Help re remortgage - comparing deals

Sandie11

Hi
I currently have a fixed (10 year) mortgage that expires 01/11/15 @ 4.65%.
I want to compare this against moving elsewhere, my balance is £92981 and to redeem would cost me £3214.

What is the best way to compare against new deals, i.e do i have to work out the interest over the remaining 30 months, this is how i have done it:
Bal as at 31/12/12 £92981
Payments 2013 -£18000
Interest £4324 (they work out on prior year balance)
Total 31/12/13 £79,305... then i repeat the process for next 18 months.

I then add up all my interest amounds plus redemtpion fees to compare with new mortgage in which i would calculate in the same way.

OR, am i confusing things

I just want to know how to work out if i am actually saving money

Thanks for any help

bigadaj

Sort of. You seem to be on annual interest rather than On monthly or daily from your calculations.

There are mortgage calculators that will work this out, if its fixed will you be continually penalised for overpaying?

The key thing is to calculate the total costs for two or more scenarios over a particular time period, but remember to also calculate the remaining balance as well, as you could end up paying less by one method, but having a. Larger balance left at the end.

Sandie11

Yes i am on annual interest.

I beleive i will repay balance of mortgage in 5 years so i suppose i will not be exposed as some if possible go on a variable rate.

Thank you for your post