Working out what my balance will be?

DaveHemmerman

Hi,

I am trying to find out roughly what the balance of my mortgage will be when our fixed rate ends in May 2012, we are nearly at the end of our first year which is 5.44% 5 year fixed with Nationwide. We currently pay £414 a month plus overpay with £200 a month. When we remortgaged last May our balance was £60500 give or take a quid and at present stands at £57k, so thats £3500 taken of the balance in a year, just wondered if there is anyway in calculating what it will be in 4 years time as obviously we are paying less interest each month so more money will be paying of the capital.

Hope someone can help.

Kind regards

Dave

oxmatt

About £37k I reckon

DaveHemmerman

Thats good, when remortgaged last year we knocked a year off the term reducing it from 21 years to 20 as it only increased the payment by £10 a month. I was just trying to work out where we roughly stand in 4 years from now as we wont to be rid of a mortgage ASAP but within reason so we can still have a life.

Thanks

JonnyBravo

DaveHemmerman wrote: »

Thats good, when remortgaged last year we knocked a year off the term reducing it from 21 years to 20 as it only increased the payment by £10 a month. I was just trying to work out where we roughly stand in 4 years from now as we wont to be rid of a mortgage ASAP but within reason so we can still have a life.

Thanks

Going from your figures of 57k owing, at 5.44% on what will be 19 remaining years (you say you changed to 20 yrs but that was 1 year ago?). I make it a regular payment of 401 as you say and adding 200/month for 4 years.....

there will be c£38.2K left in 4 years time

zebedy

you could always phone your mortgage provider and ask them to do a forecast for you. The worst they can say is that they don't provide that service.

mischiefmaker

Why don't you put it in a snowball calculator. Can't remember exactly what it's called but I think it's along the lines of 'whatsthecost.com'.