Guide · Mortgage Calculator
How to use the Irish Mortgage Calculator
The TakeHomePay.ie mortgage calculator provides estimates for monthly repayments, total interest cost, and how much you may be able to borrow — based on current Irish mortgage rates and the Central Bank of Ireland's lending rules.
It has two tabs: Repayment Calculator for working out monthly costs on a mortgage you're considering, and Affordability Calculator for estimating your maximum borrowing power based on your income and deposit. This guide covers both.
This is an estimate, not a mortgage approval. Lenders apply their own criteria, credit checks, stress tests and underwriting rules. Always speak to a regulated mortgage broker or lender for a personalised assessment before making any property decisions.
Repayment Calculator — estimate your monthly payments
The Repayment tab calculates your monthly mortgage payment, total interest cost and a full year-by-year amortisation schedule. Enter the four fields below:
The full purchase price of the property in euros. This is used to calculate your loan amount (price minus deposit), your Loan-to-Value ratio, and your stamp duty. Enter the agreed or asking price — not the valuation.
The amount you are putting down from your own savings (or Help to Buy). The deposit field updates the LTV ratio displayed in the calculator. The minimum deposit is 10% for first-time buyers and 20% for second/subsequent buyers under Central Bank rules. The calculator displays your LTV so you can see at a glance whether you meet the minimum requirement.
The annual interest rate on the mortgage. Enter the rate offered by your lender — or use one of the indicative market rates shown on the calculator (e.g. 3.44% average fixed or 4.09% average variable as of early 2026). Try different rates to see how sensitive your repayment is to rate changes. Always verify current rates directly with lenders as rates change frequently.
The number of years over which the mortgage is repaid. Most Irish mortgages are 25–35 years. A longer term reduces monthly repayments but significantly increases total interest paid. The calculator shows total interest cost for any term so you can compare the trade-off.
Choose between Repayment (capital + interest) — where each monthly payment reduces the loan balance — and Interest only — where monthly payments cover only the interest and the full loan balance remains due at the end of the term as a balloon repayment. Most residential mortgages in Ireland are repayment mortgages. Interest-only mortgages are most commonly used for buy-to-let properties.
Interest-only warning: If you select interest-only, the amortisation table shows a final balloon repayment row — the full original loan balance that is due at the end of the term. This is the defining risk of interest-only mortgages: you must have a credible repayment strategy for this lump sum.
Worked example — €350,000 property, 10% deposit
Here is how the calculator works through a typical first-time buyer scenario.
Property €350,000 · Deposit €35,000 (10%) · Rate 3.5% · 30 years · Repayment
Rate sensitivity: Try changing the rate by 0.5% in either direction to see the impact. At 3.0% the monthly repayment on this example drops to approximately €1,330 — a saving of around €85/month. At 4.0% it rises to approximately €1,501 — an extra €86/month. (All figures approximate — use the calculator for precise amounts.) Small rate differences have large long-term effects.
Affordability Calculator — how much can you borrow?
The Affordability tab estimates your maximum mortgage using the Central Bank of Ireland's Loan-to-Income (LTI) and Loan-to-Value (LTV) limits only. It does not apply lender stress testing — your actual borrowing limit from a lender may be lower. Enter your income, deposit, buyer type and rate to see your indicative borrowing power.
Your total gross (pre-tax) annual salary. Use the full-year figure from your contract or payslip. If you are applying jointly with a partner, enter your combined gross income in the relevant fields. The LTI limit is applied to the combined income figure.
If applying jointly, enter your partner's gross annual income. This is added to your own income before applying the LTI multiplier. Note that lenders may apply their own income assessment rules — some discount part-time income, bonus income or self-employed income differently.
The deposit you have saved. This feeds into the LTV calculation to show the maximum property price you could potentially purchase. If you are a first-time buyer using the Help to Buy scheme, you can include the HTB amount (up to €30,000 on new builds) in your deposit figure.
Select whether you are a first-time buyer or a second/subsequent buyer. This determines two key limits: the LTI multiple (4× for FTBs, 3.5× for second buyers) and the minimum LTV deposit requirement (10% for FTBs, 20% for second buyers).
Worked example — how much can I borrow?
This is one of the most-searched mortgage questions in Ireland. Here is how the affordability calculator works through a typical first-time buyer scenario:
First-time buyer · Combined income €90,000 · Deposit €40,000
In this example the LTI limit (€360,000) is the constraining factor. The deposit of €40,000 is exactly 10% of a €400,000 property, so both limits are met simultaneously. If the deposit were only €30,000, the maximum property would be €300,000 (at 90% LTV) — making the deposit the constraining factor. For second-time buyers, who need a 20% deposit, the same €40,000 deposit would support a maximum property of only €200,000 (€40,000 ÷ 20%) — even if income would allow more. This is why increasing your deposit has a larger impact for second buyers than for first-time buyers.
Monthly repayment on €360,000 at 3.5% over 30 years would be approximately €1,616/month. Use the Repayment tab to check whether that fits your monthly budget before deciding on your maximum borrowing.
Current Central Bank of Ireland mortgage rules
The Central Bank of Ireland introduced Mortgage Measures to prevent over-lending. Two limits apply to every residential mortgage in Ireland:
The binding limit is the lower of LTI and LTV. If your income allows €400,000 but your deposit only supports a €350,000 property at 90% LTV, you are constrained by LTV. The lower of the LTI and LTV limits determines your estimated budget. Lenders can also exceed these limits for a small percentage of their new lending — speak to a broker about exemption eligibility.
Stress testing
Lenders generally apply a stressed affordability assessment, often around 2 percentage points above the contract rate. This means lenders assess whether you could still afford repayments if rates were to rise significantly above your agreed rate. The calculator notes the stress test but does not apply it to the maximum borrowing figure — your actual borrowing limit from a lender may be lower than the LTI/LTV figure shown.
Help to Buy scheme
First-time buyers purchasing or self-building a new property in Ireland may be eligible for the Help to Buy (HTB) scheme, which currently provides a tax refund of up to €30,000 for qualifying first-time buyers on new builds. HTB rules have changed several times — always verify current eligibility and limits at Revenue.ie. The HTB amount can be used as part of your deposit. Check eligibility at Revenue.ie.
Stamp duty on Irish residential property
Stamp duty is a tax paid by the buyer on the purchase of a property. It is calculated on the full purchase price in bands:
Stamp duty is not included in the mortgage. Stamp duty is usually paid separately from the mortgage, at the time of closing. Budget for it separately — on a €400,000 purchase it is €4,000, on a €600,000 purchase it is €6,000. Your solicitor will arrange payment through Revenue at completion.
Understanding the results
Monthly repayment
The amount due to your lender every month. For a repayment mortgage, this covers both interest and a portion of the principal. In the early years the split is mostly interest; in later years the majority goes to reducing principal. The amortisation table below the results shows this year by year.
Total interest cost
The total amount of interest you will pay over the full mortgage term — the true long-term cost of the mortgage beyond the purchase price. A €315,000 mortgage at 3.5% over 30 years costs approximately €194,000 in interest. This is why a shorter term or overpayments can save significant sums.
LTV ratio
Loan-to-Value — the mortgage as a percentage of the property value. The lower your LTV, the lower the risk to the lender and typically the better the rates you can access. Breaking key LTV thresholds (90%, 80%, 60%) can unlock better rate tiers, depending on the lender.
The donut chart
The visual breakdown shows the split between principal (the amount you borrowed) and total interest (the cost of borrowing it). This gives an instant sense of how much the mortgage costs in real money terms beyond the property price.
Amortisation schedule
The year-by-year table shows annual payments split between principal reduction and interest, with the outstanding balance at year end. This is useful for understanding how quickly your equity in the property builds up — particularly relevant if you are thinking about overpayments or switching rates in future years.
Repayment vs interest-only mortgages
| Feature | Repayment (capital + interest) | Interest only |
|---|---|---|
| Monthly payment | Higher — covers interest and principal | Lower — interest only, no principal reduction |
| Balance at end of term | €0 — mortgage fully repaid | Full original loan outstanding (balloon repayment) |
| Total interest cost | Lower — reduces as balance falls | Higher — charged on full balance for entire term |
| Equity built | Grows each year | None from repayments (only from price appreciation) |
| Typical use in Ireland | Almost all residential mortgages | Most commonly used for buy-to-let investment properties |
Interest-only risk: At the end of an interest-only term you still owe the full original loan amount. You must have a clear and credible plan to repay this — whether through the sale of the property, investment returns, or refinancing. Many people who took out interest-only mortgages during the Celtic Tiger era found themselves in negative equity with no repayment plan when the market fell.
Tips to reduce your mortgage cost
Reducing from 30 years to 25 years on a €315,000 mortgage at 3.5% increases monthly repayments by approximately €155 but saves around €55,000 in total interest. Use the calculator to compare terms side by side.
Many Irish lenders allow mortgage overpayments — paying more than the required monthly amount reduces your balance faster, cutting interest costs significantly. Even €200/month extra on a 30-year mortgage can save years off the term and thousands in interest. Check your mortgage terms for any early repayment restrictions.
Switching your mortgage to a lower rate — even partway through the term — can deliver significant savings. The Irish mortgage market has become more competitive in recent years. Use the calculator with your current balance and remaining term to see what a lower rate would save you.
A larger deposit reduces your LTV and often unlocks a better interest rate. Breaking below 80% or 60% LTV thresholds can reduce the rate available from some lenders. If you are close to a threshold, it may be worth waiting to save a larger deposit.
How much salary do I need for a mortgage in Ireland?
One of the most common mortgage questions in Ireland is: "What salary do I need to borrow €300k / €400k / €500k?" The table below uses the Central Bank LTI limits to give you a quick reference — divide the mortgage amount by 4 for first-time buyers (4× rule) or by 3.5 for second/subsequent buyers.
| Mortgage amount | Salary needed (FTB — 4× rule) | Salary needed (Second buyer — 3.5× rule) | Min deposit (FTB 10%) |
|---|---|---|---|
| €200,000 | €50,000 | €57,143 | €22,222 |
| €250,000 | €62,500 | €71,429 | €27,778 |
| €300,000 | €75,000 | €85,714 | €33,333 |
| €350,000 | €87,500 | €100,000 | €38,889 |
| €400,000 | €100,000 | €114,286 | €44,444 |
| €450,000 | €112,500 | €128,571 | €50,000 |
| €500,000 | €125,000 | €142,857 | €55,556 |
Remember: The LTI limit applies to gross (pre-tax) combined income. If you and a partner are applying jointly, add both gross salaries together before applying the multiplier. The deposit column above shows the minimum 10% FTB deposit needed to buy a property that equals the mortgage amount ÷ 90%. These figures are estimates — use the Affordability Calculator for your exact situation.
Lenders also apply stress testing and their own credit criteria — meeting the LTI limit does not guarantee approval. Your take-home pay, monthly outgoings, credit history and employment type all factor into a lender's decision. The salary figures above are the minimum to meet the Central Bank rule only.
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