How much will I have paid off in 3 years?

mrs_skint

Hi

Can anyone calculate what the balance on my mortgage will be after 3 years? We remortgaged last year; our remortgage was for £187,500 at 8% (I know, it's high but we have an adverse credit file!). Anyway, our credit history should be fine in a couple of years and we will want to get another lower rate. Does anyone know how much our balance will be after 3 years?

Many thanks

beecher

How much was the mortgage term set at when you remortaged? ie 15/20/25 years

Use this calculator to work it out

http://www.mortgages-loans-uk.co.uk/information/mortgage-amortisation-calculator.htm

begbeer

Is it interest only, part interest/part repayment, or repayment

InMyDreams

Is it fixed or variable? How much exactly do you pay each month?

mrs_skint

It is repayment fixed. We pay £1596 per month.

mrs_skint

Beecher - just looked at your link. Many thanks, I have worked out that we will owe £169,997 after end of year 3. Thanks all x

InMyDreams

Careful... I think you may have looked at 47 months (ie after almost 4 years).

beecher

InMyDreams wrote: »

Careful... I think you may have looked at 47 months (ie after almost 4 years).

Yeah I did the same - weird table. Think it is closer to £174596.72

mrs_skint

eh? Gawd I can be so thick sometimes

mrs_skint

Never mind - might win the lottery and pay it all off in one go. Lol!!

sharkie

I'd ask your mortgage company. You may even be paying an insurance or redundancy premium, or fees taken off in the first few years, or a loan reduction for X years.