How do I work this out?

geordiescouse

Hi

Brain teaser for first thing in the morning.....

If I pay a 170000 mortgage over 15 years on a 2 year fixed rate of 3.99% with payments of £1256 per month how much capital would I have paid off at the end of the first two years? Is there a mortgage calculator to help with this sort of thing? I can only paid overpayment calculators when searching the web.

Thanks for your help in advance, if only I'd paid more attention in the maths class I may remember the formulas!

MX5huggy

Your looking to have paid off £17200 of capital and paid £15400 of intrest.

Using the calculator from here http://www.locostfireblade.co.uk/Downloads/

Trust me I am not trying to sell you a over powered bike! I was shown this on the mortgages board which you may get better answers on.

barnaby-bear

geordiescouse wrote: »

Hi

Brain teaser for first thing in the morning.....

If I pay a 170000 mortgage over 15 years on a 2 year fixed rate of 3.99% with payments of £1256 per month how much capital would I have paid off at the end of the first two years? Is there a mortgage calculator to help with this sort of thing? I can only paid overpayment calculators when searching the web.

Thanks for your help in advance, if only I'd paid more attention in the maths class I may remember the formulas!

http://www.maggenhoof.co.uk/mortgage/index.php?

You don't have to compare mortgages - just fill in one

You'll have about £152756.96outstanding after 2 years - but don't forget to factor in arrangement/remortgaging fees.

getmore4less

I use http://www.whatsthecost.com/mortgage.aspx

dead easy to use
use interest only for overpayment calculations
shows the full details for the schedule.

LandyAndy

I just wrote an Excel sheet to do it.

Useful to see how much you can save by overpaying. £100 a month will save me about £25k over the term in interest.