Can you please tell me.....

megisabel

How long it would take me to pay off a 130k mortgage at 5.24% where the monthly payment is 718 and over paying 300 a month?

Many thanks!

jono_3-2_2

megisabel

The figures you have given suggest a mortgage period of 30 yrs. My calc is based on this.

Based on this and your figures repayment will be achieved in 15ys and 8 months.

Hope this helps

jap200

Try this

http://money.guardian.co.uk/calculator/form/0,1456,603156,00.html

themoffster

From a small program I wrote to work out my repayments, I figure it to be this (the amount next to the year is the sum still outstanding):

Year 1: £123955.8816
Year 2: £117595.05139584
Year 3: £110900.91368898201
Year 4: £103856.00316628466
Year 5: £96441.93933219797
Year 6: £88639.37855320514
Year 7: £80427.9635893931
Year 8: £71786.2704814773
Year 9: £62691.75265470671
Year 10: £53120.68209381334
Year 11: £43048.08743552916
Year 12: £32447.688817150887
Year 13: £21291.829311169593
Year 14: £9551.40276707488
Year 15: £-2804.2221279303963

The fact that year 15 shows a negative figure means that you pay the mortgage off after 14 years and x months (I never bothered to work the months out, or round the numbers accordingly).

Hope this helps.