where can i work out how much i'll have left on my mortgage in 3yrs?

clarew

Ok, i have no excel at home, and love messing around with the egg mortgage calculator! But i just wanted to find out simply (!) when i come to remortgage in oct 2011 roughly how much i will owe then.

stats etc are repayment mortgage of £171k at 5.18% fixed for 5yrs till oct 2011. On a 22yr repayment plan. We repay £23.13 extra each month as standard to bring our payment up to £1100per month.
Currently our balance is £161776.58 today june 3rd.

Can anyone help?
thanks clare

gallygirl

Try the SNOWBALL on www.whatsthecost.com - excellent month by month figures, more fun that egg! Is the egg calculator still available - I tried to use it earlier but couldn't find it

missile

Trying to overpay mortgage by £23 amonth:o and reduce overdraft too.

Unless you have a low rate, you would be better clearing the overdraft first.

ailuro2

I agree- get rid of highest cost debts first, the mortgage is probably your cheapest debt.

Then you can start working on that mortgage balance, and it will be easier to predict what it will be in 3 years time.

ailuro2

p.s. https://www.openoffice.org
does the same as excel, will let you have a play with your own figures.

clarew

overdraft is neglible, only around £200 on occasion, and have transferred my money from the old lloyds 8% 2year saver to my savings account and will clear it immeniently! (and then change signature!)

4$£&*(£$&*(!

I use Mortgage comparison rate calculator, illustrated graphs and lots of variables to play with.

Jonbvn

It is not possible to calculate exactly unless you tell us the term of your mortgage!

However assuming you have 20 years left from today, my calculator gives the following figures:

Standard payment 1083.81
Over payment 1100-1083.81 = 16.19
Balance due on Oct 2011 = 144,280.61

You can d/l you own calculator from www.HSH.com (US site but works fine in sterling!)

clarew

thanks, we took out the mortgage on a 22yr term, so am just wondering what we will be left with in 3yrs time when the 5yr fix ends. Unfortunately it will still be a whopping mortgage, but we hope then to sell and move out of london and hopefully to a cheaper mortgage!!!