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mortgage interest rates.....anyone know how to do the math??

(5 Posts)
Daffodil90 Fri 04-Mar-16 16:09:30

Right....coming to the end of my fixed term and after that the interest will go to the standard 3.99% variable (currently 5.59%).

Does anyone know what math I have to do to work out what the new monthly repayments would be please?

I love working stuff out but can't get my head around what the equation is here!

Perfectlypurple Fri 04-Mar-16 16:17:35

www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

I always use their calculator.

Daffodil90 Fri 04-Mar-16 16:34:35

Wowww, best calculators ever (£100pm to be saved!).....just played with the overpayment one too.....this totally satisfies my need to work out budgets and stuff constantly grin

Thanks perfectlypurple!

Perfectlypurple Fri 04-Mar-16 16:51:20

I use it to see how quickly I can pay off the mortgage if I over pay! I remortgage regularly and drop the amount of years each time.

Daffodil90 Sat 05-Mar-16 22:24:22

Yeah it's pretty damn cool to see how much very little change actually makes. For example an extra £50 come new deal time will knock 3years and 3months off my time. And thats after its gone down £100.....so paying £50 less per month saves me lots of time!

Just imagining the amazingness of what it will be when I have finished paying off my credit card and can over pay by like £200 saving around £20k and 9 years!

My spreadsheet for workings out just got a lot bigger haha

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