Help to understand my mortgage statement

siliconbits

Hi there,

Nearly five years ago, I took a £97,500 mortgage from HSBC with on a fixed 7-year plan with an interest rate of 4.97% (big mistake I know). My latest statement shows that I still owe the bank £84,000 despite having paid £566 for the last 60 months. At this rate, it will take me another 50 years (rather than the 18 years) to pay it off. Did I get my sums wrong or is there something I failed to take into accounts. Thanks for your help.

PasturesNew

Most of your monthly payment will have been interest, about £390 of it.

Here's a calculator, I've keyed in your starting price and interest rate and it shows you, year by year ( and month by month by clicking on the tab on the annual table), what's paid off and what you owe.

http://www.calculator.net/mortgage-calculator-uk.html?chouseprice=97500&cdownpayment=0&cloanterm=25&cinterestrate=4.79&cpropertytaxes=1.2&chomeins=1200&cpmi=0&cothercost=3000&cstartmonth=7&cstartyear=2014&printit=0&x=57&y=13

Don't beat yourself up about the fix you took out - at the time the press/banks etc were all saying interest rates would be going up, up, up.