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How Much Do I Owe on My Mortgage?

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Client Question: How do I work out how much I owe on my mortgage?

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There is a mortgage calculator on the FORTIfi website that will enable you to calculate the value of the remaining repayments on your current mortgage - depending on how many years your loan has to run, you may be shocked or encouraged.  (A link to the FORTIfi Mortgage Calculator is at the end of this article).

Because of the way Table Mortgages (which most of us have) are structured, most of the interest is paid up-front. This means, the longer the loan has to go the greater the percentage of interest you have to pay.  That is why, if you want to pay off your mortgage faster, the sooner you start, the more you save.

Table mortgage -
an explanation.		 A table mortgage is a loan where repayments are spread evenly over the term of the loan. This means, at the beginning the repayments are mostly interest with only a small amount being principal. As the amount of principal is decreased, the interest also decreases, which allows a greater proportion of each repayment to go towards the principal. The good thing about a table mortgage is that the repayments are the same all the way through the loan (except for changes caused by interest rate fluctuations).

This table estimates the percentage of interest you are paying on a table mortgage
Years to go on your mortgage % of principal you will be charged So, if you owe; The bank will charge you (interest); That's a total repayment of;
30 150% $250,000 $375,000 $625,000
26 125% $250,000 $312,500 $562,000
22 100% $250,000 $250.000 $500,000
17 75% $250,000 $187,500 $437,500
12 50% $250,000 $175,000 $375,000
Please note: this calculation is based on 7.5% interest - the figures in the three right hand columns will vary according to interest rate.
The figures in the table are estimates only - exact figures will be slightly higher.

  FORTIfi Mortgage Calculator To calculate your remaining mortgage repayments, click on the calculator.
This will take you to a page on the FORTIfi website where you will be able to access the FORTIfi Mortgage Calculator.		 desktop_calculator_1.jpg  

To read our article What’s Your Property Really Worth? Click here.

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