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Interest Calculator
Pin_Head
Posts: 44 Forumite
Hi
Hope you are well
Trying to find a calculator that will tell me how much interest per year I will be paying on my possible new mortgage. '
Found one but not sure of the result. 50K based on a 4.74 yr tracker. 162 borrowed. 5 yr fix.
Kind regards
Pin
Hope you are well
Trying to find a calculator that will tell me how much interest per year I will be paying on my possible new mortgage. '
Found one but not sure of the result. 50K based on a 4.74 yr tracker. 162 borrowed. 5 yr fix.
Kind regards
Pin
0
Comments
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I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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5 year fixed and yet 4.74 tracker ?0
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Sorry 4.74 fixed buy to let in a foreign property.
Taking the developer abroad to court.
Need to know how much interest I would have paid over the product life, 5ys borrowing £162k with no overpayments.
Interest is compound daily,
Thank you0 -
you need to know your payments to get the right result because unless you just pay the interest the amount will be different.
rough amounts for £162k 4.74% over 5 years based on term/payment
I/O £640 £38,400
40y £754 £37,550
30y £844 £36,850
...0 -
£927.07 per month
Just simple maths 162/100 x 4.74 is £7678.8
Five year product so times by 5 is £38394 before Amy compound daily interest applied.
That's a huge sum.0 -
I am a Mortgage AdviserYou 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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Great stuff.
Thought my calculation was the more relevant.
In uk I believe the interest in a loan is paid before any repayment if the loan?
Anyone other brits out like to confirm this?0 -
That calculator I gave you the link to shows how much interest is paid monthly. Forget the $ sign, just imagine it is a £ sign.
It may not be 100% spot on, but whenever I have used it it has always been within a couple of pence.I am a Mortgage AdviserYou 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 -
£927.07 per month
Just simple maths 162/100 x 4.74 is £7678.8
Five year product so times by 5 is £38394 before Amy compound daily interest applied.
That's a huge sum.
when there is a monthly payment that gets the wrong answer
£927pm the interest will be £36,224
post 2 has the calculator you need,0 -
Hi
Great response guys but still very confused.
It's a Uk mortgage where interest paid first?
So what do you make the amount to be ove 5ys for term of the product, no over payments?
It will be going to a court of law so needs to be correct.
I was just thinking in my simple method. Forget the compound increase.
Thank you
Pin0
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