Help with mortgage advice needed!!!!!!!!!!!

[babybuttercup]

I am wanting to move out of home with a friend, we dont want to rent so are looking at getting a joint mortgage over 30 years. How much would £170,000 mortgage with interest roughly work out to a month??? Any advice appreciated as we are completely in the dark at the mo!

errrr....give me 2 secs

£170,000, repayment, 5% is £912.60 per month.

920 a month at 5% on capital and interest
708 interest only

Thanks quootiepie so the total repayment a month will be 920+708?? Sorry am sooooo useless in this area!!

no, they are 2 different types of mortgage

capital and interest also known as repayment mortgage. With an interest only, you only pay the interest on 170K. You need to find 170K at the end of the term to pay off the original amount borrowed (eg by an ISA, endowment, win on the lottery etc)

Fio - is yours over a shorter term maybe?

This isn't simple is it!!

read moneysavingexpert.com advice on mortgages. Good explanation of all the jargon.

Thanks Gingerbear i think i should!!!!

whatsthecost.com is excellent for working this kind of thing out. All the peeps at MoneySavingsExpert recommend it all the time!