Calculating how much equity I will have in 5 years?

Da_Crojanz

So we recently took on a 25 year mortgage of £155,700 at 2.4% fixed for 5 years.Monthly payments are around £696 and our deposit was £17300.
How can I calculate how much equity this will leave us with in 5 years at the end of the term? We'll possibly want to upgrade then.
Obviously it depends on how house prices fluctuate, but lets say our property of £173000 stays at the same value (wishful thinking in todays' world but just for simplicity)
Sorry if this sounds stupid, I'm ok with maths but this gets complex quickly!

ukblogger

MSE's mortgage calculator shows how much you'll have remaining after each year: https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/
In 5 years your balance will be 131556, so you'll have £41,444 'equity' if the house stays at the same price. 

Da_Crojanz

ukblogger said:

MSE's mortgage calculator shows how much you'll have remaining after each year: https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/
In 5 years your balance will be 131556, so you'll have £41,444 'equity' if the house stays at the same price. 

Thank you, sorry I didn't notice the calculator!

[Deleted User]

Those calculators are addictive! Especially the ones that allow you to play around with adding in overpayments - as you can then see how much extra you will pay off too 

[Deleted User]

https://www.mortgagecalculators.info/calc-additionalpayment.php#yourresults

They all show $$$ but just ignore 
thats a good one 

RobM99

Does it take into account the property market crash?

Thrugelmir

RobM99 said:

Does it take into account the property market crash?

If the property you intend to purchase is more expensive. Then the gap between the 2 should narrow. Not all bad news. 

Keano24

This is a good copy of a mortgage repayment spreadsheet. You can see what you pay / owe month by month and can factor in monthly or annual overpayments.