Help with mortgage repayment calculation.

Mr_Warren_2

Hello everyone. I hope smeone can help me calculate the length of time taken to repay a sum of money (basing it on a fixed rate of interest for ease of calculation).

Borrowing £110k initially over 15 years at 2% year (this is an offset mortgage at 0.95% above base rate) but will use a flat 2% to cover any near future rate rise. Paying back £600/monthly.

How long will it take to repay the whole amount borrowed?

Thanks for help.

Cannon_Fodder

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Requires £713 as the repayment amount, so £600 a month is not going to do it in 15.

Between 18 and 19 years, it appears.

And rates are going to be well above 2% long before that.

5% would require 30 years.

Mr_Warren_2

Thank you very much but forgot to mention that as part of the offset there is an amount of £50k (not belonging to me) that i use graticiously. How does this change the monthly amount?