Mortgage calculation help please!!

biglass

Hi all ! I am hoping some one may be able to help me work out some figures please.I have fiddled around with several calculaters with no concrete result-basically we have a 12 yr £50000 mortgage at 5.72% fixed for 3 yrs,started April 08.We are hoping to pay 10% of balance annually in next 3 yrs, ie, £5000 in first year,£4300in second and £3600 in third (Ithink these figures are roughly correct!) Can anyone work out what my motgage balance will then be when my fixed rate has ended with these overpayments? We are working and saving hard to do this in order that I may be able to change jobs in the future:rolleyes: . Many thanks for any help.

getmore4less

This will depend on how you/your lender classify overpayments. keep the same or recalculate to keep the term the same.

Simple approach is to use a mortgage calculator that allows lumps sums but I don't have a link for one handy so the other option is to do 3 calculations of one year at a time with lump sums in between.

I like the www.whatsthecost.co.uk calculators for this type of thing since it gives you month by month results of any payment stratagy you use

If you want to keep paying the same amount as you currently do, then use an interest only calculation for year 1, note the figure and take the 10% off and use this to do another years calculation do the same for years 2 to 3.

Jonbvn

Hi,

I use the HSH.com calculator.

You can download it from here: http://www.hsh.com/cgi-bin/load.cgi?files/HSHSetup.exe

http://www.hsh.com/hbcalc.html

It is a US site but the calculator works in your default currency.

You specifically need the amortization schedule.

SwitchyChick

MartinsLoveChild has a spreadsheet specifically for showing overpayments. PM him & he will send you a copy to download.
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biglass

Many thanks to all-I will fiddle with more calculators! BL

Ishith

Hey! Guys,

Thanks for the calculation on mortgage.Your post is truly worth reading.

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mortgage foreclosure

ailuro2

no spammy links in signatures, thank you!:rolleyes: