Calculate Outstanding in 2010?

dubaiscot

Hi Everyone,

I wondered if someone would be able to help me calculate how much will be oustanding on my mortgage when the fixed period of 5.29% ends in May 2010?

As of the end of April this year the outstanding balance was 142,459.11GBP. I am currently paying 1,200 per month (this is an approximate overpayment of 350GBP per month).

I am rubbish with these types of calcs so would appreciate the help!

getmore4less

try a mortgage calculator, I use www.whatsthecost.co.uk

using the mortgage calculator on there you can work it out.

adjusting for the two month, I make it around £127,376.63.

Jonbvn

To give the exact figure you need to tell us the term of your mortgage.

GM4L figure assumes 25yr term from April 2008.

dubaiscot

Thanks - mortgage would have 24 years to run from April 2008.

Jonbvn

dubaiscot wrote: »

Thanks - mortgage would have 24 years to run from April 2008.

With this info, I come up with the following:

Standard Monthly Payment: 874.33
Actual Payment: 1200.00
Overpayment: 325.67
Amount Due at May 2010: 126,738.16

If you want to calculate this yourself, there is an excellent calculator to d/l at www.HSH.com It is a US site, but when you d/l it uses your default currency set in windows.

getmore4less

Jonbvn wrote: »

To give the exact figure you need to tell us the term of your mortgage.

GM4L figure assumes 25yr term from April 2008.

Since the payment is fixed at £1200 and is more than that required by the repayment shedule and the interest is known you can work it out on Interest only.

Actual term should make no difference.