ChatterBank0 min ago
Mortgage Amount After 2 Years
23 Answers
If I had a C&I 25 year mortgage of £60k with a fixed rate of 4.1% for the first 5 years would be what amount after 2 years of payment
Also how much if an overpayment of 10% per month in excess of the £205 repayment was made
Thanks in advance
Also how much if an overpayment of 10% per month in excess of the £205 repayment was made
Thanks in advance
Answers
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and it seems quite a lot ( left ) - th early part of a repayment mortgage is only interest as it is in this case on the figures given
really £205 per month? - as it is 25 you can do a yearly approx
paid off per year £2460 - and interest in the first year £2400
capital sum paid off - £60
this is nt going to vary much over the first five years (£300)
10% over payment? a linear approx wd do over 5 years
£246 extra - so £300 in the first year, or £1500-2000 off and £58000 left after five (*)
Ball park figures - FV will give exact, which is unlikely to be difft by more than 10%
Good for an A level q to be honest ...(*) the short answer is after analysis, the first part is virtually nothing paid off, so the 10% all goes to paying off the capital -
as a check - three thousand down after five years
interest now 2280 or 190 a month - and so you are still paying off 190 of interest out of 205
are you sure you pay if off with £205 per month?
really £205 per month? - as it is 25 you can do a yearly approx
paid off per year £2460 - and interest in the first year £2400
capital sum paid off - £60
this is nt going to vary much over the first five years (£300)
10% over payment? a linear approx wd do over 5 years
£246 extra - so £300 in the first year, or £1500-2000 off and £58000 left after five (*)
Ball park figures - FV will give exact, which is unlikely to be difft by more than 10%
Good for an A level q to be honest ...(*) the short answer is after analysis, the first part is virtually nothing paid off, so the 10% all goes to paying off the capital -
as a check - three thousand down after five years
interest now 2280 or 190 a month - and so you are still paying off 190 of interest out of 205
are you sure you pay if off with £205 per month?
pretty slow bank holiday
right £320 per month is £3840 pa and of that £2400 is interest as before and so the capital paid off is 1440, - next year 1498 capital paid off, then 1592,1655 and in the fifth year £1721
which I think is not unadjacent to £7904 total capital sum paid off at a repayment of £320 after five years - Ans
10% hike in replayment £8000 goes to £8800 repaid
well that is my go anyway
right £320 per month is £3840 pa and of that £2400 is interest as before and so the capital paid off is 1440, - next year 1498 capital paid off, then 1592,1655 and in the fifth year £1721
which I think is not unadjacent to £7904 total capital sum paid off at a repayment of £320 after five years - Ans
10% hike in replayment £8000 goes to £8800 repaid
well that is my go anyway
erm no prices are going up now whether or not it is expected AND with all the punters spending their savings
the word on the street is that interest rates will go up
so act now
I have read ( and written most of the posts) the posts here - it is clear your figures are interest only
but there is enough info to act or wait
remember we are not investing - and we are just kicking a few figures around.
the rents here are around £500-600 p c m and so there is more than enough to cover the repayments BUT the tax position is important - only interest would be claimable and the position is changing ( to not claimable) - but all that means is that the tax paid is passed onto the tenant in the large scale of things
the word on the street is that interest rates will go up
so act now
I have read ( and written most of the posts) the posts here - it is clear your figures are interest only
but there is enough info to act or wait
remember we are not investing - and we are just kicking a few figures around.
the rents here are around £500-600 p c m and so there is more than enough to cover the repayments BUT the tax position is important - only interest would be claimable and the position is changing ( to not claimable) - but all that means is that the tax paid is passed onto the tenant in the large scale of things
Thank you all for your responses - especially you PP with the added vexation of the wasp sting
The mortgage is against a property I own outright and rent out in order to find the purchase of the property next door which already has a sitting tenant in who has been given notice to leave as the owner wants to sell the property. The tenant has lived in the property for eight years and does not want to move. I’m hoping to use the borrowed money to provide a 40-45% deposit - depending on the expected purchase price. But that’s all for the future - I’ll no doubt be in further contact about that further down the line
Once again thank you all so much for your replies
I love each and every one of you
The mortgage is against a property I own outright and rent out in order to find the purchase of the property next door which already has a sitting tenant in who has been given notice to leave as the owner wants to sell the property. The tenant has lived in the property for eight years and does not want to move. I’m hoping to use the borrowed money to provide a 40-45% deposit - depending on the expected purchase price. But that’s all for the future - I’ll no doubt be in further contact about that further down the line
Once again thank you all so much for your replies
I love each and every one of you
