Calculating mortgage payments

mick_1967

house value £125000, £15k deposit mortage of £110000 required

How much would I expect to pay on a 6% rate. Is it £110000 * 6% = £6600 / 12 = £550 per month.

Is this correct or is this just an interest only mortgage - If so what would my payments be on a repayment, lets say over 25 years? How can I calcute this? The above is not in relation to a particluar house just testing the water.

Ta

payless

yeah thats interst only - see http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

for repayment calculator

TighterThanTwoCoatsOfPain

These formula in excel will give you the broad amount.. potential to vary slightly depending on if interest in daily / monthly / annually etc

You can flex the % rate, change the term by amending where is says 25 and the mortgage value..

Interest Only
=-IPMT(6% / 12, 1, 12*25, 110000,0)

Repayment
=-PMT(6% / 12, 12*25, 110000, 0)