How long left on my mortgage roughly?

Question

My mortgage value is about £50000. I pay £580 a month and the interest rate is 6.6%. How long have I got until i am mortgage free?

Answer 1

realistically how on earth are we supposed to answer that with that little information.

Answer 2

You have 9 years and 9 months left on your mortgage. Pay an extra £20 per month and you will knock 6 months off your mortgage.

Answer 3

Assuming you have a 30 year fixed rate mortgage, this would mean the original amount was 90815.  To have a balance of 50000 means you have made 243 of 360 payments so you have 117 to go (or almost 10 years).

If it is some other kind of mortgage, then the time would be different.

Answer 4

A bit rough and ready, but if you take the annual interest of 6.6% and divide it by 12 you get 0.55% each month. Work out 0.55% of your balance (£275), add it to the opening balance (£50,000 to start with), and take away your £580. This leaves you with £49,695 after one month.

Do it again for the next month (I used Excel to help me!) and you get interest of £231.32 and closing capital of 49,358.32.

Keep going for another 137 months and you get down to minus £195. So, that's about 11 years.

If you're not on a fixed rate then this could change, e.g. if interest rates go up you'll either have to pay more or extend the term. Similarly if rates go down you'll have to pay less or you might be able to reduce your term.

Either way, only 11 years left is cool. I have a cool 22 years left on mine!!

Answer 5

check when you took the mortgage out or give them a call to see

Answer 6

3,300 is the interest....

91.89 months apparently  -  

depends on how many payments you have made

Answer 7

Look at the end date on your mortgage papers

How can we really answer this - you don't give a start date or anything useful, information wise.

Read the mortgage papers or ring your bank/building society

Answer 8

How many years is the mortgage for?How long have you had this mortgage for?

Answer 9

How long of a mortgage did you take out and how long have you been paying? 50000 could take you another 15 years to pay.. We owe 75000 and still have 24 years so hard to say..