I am currently awaiting an equity release from my marital home now i am getting divorced. I will be receiving £17,500 but i need the money asap to complete the purchase on a new property - i.m using towards the deposit.

The developer i am buying the house off of wants completion before Christmas 2011 and has offered me a cash incentive to try and push things along.

My thinking is that i take out a loan for £17,500 to complete the purchase and pay it back asap - upon release of the equity from my wife which is likely to be Jan or early Feb 2012.

Before i go down this route i want to establish how much i would have to repay in Jan or Feb next year as it will be very early into the loan replayment period. The loand details are:

£17500 borrowed over 5 years at 8.3% fixed over 5 years. Total cost of borrowing over 5 years is £3,790 with a monthly repayment of £354.84. The only detail i have is that an early repayment charge will apply of upto one months interest. there is also a repayment 'holiday' option for the first three months.

How do i calculate how much i would have to repay? as the developer has suggested they will fund this for me:)