How much left to Pay?

jim8888
jim8888 Posts: 375 Forumite
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in Mortgages & endowments
I’ve just moved my mortgage onto a 5 year fixed rate where I’ve borrowed £120k at 2.19% until 31.12.22. I intend to pay this off in full once the fixed rate expires, but I wondered how much, approximately, I will have remaining to pay at that point.
The offer starts on 01.12.17
Initial Payment at fixed rate of 2.19% = £819.55
Followed by further 59 payments at fixed rate of 2.19% = £596.35 per month
Would appreciate if anyone could calculate the approximate figure outstanding that I’d need to pay off once the 5 year fix has expired on 31.12.22.
Thanks in advance.

Comments

  • ACG
    ACG Posts: 23,726 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Put the figures in here http://www.amortization-calc.com
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • jim8888
    jim8888 Posts: 375 Forumite
    First Anniversary Name Dropper First Post
    Seems to work, many thanks.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    jim8888 wrote: »
    I’ve just moved my mortgage onto a 5 year fixed rate where I’ve borrowed £120k at 2.19% until 31.12.22. I intend to pay this off in full once the fixed rate expires, but I wondered how much, approximately, I will have remaining to pay at that point.
    The offer starts on 01.12.17
    Initial Payment at fixed rate of 2.19% = £819.55
    Followed by further 59 payments at fixed rate of 2.19% = £596.35 per month
    Would appreciate if anyone could calculate the approximate figure outstanding that I’d need to pay off once the 5 year fix has expired on 31.12.22.
    Thanks in advance.

    That would be 61 months looks like 1 month interest only followed by 60 payments the first including the interest from month one.

    Using standard amortization over 5 years with £596 will get close enough should be in the range £96,000-£96,100 before any overpayments.

    I use
    http://www.whatsthecost.com/mortgage.aspx
  • jim8888
    jim8888 Posts: 375 Forumite
    First Anniversary Name Dropper First Post
    Thanks for clarification. I like to have a rough idea of the financial future, which is why I'm moving to the fixed rate!
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