mortgage illustrator

[Rohloff_Brompton_Rider]

i've searched the internet. i'm after a repayment mortgage illustration calc,i.e., how much will my monthly payments go down as the years go by.

 

[vernon]

I don't think that the repayments go down unless the interest rates go down. As the mortgage progresses the amount of debt repaid per month increases and the amount of interest charged decreases. The sum of capital and interest repaid, i.e. the montly payment remains constant throughout the mortgage unless the interest rate changes.

 

[Rohloff_Brompton_Rider]

I don't think that the repayments go down unless the interest rates go down. As the mortgage progresses the amount of debt repaid per month increases and the amount of interest charged decreases. The sum of capital and interest repaid, i.e. the montly payment remains constant throughout the mortgage unless the interest rate changes.

they do on capital repayments as the capital goes down, i can't find my original illustration.

 

[sheddy]

The monthly payments will only go down if you arrange to make overpayments (or if the interest rate goes down)

Make sure you get a mortgage that accepts overpayments without hidden charges. We've had a Nationwide Mortgage that accepts them and if you do get in a money muddle later in the term you can get your overpayments back (I think)

 

[vernon]

they do on capital repayments as the capital goes down, i can't find my original illustration.

I really don't think that your payments go down.

If the interest rate does not change throughout the life of your mortgage and you don't make overpayments then your monthly repayments remain the same.

The proportion of the payment that is used to repay capital increases during the life of the mortgage and the amount that repays the interest decreases.


If your payments decrease it is because of a drop in interest rates or you've extended the term of your mortgage or you have a non standard product.

 

[ASC1951]

i've searched the internet. i'm after a repayment mortgage illustration calc,i.e., how much will my monthly payments go down as the years go by.

There is your problem. there are hundreds of mortgage calculators online, but as others have pointed out, you are looking for something that doesn't exist - payments remain static with repayment mortgages.