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Iv'e seen a house on the coast,(absoloutley awsome) well actually very nearly on the beach. I can stetch to a depo of about 80k. It needs a lot of work, but thats no problem as i'm in that area of job. I cant get to talk to my accountant (arranges all my finance) as he is in california, for his daughters wedding. So i need a rough idea of what a mortgage (straight repayment) of around 140k will cost a month. I can then judge possible refurb spec.
Webby.
Webby.
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very rough guide for a repayment mortgage is
Divide the mortgage amount by two, multiply that result by the mortgage rate - that gives you your average annual interest payment.
Multiply the interest payment amount by the number of years your mortgage is for,
Add that total to the original principal amount,
Divide by no of years to get average annual payment, divide again by 12 to get average monthly payment.
e.g.
150 k repayment over 25 years at a rate of say 5%
150k/2 = £75k
75k X 5% = £3,750 average int payment
£3750 X 25 = £93,750 total int paid
£150k + £93,750= £243,750 total principal & int repaid
divided by 25 = £9750 per annum
£9750 divided by 12 = £812.50 per month
Rough figure, but a quick reckoner if you haven't got access to a model
Divide the mortgage amount by two, multiply that result by the mortgage rate - that gives you your average annual interest payment.
Multiply the interest payment amount by the number of years your mortgage is for,
Add that total to the original principal amount,
Divide by no of years to get average annual payment, divide again by 12 to get average monthly payment.
e.g.
150 k repayment over 25 years at a rate of say 5%
150k/2 = £75k
75k X 5% = £3,750 average int payment
£3750 X 25 = £93,750 total int paid
£150k + £93,750= £243,750 total principal & int repaid
divided by 25 = £9750 per annum
£9750 divided by 12 = £812.50 per month
Rough figure, but a quick reckoner if you haven't got access to a model
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