above), plus solicitor's fees, a valuation fee for the lender, an optional structural survey and Property Registration Authority fees. First-time buyers of a new build may qualify for the Help to Buy scheme, a refund of income tax and DIRT paid over the previous four years, up to 10% of the price and a maximum of €30,000. Add everything up before you decide how much you need saved — it is not just the deposit.
Frequently Asked Questions
- What is the difference between an annuity and a straight-line mortgage?
- With an annuity (the standard Irish repayment mortgage) the monthly repayment (interest plus capital together) is level for the whole term — at first you pay mostly interest, and that mix reverses over time. With a straight-line mortgage you repay the same amount of capital every month, so the monthly cost starts higher and falls steadily — and the total interest you pay is usually lower.
- What does stamp duty cost when buying a home in Ireland?
- Stamp duty on a residential property is 1% of the price up to €1 million and 2% on the portion above that (a higher rate applies to very expensive properties and to bulk purchases of houses). You also pay solicitor's fees, a valuation fee, and Property Registration Authority fees.
- How big a deposit do I need for a mortgage in Ireland?
- Under the Central Bank's mortgage measures, a first-time buyer needs a deposit of at least 10% of the price, and a second or subsequent buyer at least 20%. Borrowing is broadly limited to 4 times gross income for a first-time buyer, with some capacity for exceptions above that. The Help to Buy scheme can provide first-time buyers of a new build with a tax refund of up to €30,000.