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Mortgage Maths Question

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Ok, so my maths isn't the best (I am more of the artistic kind, if you know what I mean?). :angel:

If there is a mortgage over 11 years years of say, £130 000, at 2.75% interest, what is the calculation required to work out the repayments on that?

Also, say that £12 000 of that mortgage was due to a private loan, how would one work out that at the same interest rate? Or does it use the same formula?

Basically, my Dad may help me get my own place with a deposit (bless 'em) but I need a formula that I can adjust as interest changes so I know I am paying them back the full and correct month.

Anyone have any ideas? :) I confuse so easily.


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