We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can't believe what a difference an OP makes!
Comments
-
Mortgage = £115,000
Interest rate = 5.49%
Term = 23 years
Repayment = £735.84
Total repaid = 203,091.80
Overpay by £50 and you knock 2 years and 9 months off the mortgage. Total repaid = (243 x £735.84) £190,959.10.
A saving of £12,132.70!
...save the £50 per month in an ISA paying 6% and it will be £23,769.07 in 20 years and 3 months.
Of course, you'll still owe £22,490.99 of that on the mortage but that is £1,278.08 more than overpaying.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards