I want a month by month breakdown of a £105000 mortgage over 18 years,fixed at 3.79%for 3 years and then at 5% for the next 7 years.-David

Asked by davidchristopherharrison1

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Answered by Paul Richardson, IFA in Wotton under Edge, GLOUCESTERSHIRE
what would you like the assumed rate to be for the last 8 years ?
| 03.20.12 @ 12:48
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$commenter.renderDisplayableName() — {comment} | 08.22.17 @ 22:30
Answered by Paul Skinner, IFA in Odiham, HAMPSHIRE
Hi David. Assuming you take the mortgage on a repayment basis over 10 years (the first 3 years at 3.79% and the remaining 7 years at 5.05), the monthly payments would be:
Years 1-3 - £1,052.63
Years 4-10 - £1,096.18

The very first payment would consist of £331.63 interest and £721.00 capital. After year 3 the remaining mortgage balance would be £77,564.46. The first payment at 5.0% would consist of £323.15 interest and £773.03 capital.

Should my assumption be incorrect, please let me know the full details, and I will happily provide the correct figures.

If you would like to discussin more detail, please do not hesitate to get in touch - paul.skinner[@]pks.org.uk or 03332 407040.

Best wishes

Paul | 03.20.12 @ 13:26
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$commenter.renderDisplayableName() — {comment} | 08.22.17 @ 22:30
Answered by Paul Skinner, IFA in Odiham, HAMPSHIRE
Sorry, the above comment should have read "the remaining 7 years at 5.0%)" | 03.20.12 @ 13:27
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$commenter.renderDisplayableName() — {comment} | 08.22.17 @ 22:30
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Answered by

Paul Richardson
Paul Richardson, IFA in Wotton under Edge, GLOUCESTERSHIRE

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