2.4% of something = 0.024 times.
70,000 * 0,024 = ￡1680.00 to pay per year to keep the capital unchanged.
You don't say how much you would be paying per month so I can't give any more info..
(I'd guess somewhere around ￡500 - 600 per month as a practical payment).
is this the APR 2.4%, yearly or monthly ? assuming this is annual ; mortgage for 30 years
then it's 70,000(1.024^30)/360 =396 per month of INTEREST ONLY
capital; is 70,000/360 = 194 to repay capital
so, total costs = ￡ 590 provided the interest rates do not change !
The amortized monthly payment would be: ￡310.518, round to ￡310.52
Does anyone know how to calculate 2'4% of a ￡70'000 mortgage over 25 years....I'm not very good at calculating figures...I'm ok in the pound shop....but I'm lost after that....any help would be very much appreciated
