as a % of your mortgage what is usual to pay back in first 5 years?

The_White_Horse

obviously the amount will increas as you go on, but how do you work it out.

if it is a 25 year period, you wouldn't just say that you need to pay back 20% of capital in each 5 year block. clearly, the last 5 year block will be a much larger percentage than the first.

does anyone know how to work this out please?

cheers.

originalmiscellany

Good qn! I know it's not a lot, I was deeply upset at how little I paid for the first few years...

DannyboyMidlands

Hardly anything unless you over-pay. I'd get a mortgage that allows unlimited over-payments and aim to get the whole thing paid off in 5 years.

SeriouslySeekingtoSave

The mortgage calculator/repayment schedule will tell you exactly how much you pay off each year. For the first 5 years, if you don't make any OP's then it's a piddley amount. My first OP of £3,000 on my 100,000 mortgage was more than one year's worth of reduction of 'captial repayments'.

JonnyBravo

Here's what you roughly pay back in each of the 5 year periods of a 25 yr mortgage. (rounding errors)

1st 5yr - 10%
2nd 5yr - 15%
3rd 5yr - 18% (youve paid total of 1/3 off at 12.5 yr)
4th 5yr - 24%
5th 5yr - 33%