Calculating my monthly payment

Paintingrainbows

This seems like a simple question but I can't get my tiny brain to figure it out!!!

I am due to finish my fixed rate with nationwide and my research tells me it is best to go onto their BMR at 2.5% currently.

I want to do some budgeting, when putting the figures into an online calulator to calculate my monthly payment should it be the length of my mortgage when I took out the original deal (5 years ago, 26 years) or the length of my mortgage left (21 years)?

Hope that makes sense!

Ping42

Length of mortgage left

[Deleted User]

is only simple if you know the answer, im no expert but i would have thought and hoped it would be done on the term that you had left

getmore4less

Outstanding amount and term left at point of change.

dave333

You can use an Excel formula to calculate the repayment amount

=pmt(0.025/12,months remaining,current value of mortgage)

This may not exactly match Nationwide's calculations but will be approximately right.