Looking for a calculator which will show mortgage balance after 1 year?

johnnyboyz

Hi,

I've had a one yr fixed with Chorley and want to check that the redemption figure they've quoted me is correct.
It was 155k over 11 yrs at 4.99%, what should the balance be?
Anybody got such a calculator?
Thanks

Locoblade

According to Excel, there will be £144,150 of capital left

If you have excel, type this into a cell:
=FV(4.99/12,12,1528.23,-155000)

FV is the "Future Value" equation built into Excel.
4.99 is the interest rate (divided by 12 for monthly payments)
12 is the number of payments made (ie 12 months worth)
£1528.23 is the monthly payment
-155000 is the initial loan value (if any fees were added to the loan, you need to add them to this value too)

johnnyboyz

Thanks. Their figure looks correct apart.