Mortgage Amortization Calculator

doire_2

Can anyone use one of these? I contacted a company for a mortgage. Fixed for 5 years but i'd like to know how much i would be paying after the 5 years is up....ie how much i have paid off and what the new reapyments would be if BOE Interest Rates were at 5%

They suggested using amortization calculator (i think thats what he called it)

getmore4less

http://www.whatsthecost.com/mortgage.aspx

stick in your numbers and look at the details

take the 5 year number and stick that in a new calculation

beecher2

Just google mortgage amortization.
Use http://www.moneymadeclear.org.uk/tools/mortgage_calculator.html
to see the differences changes to rates make

Thrugelmir

This will give you precise annual breakdown of payments, split interest and capital and remaining balance.

Just ignore the $ signs.


http://www.calculator.net/mortgage-amortization-calculator.html

doire_2

Thanks everyone.

Maybe im doing something wrong here....

Im looking at fixed for 5 years at 5.49%

After the 5 years it reverts to 3.49% + BOE - its at this point i would like to know how much i would be paying each month if BOE was at 5%

I dotn think the links you posted show this

Thrugelmir

doire wrote: »

Thanks everyone.

Maybe im doing something wrong here....

Im looking at fixed for 5 years at 5.49%

After the 5 years it reverts to 3.49% + BOE - its at this point i would like to know how much i would be paying each month if BOE was at 5%

I dotn think the links you posted show this

Enter the figures for the 5 year fix in the amortisation calculator. Take a note of the balance at the end of year 5.

Then enter this balance repayable over 20 year term at 5% into a mortgage calculator.

beecher2

Thrugelmir wrote: »

Enter the figures for the 5 year fix in the amortisation calculator. Take a note of the balance at the end of year 5.

Then enter this balance repayable over 20 year term at 5% into a mortgage calculator.

Wouldn't you use the original 25 year term and the original amount borrowed unless you were remortgaging, or am I being completely stupid?

Thrugelmir

beecher2 wrote: »

Wouldn't you use the original 25 year term and the original amount borrowed unless you were remortgaging, or am I being completely stupid?

The OP wishes to see what their monthly payments will be after 5 years when the fixed term ends and the interest rate changes to the follow on rate.

Though in 5 years time. Who knows what BOE base rate will be.......

doire_2

Thrugelmir wrote: »

Then enter this balance repayable over 20 year term at 5% into a mortgage calculator.

It will be 25 years as its a 30 year mortgage.

Also if BOE is say 5% then thats 5% plus the 3.49% = 8.49%

Thrugelmir

doire wrote: »

It will be 25 years as its a 30 year mortgage.

Also if BOE is say 5% then thats 5% plus the 3.49% = 8.49%

Did you work out the answer?

beecher2

Thrugelmir wrote: »

The OP wishes to see what their monthly payments will be after 5 years when the fixed term ends and the interest rate changes to the follow on rate.

Though in 5 years time. Who knows what BOE base rate will be.......

Sorry for taking this off topic but I thought that the original term and amount outstanding was used when working this out. So thought it'd be worked out over the original 30 year term and the original amount outstanding. That's certainly the way mine seemed to work out when I went on the SVR.