Term against total cost
We show you what different terms do to both the month and the full run, so you are choosing between them rather than accepting whatever came up first.
You have seen the monthly payment. Now look at what it costs over the whole term.
A repayment figure is one number standing in for several decisions: how much you borrow, over how long, on what terms, and how much of each payment goes on interest rather than on the house. Move any one of them and the rest move with it.
A no-obligation, free discovery call with a Pathway planner. Nothing is sold on it.
Regulated in IrelandAPFM Limited, trading as Pathway Financial Management, is regulated by the Central Bank of Ireland.
Qualified plannersCFP®, QFA, RPA and SIA qualifications across our directors.
Dublin 2 based20 Harcourt Street, Dublin 2, D02 H364.
Advice firstA no-obligation, free discovery call before anything else happens.
What the repayment figure is not showing you
The monthly payment is the number everybody looks at and the least informative one in the set. It is the output of a loan amount, a term and a rate, and plenty of different combinations produce a payment you can afford while producing very different total costs.
A longer term makes the month easier and the whole thing dearer. A shorter one does the opposite and leaves less room when something goes wrong. There is no universally right answer, only the one that fits how much slack you need in a normal month and how much certainty you want in a bad one.
Then there is overpaying, which looks obviously sensible and sometimes is not. Money put into a mortgage is very difficult to get back out. Whether it beats a pension contribution, a cash reserve or clearing a more expensive debt depends on your circumstances rather than on the arithmetic alone, and cashflow modelling is how you see that instead of guessing.
A repayment plan is also only as good as the income behind it. What the payment does if one of you cannot work is part of the same decision, which is why protection is not a separate conversation.
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Not sure whether the term is right? That is exactly what the first call is for.
How we would help
Four things worth looking at once you know the monthly figure.
Whether overpaying is the best use of the money
Sometimes it clearly is. Sometimes a pension contribution or an emergency fund does more for you, and once the money is in the mortgage you cannot easily get it back.
Reviewing what you are already on
Products and rates move, and a mortgage arranged years ago is rarely looked at again. It is worth knowing whether yours is still the right one for you.
Protecting the payment
The repayment keeps arriving whether your income does or not. Cover is what stops a difficult year becoming a far worse one.
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A short call will tell you which of these is worth your attention.
Who you would be talking to
Pathway was built by two planners who believe advice should be clear, honest and genuinely on your side.
Paul McGrane
Director & Financial Planner
QualificationsCFP®, BBM, QFA, RPA, SIA
Paul is driven by making a tangible difference in clients' lives, and takes real satisfaction in knowing his work supports individuals and their families through decisions that are rarely straightforward.
Anthony Richardson
Director & Financial Planner
QualificationsQFA, RPA, SIA, BBS
A natural problem solver, Anthony thrives on finding the real challenge, working out how to resolve it, and putting the solution in place alongside the client.
Book a call with a planner
Both calls are free and without obligation.
What happens next
Three plain stages, at your pace. You can stop after any one of them.
A short call, at no cost
Twenty minutes or so, by phone or video. You tell us what you are paying now or expect to pay, and what you are weighing up. Nothing is sold on that call.
A proper look at the detail
If it makes sense to go further, we go through the loan, the term, what else you are funding and what cover you hold, and set the realistic options side by side.
A plan in plain language
You get our findings written down, with the options set out clearly and what each one would mean for you. What you do with it is entirely your decision.
Book a free consultation
It starts with the short call. Nothing is sold on it.
Questions people ask us
The ones that come up most often once somebody has a repayment figure.
Is the payment the calculator gave me what I will actually pay?
It is an estimate from the loan, term and rate you entered. A real quote depends on the lender, the product and your own circumstances, and costs such as insurance and property tax sit on top of it. Use it to compare options rather than as a bill.
Should I take the longest term to keep the payment low?
It is a trade rather than a saving. A longer term costs more over the life of the loan. Whether the extra monthly room is worth that depends on how tight things are and what else you are trying to fund at the same time.
Should I overpay whenever I can?
Often worth doing, not always the best use of the money, and difficult to reverse once it is done. We look at it beside your other goals rather than on its own.
Should I be looking at switching?
Possibly, and it is one of the more common things people put off. Whether it is worth it depends on where you are now, what is available to you, and what the move itself would cost.
What does the first conversation cost?
Nothing. It is a no-obligation, free discovery call. If we go further than that, we set out clearly what the work involves and what it costs before you commit to anything.
Book a free consultation
A different question? Ask us directly and we will give you a straight answer.
Talk it through with a planner
Bring the figure you calculated and the loan behind it. We will tell you plainly what we think, and what we would look at first.
Or email [email protected]
APFM Limited, trading as Pathway Financial Management, is regulated by the Central Bank of Ireland. Registered in Ireland No. 759815. Directors: Paul McGrane, Anthony Richardson.
This page is general information about financial planning. It is not personal financial advice and does not take account of your own circumstances. Tax treatment depends on individual circumstances and may change.