How do I work out how much equity I'll have next year....

Mrstickle

We took a mortgage out last year. 165k house, 25 k deposit, so borrowed 140k at 3.39% which makes monthly repayments of £648, over 27 years.

I am not sure how to work out how much we will have paid off the debt after two years when we will look to remortgage. I know payments are more interest biased at the start.

I am trying to work out what equity we will have in the house at that stage, and if we would be able to use that to in effect add to it to the mortgage to fund an extension circa 15k.

I will be consulting our broker nearer the time our deal is up for renewal, but don't want to look clueless, and I'm struggling to find answers in my own online research.


Thanks!

dimbo61

http://www.whatsthecost.com/

Putting the figures into this mortgage calculator comes out at £660 a month!
After 2 years you will owe £133,437 approx

LTV in 2 years is anybodies guess as we have no idea of local housing market and if your home has gone up in value or Down!