Trying to forecast mortgage over remaining term

markelock

Hi

Simple question I thought, but my mortgage company (Halifax) can't tell me.

Basically I owe £153k, over 15years and 9 months, paying £1180 a month.

So I'm trying to understand in 12 months time, and 24 months etc etc, what the capital amount will be approx.

So far, they have told me that £528 was paid from the capital value this month. Thinking I was being clever, I simply took £528 off every month for 189 months (total term), and was left owing £52k.

Is there a rough rule of thumb I can use?

Cannon_Fodder

Try http://www.hsh.com/calc-amort.html (ignore the dollar signs, the maths is the same)

There's a drop-down choice for showing the "full amortization table"...do this.

It will show you the month by month "countdown" to being paid off.

The bit you appear to have missed, is that as you deduct £528 from the total, the next interest amount will be reduced, allowing more of your total monthly mortgage payment to be put against the capital.

It should look more like £528, £529, £530...etc etc reductions. Those reductions really add up after a couple of years.

markelock

Excellent, thanks.

Slightly depressing in a way.