working out how much i will owe

Doglover88

hi
is there a simple way of working out how much i would owe on my 1st mortgage after the 5yr fixed period is up? I borrowed 118,000 at 4.75 fixed for 5 years.
Just looking for a rough figure
many thanks in advance

tomstickland

You can make a spreadsheet very easily.
Monthly muliplier is : m = 1 + annual_%_rate / (1200)

Start on row 1 with total amount owed.
At the end of month 1 the amount you owe will be: m*previous month's balance
Then subtract the monthly payment and that's how much money is owed at the start of month 2.
Repeat the above for 24 months.

kne

15/04/06 118,000
15/04/11 ~107,779

HTH!

On this site there is an "offset or not" calculator. Download it and play :-] It will probably get you to make overpayments if you can as you can see how much you save.

Unfortunatly in the early years you pay off very little as you are paying for the interest.

tomstickland

I've just run it through a spreadsheet and come up with £104,103 at the end of month 60. That's for a monthly payment of £672.

Wickedkitten

It actually lists on our KFI what our payments will be after the 5 year period is up.