Help Needed With Rates & Payments

mikeopvc

Not sure where to post this so forgive me if this isn't the right place,

I'm apply for help from the bank for a loan for my business, It's for £30k to buy a storage lock-up.
I can't get a commercial mortgage as I would need to find 30% deposit so a loan is the only option.
The bank will loan my businees the whole amount through the governments EFG scheme but I need some help with working out what the payments would be, this is where you clever people come in (hopefully)

The rate is 5% above base rate over 10 years and I need to know what I would be paying per month,
I plan to make a £100 overpayment each month from the start which should hopefully reduce the term.
I know 5% above base is reasonally good at the moment what with the recent months rate cuts but If you could work out for me what my payments would be if say the rates went up by 1% every year that would help me to see a worse case scenario.

any advice would be great

thanks

Forever_Red

Have a play with this calculator and you can see the effect of the different interest rates you put in.

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator

Alan

Forever_Red

Just found this one. It may be a bit better..............

http://www.babylonbusinessfinance.com/dbimg/loan%20calculator.xls

Alan