How much would i have paid off my mortgage?
I presently have an endowment interest only mortgage for £60,000. the mortgage runs for 25 years and have ten years left. can anyone give me a ball park figure of how much capital i would had paid off if i had taken out a repayment mortgage instead?
Answer
It depends on how much you have been paying (per month), and (of course) the interest rates that would have applied.
payments made in the early years of a repayment mortgage reduce the amount owing
slowly, however the mortgage would have been designed so you finished paying it off after 25 years.
so, if you had been making the correct monthly payments, i would guess that by now you might have paid off up to half of it (30k).
