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Mortgage rate calculation?
Lusty
Posts: 84 Forumite
How do I work out what my repayments will be once I get of the fixed rate deal which ends in a couple of months.
I'm paying 5.89% fixed which providing things stay the same,I'll be going on a variable of 3.5% .
Dunno if its just a case of dividing my monthly payment by 5.89,then multiplying by 3.5?
Thanx in advance.
I'm paying 5.89% fixed which providing things stay the same,I'll be going on a variable of 3.5% .
Dunno if its just a case of dividing my monthly payment by 5.89,then multiplying by 3.5?
Thanx in advance.
Never skimp on Shoes,Tea bags and fishing tackle!
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Comments
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Is it repayment or intererst only?Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0
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If it is an interest only mortgage that would do the trick.
If it is a repayment mortgage you would need to spill the beans and it could easily be worked out.
We need to know:_
What will be the outstanding balance when the change over takes place. How many more years and month will then be left before you are Mortgage Free.?...............................I have put my clock back....... Kcolc ym0 -
It's a repayment,and there will be 15 years left and at the moment I'm paying £781.79 and have never defaulted.Never skimp on Shoes,Tea bags and fishing tackle!0
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It's a repayment,and there will be 15 years left and at the moment I'm paying £781.79 and have never defaulted.
You need to know how much the outstanding balance is. This calculator will tell you the repayments after you have entered the details...
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator
AlanF.C United - Onwards and Upwards0 -
We still need to know how much the outstanding balance will be ( approx will do )................................I have put my clock back....... Kcolc ym0
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If the outstanding balance is about £93000 (my maths, so could be well out), the new payment will be about £666. A devil mortgage!Mortgage Free thanks to ill-health retirement0
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How long was the fix?
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Monthly Payment based on your figures would be:-
£662.30
On a 15 year repayment mortgage with interest rate 3.50%...............................I have put my clock back....... Kcolc ym0 -
Robert_Sterling wrote: »Monthly Payment based on your figures would be:-
£662.30
On a 15 year repayment mortgage with interest rate 3.50%
... depends how long the fixed rate was for.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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