Mortgage

[zozotickle]

If i have a mortgage of �117,000 - over 35 years of a rate of 7% how much would monthly repayments be. The house is �125,000 and we only need to borrow �117,000.

[Ethel]

�753.03 per month

http://www.bbc.co.uk/homes/property/mortgageca lculator.shtml

[zozotickle]

Thank you for your help, thats great

[Ethel]

One thing is for sure - it won't stay at 7%. It may go up or down.

[WoWo]

Did you really mean 35 years?

If you did then do you realise that if you do so you will end up paying (assuming a steady 7% interest rate) �65,277 more over the course of the mortgage than a standard 25 year term.

It will be slightly higher a month, �83 more to be exact but in the longer run would save you a significant amount of money.