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New house: 5 vs 10 year fix?
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On a 5 yr deal you need to factor in what sort of mortgage rate you will get in 5 years time.How do you do that?
There are only 4 variables to a mortgage you only need to know any 3 to do do the calculations.
at the 5y point you know three of the 4, amount owing, monthly payment and a term to get to Zero.
From those 3 you can work out the interest rate.0
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