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Equity question
ruelle
Posts: 161 Forumite
When you go on to sell your house what percentage of the mortgage repayments you've paid in would you get back? As in how much is interest and how much is yours?
0
Comments
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Depends on your mortgage rate, term etc
Too many variables to possibly answer0 -
that complicated, huh? ok, if i was paying in £650 a month on a 30 year mortgage how much would i get0
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after 2 years for example?0
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As you haven't even told us how much this house is selling for......0
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oops. £218k. thank you!0
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Why dont you just get a statement. That will tell you exactly how much you've paid off.
Or estimate it with this calculator
http://howmuchhaveipaidoff.co.uk/
It does require the interest rate. Which you haven't stated.0 -
amazing! thank you. i haven't bought it yet!0
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So if you haven't bought it how do you know it will sell for 218k?!0
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i mean i've had an offer accepted. just waiting for exchange.0
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So you're planning on buying a house and you want to know the rate at which you'll be reducing the outstanding mortgage.
So the calculator link from AnotherJoe will tell you that... but bear in mind that the outstanding mortgage won't be reducing in a straight line.
In the early years, the outstanding mortgage balance will reduce more slowly (because you're paying more interest).
But in the later years, the outstanding balance will reduce faster (because you're paying less interest).0
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