How much will I owe in 3 years

andys15

Hi.

I am thinking ahead at the moment, but I am worried about remortgaging in 3 years time.
I bought a house in Jun 08. The house I bought was the same price as what it sold for in May 06 so I am not sure how much prices have fallen in relation to 06 prices yet.(i am not sure if it was overpriced in 06, but i am just using it as a comparison)
Anyway, the house was bought for £240000, and I have a mortgage for £228000(95% mortgage) at a rate of 5.34% fixed for 3 years.
I will be overpaying soon. But assuming I didn't overpay, is there a calculation I could use to see what I would actually owe in 3 years time.
Also if I did overpay by £100 per month, is it as simple as saying i would have £3600 knocked of what I owe.

koexelek

How many years is the mortgage set up for in total.


If I know that, I can work it out for you.

andys15

hi. thanks .

it is for 30 years. i made my first payment in aug

straddie

Pump your figures into http://www.jeacle.ie/mortgage/uk

koexelek

andys15 wrote: »

hi. thanks .

it is for 30 years. i made my first payment in aug

I make it roughly £218500.

If you overpay £100 per month, you will reduce it by a bit more than £3600, because assuming the interest is calculate daily ( as most lenders do now) the capital you pay interest on will decrease every time you overpay each £100

andys15

koexelek wrote: »

I make it roughly £218500.

If you overpay £100 per month, you will reduce it by a bit more than £3600, because assuming the interest is calculate daily ( as most lenders do now) the capital you pay interest on will decrease every time you overpay each £100

oh dear. Only 10k in three years. I think I will have to start over paying now about £300 to bring it down another 10k. The way things are going I will still be in neg equity.

Gorgeous_George

I make it £217,983 after paying £1,271.76 for three years.

Rather than overpay, I would open a cash-ISA - providing the rate is greater than 5.34%. I have one at 6.5% from Barclays but I'm not sure what the best rate available today is.

GG

Locoblade

if you need a more detailed/configurable calculator, see my sig

dimbo61

there is no point in worrying about what your home might be worth in 3 years
instead concentrate on reducing the amount you owe.
As george has already said first stop is a cash ISA which earns more than 5.34% and there are a number paying at least 6/6.25 then overpay on the mortgage as much as you can