All Topics / Help Needed! / Help with making calculations on Mortgage repayments
Hi,
We have an investment property which is our PPOR and I am wondering what the balance of the mortgage will be in a couple of years. I have no idea how to work this out.Balance owing is $134,000
30 year loan term commenced Nov 2002
Fixed Interest rate of 7.19% until 8/9/09
Assume variable interest rate of 5.19% from September
Repayments 463.77 fortnight
And we are currently contributing $90 per week in extra repayments.I know at the moment we are reducing the balance of the mortgage by around $5,000 per year and am just wondering what effect the drop in interest rate in September will have on our loan. And how long it will take us to pay off considering our extra repayments.
I hope someone with some good mathematical skills can help me out here!!
Thanks heaps
Michellego to infochoice.com.au
you can enter you data and it will calculate for youcheers
god_of_money wrote:go to infochoice.com.au
you can enter you data and it will calculate for youcheers
Thank you,
I will have a look, but I did go to the ING site (who my loan is through) to use their extra repayments calculator but because the loan will go from fixed interest to variable in September it makes it hard to calculate.
Will see if I can work it out though….
Hi Michelle,
Your best bet is to use an Excel Sheet… to do the calc..
Interest is calc daily and debited monthly…
so you'll have your interest rate multiply by 100 and divide by 365..
that rate multipled by the loan balance will give you the interest for that day.
add the daily balances upto the monthly anniversary of loan and deduct the repayment amounts…
Then just click and drag the formula until the balance goes to zero…
Best Of Luck,
OrrinOr download a template for excel called amortization to get a rough idea.
look up the PMT function in Excell. It will save a lot of effort when setting up a spreadsheet.
You must be logged in to reply to this topic. If you don't have an account, you can register here.