Mortgage calculation

rob78

If I take out a £37,0000 repayment mortgage over 15 years at 4.5% (paying £287 per month) on a five year fixed rate deal, how much will I have to repay after first 5 years. I want to save for five years and repay the mortgage after the 5 year fix ends, I just want to know how to work out what will be left. ps there are no early repayment fines. Thanks

anselld

£27311

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

TrickyDicky101

Are you sure about the monthly payment and the other economics because I make it £283pm for £37k over 15 years @ 4.5% pa nominal. It doesn't make a great deal of difference but if you repay £287 per month, after 5 years on a £37k loan @ 4.5% pa nominal you will owe £27,046 at the end.

kingstreet

When you produce a "penny accurate" KFI sometimes the monthly payments and outstanding balances do vary from lender to lender.

kingstreet

The calculator in Trigold gives £37,000 over 15 years at 4.5% as £287.10.

Using an actual product, and producing a KFI the monthly payment based on the same rate and term is £283.06.

After five years, the outstanding balance is given as £27,896.

rob78

Thanks you lot! That's perfect.

Gorgeous_George

rob78 wrote: »

If I take out a £37,0000 repayment mortgage over 15 years at 4.5% (paying £287 per month) on a five year fixed rate deal, how much will I have to repay after first 5 years. I want to save for five years and repay the mortgage after the 5 year fix ends, I just want to know how to work out what will be left. ps there are no early repayment fines. Thanks

Hi

I use the cumprinc function in MSExcel.

=B4+(CUMPRINC(D4/12,C4*12,B4,1,E4,0))

where...

B4 = 37,000 (Original sum)
C4 = 15 (Original term in years)
D4 = 4.5% (Original rate per annum)
E4 = 60 (Original fixed term in months)

The result is still £27,311 as per Post #2.

GG