Lump sum or regular payments?

shirlgirl2004

I'm hoping someone has a calculator that can help me with the maths on this.

We have a mortgage of approx £50,000 with 14 years left to run at 5.49% (BR tracker). Our standard mortgage DD is set to £1,000 so there's quite a bit of OP there. The OH will get a bonus in November of £12,000 (take home) and another in April 09 of £16,000 (TH), and another in Nov 09 of £12,000 (TH). We are making additional OPs each month but these will reduce from Sept when we have school fees to pay so I can't allow for these in our calculations.

Anyway my car is worth about £5,000 and I'm thinking of just contract leasing the next car and paying about £200 a month on a 3 year contract. Will it have a detrimental impact on the mortgage if I pay £4,600 off as a lump sum rather than £200 a month? Is there little difference given that the mortgage will probably be paid of in the next 12-18 months anyway?

The calculator I normally use copes with most things but this scenario is just too complicated.

helliecopter_2

I use the Karl Jeacle someone recommended on here, as it's really flexible on the amount you over pay and when. I use it a lot as a motivation to get rid of our debt. I've tried to get you a link from another page, but it won't work! I'm sure someone clever will be along soon and pop one in for you. I always find it by doing a search of the site my searching 'karl mortgage'. Hope this helps - Good luck with the mortgage. Hx

shirlgirl2004

Thanks. It's a lot more complicated than my normal one but I think I did it right. Selling the car is a much better prospect with regard to being MF so I think it's what I'll do. Thanks