Working out future repayments

Barney15c

My fixed rate deal  of 2.79% comes to an end end of December 2022.
My outstanding mortgage is £65000 with 7 years left and monthly payments are £651.
I plan to pay off my mortgage exactly 12 months later, i am with Bank of Ireland . i am going to sit it out on a variable rate as its only a relatively short perid of time.
Assuming the VR goes upto 6% ( i realise it could be more)  roughly how much will my monthly repayments go up by, i cant seem to find an online calculator that will tell me.
Can i also have a figure for 8% as thats is what the mortgage rate is likely to be if interest rates go to 6%
Thanks.

CSL0183

Barney15c said:

My fixed rate deal  of 2.79% comes to an end end of December 2022.
My outstanding mortgage is £65000 with 7 years left and monthly payments are £651.
I plan to pay off my mortgage exactly 12 months later, i am with Bank of Ireland . i am going to sit it out on a variable rate as its only a relatively short perid of time.
Assuming the VR goes upto 6% ( i realise it could be more)  roughly how much will my monthly repayments go up by, i cant seem to find an online calculator that will tell me.
Can i also have a figure for 8% as thats is what the mortgage rate is likely to be if interest rates go to 6%
Thanks.

“Mortgage rate calculator” into your address bar should bring up the embedded one within Google. You can then plug the numbers in. 

Although when I put £65k / 2.79% and 7yrs the calculator comes back at £853pm

6% would be £950pm
8% would be £1013pm

Effectively though you are looking for the difference between 2.79 and 8 and I make it out at roughly £160pm. 

Barney15c

Thank you CSL i had a thought it would be around the £150-£200 mark.thank god its only for a year!