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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.

6 replies

DustyTv · 24/10/2008 11:25

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

OP posts:
DaisymooSteiner · 24/10/2008 11:26

There's a calculator here

SqueakyPop · 24/10/2008 11:27

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 · 24/10/2008 11:31

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

OP posts:
DustyTv · 24/10/2008 11:32

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

OP posts:
DaisymooSteiner · 24/10/2008 11:41

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 · 24/10/2008 14:40

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

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