Mortgages

[scoobydooby]

Can anyone tell me if there's a rough guide regarding what percentage of your mortgage you will have paid off after, say, 15 years? I know that with a repayment mortgage you're pretty much paying interest initially but then throughout the years you'll start to clear more of the capital. So, if you had a 25 year repayment mortgage, what percentage of the capital would you expect to have paid off after 15 years? I initially had an endowment mortgage but when I sold my first property and purchased another, I was young enough to 'start again' with a repayment for 25 years. However, I kept my endowment as a savings plan and have been overpaying on my current mortgage each month. I have one of the Standard Life's Future perfect's - capped for the full term. My endowment mortgage lasted for 10 years, so in reality, I'd like my repayment to last for only 15 years (so that the combined length of mortgage doesn't exceed the 25 years) - I'll have whatever money from the endowment policy (not as good as I was originally led to believe - but not such a bad one either). Not sure if I'm being realistic but at least I'm trying to plan ahead!

[Ethel]

Ask your mortgage company for a settlement figure. That's the quickest and surest way to get the information you want.

[scoobydooby]

Thanks Ethel but I'm playing with figures and want to know if I could realistically clear my mortgage in 10 years time instead of 20. I don't want to pay it off now (boy, I wish I could though). Would you expect to have paid off 50% of the capital after 15 years if you were paying the minimum each month? Or would the percentage be less/more?

[johnny37]

Your lender or financial advisor should be able to provide you with a table showing exactly, for each year of the life of the loan, how much interest is paid, how much capital is paid and how much is outstanding. My son has just been given a table and on a loan of �61000 over 25 years at 6.7%, after fifteen years there is �38000 capital outstanding.

[johnny37]

Sorry, the amount outstanding is �36000

[Bez]

Try this. I have found it useful as I have a flexible mortgage and wanted to see the impact of overpaying.

http://www.vertex42.com/ExcelTemplates/extra-p ayments.html