Help needed re:mortgage overpayments!!

kentlass_2

I need some help please!
I have been overpaying my mortgage for months and have been reducing the term. At the end of the mortgage life of two years I was in a position to pay off the outstanding balance, which I have done.
So I started with 41K .Over paid 4500. and paid 8k in monthly repaymnents. (approximate figures)
I have now paid off 34k as a lump sum..... how did I only pay off 7k from the original amount borrowed!!?????
Please help me... where did my money go?

Robert_Sterling_3

You started with £41,000. Was that at the begining of the two year mortgage period or at the end of the two year period?

getmore4less

What was the interest rate?

kentlass_2

I started with 41 and ended up with 34. intrerest rate of tracker -0.13%.
Thanks for your help!

getmore4less

What was the base rate when you took out the loan what was the original term and payment?

kentlass_2

Base rate of 5.37%, Started with 22 yrs and 5 months and got to 17 yrs and o months!. The base rate did change during the 2 yrs... up to 6.19%. Starting paying £254 ish.
Thanks again.

getmore4less

Ok using a calculator give

http://www.whatsthecost.com/mortgage.aspx

£41k 18y 5.37% is about £265pm so lets go with that

£265*24= £6360 so a bit less than the £8k you say(£333pm) you paid over the 2 years.

Overpayments £4500/24 = £187.

using you £333+£187 is £520pm putting that into the calculator and looking for the amount left after 24 months gives £32,493.79 which is lower than your number but you do say the interest rate went up.

Using the lower £265+£167 £432 gives £35,226.95 higher than your numbers.

Remember that there is interest to factor this will eat up approx £200pm for a lot of the time..