How much would I have paid off my mortgage?

Question

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 1

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 very 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).

Answer 2

An interest only mortgage means that the initial capital is still payable ie £60,000
The endownment may or may not be enough to cover the initial capital. Ask your provider what the projected value of your endownment is. If the endownment is worth £20,000 then you still need to pay the balance of £40,000
If you had a repayment mortgage then your mortgage portion would have paid off at a rate of about £300 per month and you interst paid at about the same rate, so your ballpark figure would be £54,000 paid back and £54,000 paid in interest, if you settled now.