How much will I have paid off?

saveralot

I would like to work out how much I will have actually paid off after my 3 year deal. Do you know how to calculate this please? I guess in the first three years a lot (all?) goes on interest? Paying approx £620 a month for 3 years.

whu

is your mortgage interest only or repayment?

saveralot

Repayment. Sorry to sound daft but I don't understand how much is paid off at the end of the 3 years because of the interest on it.

never_too_late_2

Do you get mortgage statements? Or what about calling your mortgage company and finding out your balance? I recently did with ours and they were very helpful.

I'd never know how to work it out accurately but maybe an indication from my own situation would help:

We borrowed 129,000 GBP @5.39%, repayment mortgage and our monthly payment is 790 GBP. Of that nearly 600 quid a month is interest but we have tried to overpay a little (100 quid here and there most months) and as such, though our balance should have been around 123,000 ish it's about £121,000 ish.

Hmmmm, kind of depressing actually!

JuiceFS

Do you still have the original KFI (mortgage quote)? On the back page there is a table showing the balance at the begining of each year, how much interest you have paid off each year and how much you paid off the capital (which won't be very much by comparison!). Failing that, your lender should be able to send it to you.

LittleMissAspie

Try this snowball calculator thingie. Put your original mortgage amount in the balance box, the interest rate into APR and your monthly payment into minimum monthly payment. Scroll ahead to June 2011 and the outstanding mortgage will be in the first column.

http://www.whatsthecost.com/snowball.aspx

barnaby-bear

saveralot wrote: »

I would like to work out how much I will have actually paid off after my 3 year deal. Do you know how to calculate this please? I guess in the first three years a lot (all?) goes on interest? Paying approx £620 a month for 3 years.

http://maggenhoof.co.uk/mortgage/

This will do what you want.

Gorgeous_George

How much did you borrow and over how many years?

If £100K over 25 years at 5.60%, you will owe £94,002 after 3 years.

GG

Graeme7777

Hi,

If you use Microsoft Excel it's quite easy to calculate:

In a blank cell type your numbers into the following formula:

=pv(rate/12,term-36,-principal)

For example, if you borrowed £100k at 6% per annum over 25 years (or 300 months), after 3 years (or 36 monthly payments), you would owe:

=pv(6%/12,300-36,-100000)
=£94,323.74

As other people have suggested, the best answer will come from your lender.

Hope this helps.

Gorgeous_George

As above but, without the key info, I used 'goal seek' to find an interest rate that would result in a £620 monthly payment.

GG

jimcoxell

Gorgeous_George wrote: »

How much did you borrow and over how many years?

If £100K over 25 years at 5.60%, you will owe £94,002 after 3 years.

GG

Fantastic tool. Has really helped me.