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sweet_jasmine
Posts: 21 Forumite
so the interest for a repayment mortgage of 60k on a 5% interest rate would be £250 a month:rolleyes: (25 yr term)
60000*5 divided by 100 = 3k
3k divided by 12 = 250
so how do you work out the capital repayment each month:o
60k divided by 25yrs??
60000*5 divided by 100 = 3k
3k divided by 12 = 250
so how do you work out the capital repayment each month:o
60k divided by 25yrs??
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Comments
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Repayment (capital + interest) would be £350.75 per month.Gone ... or have I?0
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Not easily, the capital element increases slightly each month as the balance and so the interest element reduces.
If you are after an indication of monthly repayments then you will need to find a mortgage calculator on a lenders website, or comparison site.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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