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I am a complete dunce when it comes to mortgate rates can someone please expalain it too me and help me work out how much our monthly payments are going to be.

(7 Posts)
DustyTv Fri 24-Oct-08 11:25:59

Our mortgage's 2 year fixed rate finishes on 31st of December then it is goin on to a Standard variable rate of 6.69%. So how do I work out how much or monthly payments will be now?

Maths is not a strong point for me blush

DaisymooSteiner Fri 24-Oct-08 11:26:58

There's a calculator here

SqueakyPop Fri 24-Oct-08 11:27:06

Do you have Excel? There is a mortgage function on it. You need to know what your outstanding loan is and the number of payments you have left.

DustyTv Fri 24-Oct-08 11:31:44

Thanks, I have tried the calculator Daisy but it just keeps coming up 0.26, I don't know what that means.

DustyTv Fri 24-Oct-08 11:32:30

Squeaky, I have excell, where about is the mortgage bit on it please. Thanks.

DaisymooSteiner Fri 24-Oct-08 11:41:12

Are you putting the right figures in, it works fine for me? The mortgage amount means the amount left to pay off on your mortgage, not your monthly payment.

DustyTv Fri 24-Oct-08 14:40:42

Thanks, I have worked it out now, very relieved, not as bad as I thought grin

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