Need help with figures

bungleberg

I phoned my lender for a redmption figure, and am shocked how much i still owe, I borrowed 85k on a 25 yr loan exactly 11 years ago on a repayment basis. I have kept up with all payments.

How much should I owe now ??? Anyone got a way of working it out please

opinions4u

Is 11 years the original term, or are you 11 years in to a 25 year mortgage?

Assuming the latter, I'd guess the redemption figure sits somewhere between £60k and £70k - probably nearer the £70k.

As your debt reduces, less of your monthly payment becomes interest, so more of it reduces capital outstanding. Debt reduction accelerates the further in to your term you are.

As a very general rule of thumb, expect to pay off around a quarter of your mortgage in the first half of the term and three quarters in the second half of the term.

A useful tool to demonstrate this is:

http://www.bradford-bingley.co.uk/mortgages/calculate/flexible.asp

_Andy_

bungleberg wrote: »

I phoned my lender for a redmption figure, and am shocked how much i still owe, I borrowed 85k on a 25 yr loan exactly 11 years ago on a repayment basis. I have kept up with all payments.

How much should I owe now ??? Anyone got a way of working it out please

It might be more constructive if you post the redemption figure your lender has given you.

Also - are you tied into any deals at the moment, e.g. a fixed rate?