How much do I need to pay each month to pay off my 10 year fixed rate mortgage?

Posted on 5 March 2008

Hi Katie,

I started a 10 year fixed rate mortgage in September 2007. My mortgage is for £156,000. My fixed rate is 4.92%. How much would I need to pay additionally each month so that the mortgage would be paid up at the end of the 10 year period. Thanks for the advice.

Hi Terry,

The calculator for this is here:  http://www.charcol.co.uk/knowledge-resources/calculators/flexible-mortgage/

I make £1,648 as the monthly payment needed.  However, as you are already 5 months in, and I don't know how much you have paid off as you don't state your monthly payment, or overall mortgage term,  you will need to make up a little from the ones you have missed.  So go for a monthly mortgage payment of £1,660.

For precise figures, you can ask your lender for an illustration of the product on repayment over 10 years.

Category: Lower mortgage payments

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

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