Need a maths wiz to help please

SmlSave

I have two mortgages and am trying to figure out how much I'll owe in Feb 2015.

1st mortgage for £87000 fixed at 5.09% for 5 years finishing in May 2016.
2nd mortgage for £50000 fixed at 4.29% for 2 years finishing in Feb 2015.

Can anyone help? I've tried to work it out but am getting confused.

I know its a long time away but I like to be organised!

kingstreet

You can only work out the outstanding if you know the original term of the mortgage and the commencement date, not the mortgage product term.

DilbertJones

1st Mortgage Feb 15 £84,772
2nd Mortgage Feb 15 £48,565

Assuming loan was started today & was for 25 year period, not including any fees.

Imma_Number

I imagine that the one fixed for 5 years ending in May 2016 was taken out in May 2011 and the one fixed for 2 years ending in Feb 2013 was taken out in Feb 20113.

As kingstreet says the start date and term are all important to calculate the value at a particular date. Go to http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx , enter the amounts, start date etc click calculate and check the repayment amount is accurate then click "Show/Recalculate Amortization Table" and then read off for Feb 2015.
Then do the same for the other mortgage.

So:
80K, for 25 years @ 5.09%, starting May 2011 = £471.88 pcm and approx £73,443 in Feb 2015
50K, for 25 years @ 4.79%, starting Feb 2013 = £286.21 pcm and approx £47,822 in Feb 2015

SmlSave

Thanks guys The term is actually for 30 years but I'll give bankrate a go.

SmlSave

Thank you everyone, I think I've got it worked out now and hopefully I'll be at 75% equity by Feb 2015 which should help with getting a mortgage at a lower interest rate - fingers crossed they don't rise too much!

Yorkie1

Don't forget to include in your calculations any early repayment charge which may be on the 2016 mortgage if you do merge the mortgages into one product in 2015. You may also find that your current lender might not allow you to stay with them if you've come out of one part of the mortgage before the end of its fixed term.