Mortgage repayments? How much will my new repayment be? - mortgage repayment chart
108.5k I have a mortgage 9 years ago. I have 95K, because my current monthly payment on a mortgage repayment of £ 750 for an interest rate of 5.8%.
I can not change my mortgage as I am a parent, but how do you my payment be reduced if the rate was 2.5%.
Monday, January 4, 2010
Mortgage Repayment Chart Mortgage Repayments? How Much Will My New Repayment Be?
5 comments:
Mortgage Calculator:
http://www.moneymadeclear.fsa.gov.uk/too ...
Mortgage Calculator:
http://www.moneymadeclear.fsa.gov.uk/too ...
Mortgage Calculator:
http://www.moneymadeclear.fsa.gov.uk/too ...
Mortgage Calculator:
http://www.moneymadeclear.fsa.gov.uk/too ...
You can see some (almost) as follows: --
The difference between 5.8% and 2.5% (5.8 to 2.5 =) 3.3% ... This is the amount that would save you
This would be 3.3% of 95,000 = £ 3135 (split year) by 12 is to save £ 261 per month ..
So you would your payment of 750 pounds (750 to be reduced to 261 =) € 488 (approx).
Actually, it's a little more complicated than that (because you pay only the interest to pay on the scale, and each month you pay a small compensation for the months ahead, there is less interest) ..
Although prices are low, you can be sure to be rising again in a few years ago .. So if your refund is actually required for 488 pounds, should try to keep their payments approaching £ 750 (not caught at a later date ..) unless (of course), you can use the money and invest it in more than 2.5% ..
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