How much will I pay off the mortgage in 5 years?

donny-gal

Has anyone got a web site or a Excel Spreadsheet where you can work out how much of the capital I will clear on the first 5 years of a mortgage?

e.g. Mortgage £200k, rate 5%, payments per month <> £1k

Thanks
DG

beecher2

Use this calculator

https://forums.moneysavingexpert.com/discussion/1157173

LittleMissAspie

I like the snowball calculator. In 5 years time you will owe £188k. It would seem you need to pay £1165 per month to pay it off in 25 years at that interest rate.

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

beecher2

Is it a 35 year mortgage?

TrickyDicky101

The answer to that is mostly dependent on what the term of the mortgage is (and assuming it is a repayment mortgage of course ;-))

donny-gal

Sorry let me explain more, just talking with my son and gf who is about to try get on the housing ladder, an IFA has said that you cannot work on house prices going up, so if you buy something be prepared to live with it for 5 years. I was just trying to see how much he would pay off in 5 years, which the calculator helps with, and if each year they can increase the amount paid, how much difference it would make, as you are all well aware. Thanks everyone. DG

terakris

from within excel, if you search the online templates for "loan calculator" there is one called "loan calculator with extra payments" that shows a full breakdown of the loan amount paid off.

i suggest the extra payments one above the normal loan calculator as it can show you how much of a difference any overpayment can make which is always useful.

HTH