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How Much Will My £51,000 Mortgage Be In 5 Years Time?

I am a first stretch buyer buying a flat at £67,500, borrowing £51,000 with a 5 year secure rate deal at 4.89% over 30 years with continuously interest. The mortgage payment is £280 a month. Assume I don't make any overpayments as these will be restricted


Answer: My keyboard does not have a pounding symbol, so I'll use dollars:

Your principal balance after 5 years will be about $46,000.

 

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