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intrest on morgages
johnjo666
Posts: 1 Newbie
can you tell me how much of the dept you would pay off in the first second and third years on a repayment morgage for £295000.00 at 3.99% this would be a fixed rate for 3 years. this would be of great intrest to us to help us choose our next morgage many thanks john
0
Comments
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Hi
Its quite complicated to work it out accurately but from my calculations (based on 25 year term) you would be paying off around £7000 capital in year one (slightly more in year 2 and so on). This is only rough however as obviously when your capital reduces, the interest payable on that capital reduces. Most mortgages are calculated on a daily rate and Im not enough of a mathematician to work it out to that level of accuracy!! Might be someone else on here who can though. (Would be good for you to get a 2nd opinion on my figures too as I would hate to think Id somehow calculated it wrongly for you)
:smileyhea0
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