Want to know how to clear your mortgage 5 years earlier and save tens of thousand?
Choose a shorter mortgage term.
It’s a fact that you pay a lot of interest on a mortgage. Here’s how to reduce it.
Don’t just default to the longest available mortgage term - work out what’s affordable.
Average mortgage drawn down for home purchase in Q2 2025 = €329,000
Assuming an interest rate of 3.5%
What are repayments and interest over various terms:
35 year term
Repayment = €1,360 per month
Total interest = €230,559
30 year term
Repayment = €1,477 per month
Total interest = €193,871
25 year term
Repayment = €1,647 per month
Total interest rate = €158,276
Difference in term (years):
25 -v- 30 €170 per month - finish your mortgage 5 years earlier & save €35,595
35 -v- 30 €117 per month - finish your mortgage 5 years earlier & save €36,688
Don’t just default to the longest available term, choose a lower term if you can afford it. You could save yourself tens of thousands in interest.
For advice contact the team at www.doddl.ie
Rates correct as at 11/09/25.
