Calculate annual interest on a mortgage

sonny_c

Any help on this please as I should know this

repayment mortgage
Balance £60'000
Rate 5.59%
Term 5 years

Thrugelmir

60000* 5.59% = £3,354 per annum or £280 per month.

CLAPTON

there are lots of loan amortisation calculators on the web but one is

http://www.amortization-calc.com/#loan-60000-5-5.59-3-2012-2
(ignore the $ signs)

but obviously the annual interest will change over the period.

twinkle10

I want to refinance my mortgage and for that I want to know the formalities to accomplish its process. I also want to know about the annual interest rate for mortgage of 25 lacs. How it will be calculated?

dimbo61

You can also use " whatsthecost" and put in your mortgtage details Loan size, interest rate, loan period

twinkle10

dimbo61 wrote: »

You can also use " whatsthecost" and put in your mortgtage details Loan size, interest rate, loan period

I will definitely try to use whatsthecost, hope this will help me to find annual interest for such amounts.

getmore4less

twinkle10 wrote: »

I will definitely try to use whatsthecost, hope this will help me to find annual interest for such amounts.

one trick with that calculator is to use interest only and your actual/calculated payment then set the term to say one years and it does the totals for you(press the detail button).