Any maths whizzes around?

donnaessex

I am planning ahead for my remortgage - due in June 2011.

We ported the mortgage over to our new property in Feb 2010, owing £148000 paying back £1063 per month at a rate of 5.79% I think. The term was 18 years 6 months.

How much approximately will I owe in June 2011?

Thanks in advance!

_Andy_

Hi Donna
Google 'mortgage amortization calculator' - should find a tool that will help

ginvzt

If you interest rate is 5.79% and 18.5 years mortgage term, then the repayment should be ~£1087.

However, if the interest rate is 5.5%, then the monthly payment is as ~£1063, and if the first payment was made in Feb 2010, then after June 2011 payment you should owe around £141000.

Of course, I am not a whizz, so I could be wrong.

donnaessex

Thanks both of you.

Ginvzt you are probably right. The "old" mortgage was fixed at 5.79% but the extra we needed to borrow (around £27k) is on the Abbey variable rate so is less.

Thrugelmir

ginvzt wrote: »

If you interest rate is 5.79% and 18.5 years mortgage term, then the repayment should be ~£1087.

However, if the interest rate is 5.5%, then the monthly payment is as ~£1063, and if the first payment was made in Feb 2010, then after June 2011 payment you should owe around £141000.

Of course, I am not a whizz, so I could be wrong.

5.79% is the annualised rate not the flat rate of interest.

So you could well be a whizz.