Are there any sites which show how a mortgage is calculated to eventually be paid off

scrooge786

Hi I have been calculating how much of our 25 year mortgage which was £137000 when we took it out 6 and a half years ago it has since been reduced to £118000 which to me seems really small considering we have paid almost £67000 in payments over this time period and only reduced the capital by £19000. I would just like to be able to understand how it works that it shouldbe paid off in the next 19 years.
We changed mortgage products almost 2 years ago to a 2 yr fixed rate of 5.09% it turns out that it was a part interest part repayment mortgage but im sure i wanted a repayment mortgage like before.
Are there any sites which show how the capital is calculated to be paisd off over time.

mrs_deadline

This one will calculate you a mortgage amortization schedule showing how much of each payment goes in interest and capital.

http://www.bankrate.com/brm/amortization-calculator.asp


It's a US site so just ignore dollar signs and put in your figures. Thinking about it, you might need to do two separate sheets, one for each part of your mortgage.

Also try searching the forum as mortgage calculators are often mentioned.

emeraldbugle

Try this one, put in the information then click 'build payment schedule'

http://www.telegraph.co.uk/money/main.jhtml?grid=A1&view=CAMPAIGN&pg=/ETHtml/content/money/personalfinance_calculators/loan.jhtml

dunstonh

By year 5 and assuming a mortgage rate of 6%, you would have repaid £103 of every £1000 borrowed on a 25 year mortgage. So the figure you are quoting sounds about right as it would be £122,889 after 5 years.

Repayment mortgages go down slowly in the early years but speed up later on. It used to a be common reason for frequent movers to use the endowment route as so little was paid off in the early years of repayment. Of course, those days are gone but thought it was worth a mention

sarkin

IF you really wan to pay the mortgage of quickly take an interest only mortgage and then over pay. The banks dont like you doing this as you repay the capital quicker and they get less interest back.

jonewer

sarkin wrote: »

IF you really wan to pay the mortgage of quickly take an interest only mortgage and then over pay. The banks dont like you doing this as you repay the capital quicker and they get less interest back.

Dont IO mortgages have overpayment limits? I thought they did.

sarkin

no its the product that has over payment limit normally 10% which is enough for the first 5 years of a mortgage.

jonewer

In other words, no different from a repayment mortgage then.

dunstonh

interest only and repayment mortgage are just repayment methods. The deal and terms of the deal/mortgage dont alter.

tgon

mrs_deadline wrote: »

This one will calculate you a mortgage amortization schedule showing how much of each payment goes in interest and capital.

http://www.bankrate.com/brm/amortization-calculator.asp


It's a US site so just ignore dollar signs and put in your figures. Thinking about it, you might need to do two separate sheets, one for each part of your mortgage.

Also try searching the forum as mortgage calculators are often mentioned.

That calculator is so nearly close to the calculation I'm looking for!

I'm trying to see my monthly payments after making two additional lump payments (of 10% of the outstanding balance) in the 2nd and 5th year of a 13 year repayment mortgage (without reducing the term).

mrs_deadline

tgon wrote: »

I'm trying to see my monthly payments after making two additional lump payments (of 10% of the outstanding balance) in the 2nd and 5th year of a 13 year repayment mortgage (without reducing the term).

Can you get there by taking the calculation in two or more stages?