How do i work out what the outstanding balance will be?

liney

We owe £43400 and are about to remortgage, probably to the 5.29% 10 year fixed with Barclays. What i can't work out though is what i will still have outstanding at the end of the 10 years. I will have the mortgage over 15 years and the repayments will be £357pm.

Is there a calculator that shows this as i can only find ones that show the monthy payments dependent on different interest rates. What i hope to do, is save the amount that will be oustanding then pay off the balance when the fixed term ends in 10 years time.

Thanks in advance.

Cardinal-Red

This isn't easy to do but I did make a calculator for me to compare all the things that are important to me.

I whacked your figures in and (while getting a payment of £349.80 rather than £357 - could be related to fees maybe?) and I estimate that at the end of 10 years your balance will be around £18400.

It's worth noting that rather than save and pay this off at the end of 10 years, if you made overpayments you'd save much more money - but obviously you'd have to investigate more fully!

pollyanna24

Hi

Just thought I'd add my tuppence (not sure if it's worth that much though).

I stuck your figures into the website on whatsthecost.com

I put in £43,400, 5.29% and then 15 years. Your payment would be £349.80. Then I just scrolled down to March 2018 to have a look to see what would be outstanding. It is £18,406.09 (similar to what the poster said above).

Then (because it's Sunday and I'm bored), I tapped in the same figures, but put 10 years instead of 15 because it's true what the other poster said about overpaying will save you more money in the long run. The monthly payment came up at £466.50. So if you overpaid by approximately £117 a month, you could have your mortgage paid off in 10 years. Someone may correct me on this though, as maybe it isn't that simple.

So if you overpaid by this much each month, you'd be paying an extra £14,040 over the 10 years, rather than waiting for the 10 years to be up and having to pay £18,406.09.

Phew, hope what I have written makes sense, it probably doesn't!

liney

The particular product i'm looking at has a 5% overpayment limit per year which is why i was looking at a lump sum payment at the end of the 10 years.

I am also looking at a possible offset type with First Direct, so i still haven't quite made up my mind as yet. Thanks both )

Cardinal-Red

Regarding your 5% overpayment limit, it's still worth doing this every year (assuming that you're confident that you won't have to fall back on these sums) as the effect of compound interest will save you much more in the long run.

Why don't you go to the website Pollyanna mentions and play with some figures.

Wish I'd known about this website before - would have saved me fighting with Excel for so long! :mad:

static999

There are quite a few mortgage calculators out there. I posted them on another thread but just realised, I didn't post it properly. Duh! There are quite a lot out there which you can choose from. Google mortgage outstanding calculator & find which you like best. Below are from my other post.

http://www.mortgages-loans-uk.co.uk/information/mortgage-amortisation-calculator.htm

http://www.therichestmaninatherstone.co.uk/wealth/index.php?disp=mortgagecalc