Mortgage Amortization Calculator

doire_2

Thrugelmir wrote: »

Did you work out the answer?

I have probably messed this up but at 8.49% im paying nearly twice as much per month as i would per month for the first 5 years!

Do i add the interest and principle to get the months total?

Thrugelmir

beecher2 wrote: »

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.

If the OP borrowers £100k over 30 years at an initial 5.49%. Then after five years the mortgage balance will be £92,884.

To repay the remaining £92,884 at 8.49% over 25 years will equate to a monthly payment of £747. (as opposed to the initial £567). So a rise of £180 per month.

beecher2

Thrugelmir wrote: »

If the OP borrowers £100k over 30 years at an initial 5.49%. Then after five years the mortgage balance will be £92,884.

To repay the remaining £92,884 at 8.49% over 25 years will equate to a monthly payment of £747. (as opposed to the initial £567). So a rise of £180 per month.

I still don't understand why it isn't £100,000 over 30 years at 8.49%, ie £769

doire_2

Thrugelmir wrote: »

If the OP borrowers £100k over 30 years at an initial 5.49%. Then after five years the mortgage balance will be £92,884.

To repay the remaining £92,884 at 8.49% over 25 years will equate to a monthly payment of £747. (as opposed to the initial £567). So a rise of £180 per month.

Hi could you work out........

Borrow 125k over 30 years fixed for 5 years at rate of 5.49%

What are the repayments each month at 8.49%?

beecher2

doire wrote: »

Hi could you work out........

Borrow 125k over 30 years fixed for 5 years at rate of 5.49%

What are the repayments each month at 8.49%?

Use that fsa link I gave earlier
http://www.moneymadeclear.org.uk/tools/mortgage_calculator.html
I get £961

doire_2

beecher2 wrote: »

I still don't understand why it isn't £100,000 over 30 years at 8.49%, ie £769

The first 5 years are fixed at 5.49%

Then the lender has it set at 3.99 plus BOE (say 5%) .....i can stick at this or switch lender

If i stick thats 25 years (left to pay) at a rate of 8.99%

beecher2

doire wrote: »

The first 5 years are fixed at 5.49%

Then the lender has it set at 3.99 plus BOE (say 5%) .....i can stick at this or switch lender

If i stick thats 25 years (left to pay) at a rate of 8.99%

I understand that you'd have 25 years left to pay, but you're still in the same 30 year deal you signed up to and are moved on to the follow on rate - only by remortgaging or getting a new deal would you change the length of the term. I could very well be wrong, but that's the way every one of my mortgages has been calculated.

doire_2

beecher2 wrote: »

Use that fsa link I gave earlier
http://www.moneymadeclear.org.uk/tools/mortgage_calculator.html
I get £961

I need the total for 25 years x 8.49% at whatever is left to pay after the five year fix is up.

I dont think you are subtracting the amount i have already paid for the first 5 years at 5.49%

Thrugelmir

doire wrote: »

Hi could you work out........

Borrow 125k over 30 years fixed for 5 years at rate of 5.49%

What are the repayments each month at 8.49%?

After 5 years you would still owe £115,560.

At 8.49% your monthly payments would be £930. (initially £767)

JSR

Thrugelmir wrote: »

After 5 years you would still owe £115,560.

At 8.49% your monthly payments would be £930. (initially £767)

I make the initial payments to be £708.95 and the follow on payments £930.29.

You can put interest rate changes directly into this calculator: http://www.drcalculator.com/mortgage/uk/