Mortgage calculation?

puddy

Is anyone able to work out for me what I will still owe in 10 years time on my mortgage?

Here are the figures

xmas 2006 I took out a 10 year fixed rate mortgage at 4.99% over 15 years for the sum of 72k.

my mortgage statement for xmas 2007 informed me that I now owe 70k.

what will I owe at the end of the 10 year fix (xmas 2016), with about 5 years left on the mortgage.

at present im paying 560 a month, which is about 4 quid over the monthly payment (i think)

thanks in advance, sorry to be a bit thick, i have no idea how to work this out!

puddy

oh, its a repayment mortgage

puddy

anyone? thanks

pamaris

Use this calculator to play around with the overpayments & term:

http://ray.met.fsu.edu/~bret/amortize.html

Click on 'show amortization schedule' to see what you'll owe on what dates.

MickHG

Hi, Your Repayments should be £564.9 /Mth.
With this repayment at the end of 10 years you will owe £30,020.43.
If you repayments are £560/mth. at the end of 10 Years you will owe £30,769.
£4 Makes quite a lot of difference !!
Regards Mick