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How does my mortgage work??
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stevep94
Posts: 25 Forumite
I have 2 seperate mortgages for my new house - 1 for £43,000 on a tracker set at 0.99% above base and then some additional borrowings for £69,000 currently on a 5 year fixed term!
Before I moved (and therefore needed the extra borrowings) I was on a 5 year term tracker and someone told me how to (roughly) calculate how much of my monthly payment was interest and how much was capital!
Can anyone give me some rough guidelines as to how to calculate how much is interest and how much is capital on my new mortgages??
Thanks...
SteveP
Before I moved (and therefore needed the extra borrowings) I was on a 5 year term tracker and someone told me how to (roughly) calculate how much of my monthly payment was interest and how much was capital!
Can anyone give me some rough guidelines as to how to calculate how much is interest and how much is capital on my new mortgages??
Thanks...
SteveP
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I haven't tried this one before but just found it, give it a go and see how it works!
http://www.guardian.co.uk/money/mortgage-calculatorI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I like this one, it shows you month by month how much interest/repayment there is on a mortgage.
http://www.tigertom.co.uk/ttcalc/mortgage.php0 -
I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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