Calculate amount left on Mortgage

robbsafc

Is there a tool or a calculator of some sort I can use you calculate what the outstanding amount on my mortgage will be in x number of years? What I want to do is calculate how much I will have left in say 3 or 5 years based on a particular rate of interest and amount borrowed. The sort of illustration that comes with the key facts illustration as provided by financial advisors showing how the mortgage will reduce based on your payments.

The reason I ask is that I am looking to remortgage and want to see the true impact of my payments on the outstanding balance.

Thanks in advance.

Rob.

confused31_2

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Gorgeous_George

You can use MS Excel's cumprinc function.

=A1+(CUMPRINC(A2/12,A3*12,A1,1,A4,0))

A1 = original mortgage
A2 = Annual interest rate
A3 = original mortgage term in years
A4 = period you want to know in MONTHS

GG

mkcj

I like to use this as you can show the amortization:-

http://www.bretwhissel.net/cgi-bin/amortize

Joe_Bloggs

The Open Office Calc function CUMPRINC may be as good as the MSoft original.
J_B.

robbsafc

Thanks got exactly what I wanted at the BretWhissel as advised.

That will help me work out the best deal.

Reason I asked is because I have approx £126000 left on my mortgage. Comparing two deals how do I tell which is the better? Surely it's not just how much it will cost over the fixed rate? Let me explain.
Deal one is a 3 year fixed rate at 4.29% with a 2% fee, so on £126k this is a fee of £2520 So I would now need a mortgage of £128520. BBC mortgage calculator gives me repayments of £706.72 x 36 =£25442.64.

Deal Two is 3 year fixed at 4.79% with a £599 fee. So I would now have a mortgage of £126599. BBC Mortgage calculator gives repayments as£732.86 x 36 = £26382.96

So how do I tell which is the better deal, as deal one will give me a lower amount repaid over the three years but the initial amount was greater. Which one will have reduced the mortgage by more?

Many thanks, and apologies if I'm getting too complicated.

Rob.

techno12

Using my favourite calculator, http://www.jeacle.ie/mortgage/

Looking at the 'Annual Table' balances after 3 years, the first one will leave you owing 119,079, and the second option will be 118,125. (I assumed 25 years so the figures aren't spot on, but I'm sure you can play with the sliders and boxes to get the exact ones)

So if I were you I'd go for option 2, as at the end of the day, you'll have knocked off almost £1k extra. The way I look at it, mortgages are all about how much the remaining balance is, not necessarily just about which is cheapest over n years. Looks like that 2k+ being added to the balance in option 1 is a killer..

Of course, it depends on whether you can or want to afford the extra monthly payments with option 2

robbsafc

Thanks Techno12, that's exactly what I was getting at. The majority of advice seems to be aimed at giving you the lowest monthly payment and seems to ignore what you will have left to pay at the end of a given period. I am off to try the link you gave me now.

Just needed confirmation what I was thinking was indeed correct, which you have shown is.

Thanks a lot everyone.

Rob.