Help with working out how much I will owe on my mortgage @ 31.08.06

Helen_from_yorkshire

I wonder if you can help by giving me a formula (for Excel) to work out how much I will owe on my mortgage at the end of the fixed rate on 31 August 2006. I don't know where to start!

My interest in calculated on a daily basis.

Thanks.

canny_yorkshireman_2

Blimy helen one for the number crunchers on here post up the figuires and one of the cleverer ones on here should be able to give you an answer.
Don't think there is a hard and fast calcalater but roughly you need the capital sum borrowed then times it by the intrest rate the figure you get then divide by 12 monthly payments What ever you pay over this figure will reduce the capital debt but this is only a rough calcalation because of the daily intrest charged
hth

YorkshireBoy

Not a spreadsheet, but try https://www.whatsthecost.com/mortgage.aspx

Helen_from_yorkshire

I dont think it will be of any use to give the capital sum borrowed because in the interim we have made a capital repayment, however if this is needed I have no problem supplying it.

The actual amount owing as at 07.01.06 was £43,786.79, we pay £304.11. per month and the fixed rate is 3.84%.

Thanks.

canny_yorkshireman_2

It will be be about £1000 less in 6 months but I am sure someone will give you an exact amount.

YorkshireBoy

canny_yorkshireman wrote:

It will be be about £1000 less in 6 months but I am sure someone will give you an exact amount.

Using the calculator in my earlier post, I make it £42,617 using the 3.84% (I'm not sure if it needs converting to an APR though?) and adjusting the 'years' remaining (finished up at 16) to give a payment of around £305 per month. This is assuming it's a repayment mortgage.

Helen_from_yorkshire

That's great, thanks. I tried using the calculator you suggested but struggled to work it out.

Helen_from_yorkshire

It is repayment by the way.

Daniel_B

Hi Helen,
if you want to work it out for yourself, and in the future - just knowck up a little spreadsheet in excel.

This isn't 100%, but will be more than 95% correct.

Multiply the outstanding balance by 3.84%, and then divide by 12 - so in this case that shows up as £140.20 interest.
Then you would have a clearance amount of £304.11 - £140.20 = £163.91.
The following month you can estimate the balance as being
£43786.79 - £163.91 = £43622.88
Repeat the process - ie £43622.88 X 3.84%, and then divide by 12.

You can no doubt do some pretty formulas in excel to work this out REALLY easily for you :-)

Cheers

Dan

YorkshireBoy

Using Daniel B's suggestion...

.............Open bal...........Int..........Payment.......Closing bal
Jan........43,786.79.......140.12.........304.11.........43,622.80
Feb........43,622.80.......139.59.........304.11.........43,458.28
Mar........43,458.28.......139.07.........304.11.........43,293.24
Apr........43,293.24........138.54........304.11..........43,127.67
May.......43,127.67........138.01........304.11..........42,961.56
Jun........42,961.56........137.48........304.11..........42,794.93
Jul.........42,794.93........136.94.........304.11.........42,627.76
Aug.......42,627.76.........136.41........304.11..........42,460.06

Helen_from_yorkshire

Thanks so very much for your workings out, you're all excellent and can give me an amount which the building society couldn't.

Thanks again.

Helen x