Can someone do me a quick mortgage calculation?

theartfullodger

Thanks m_13 !!

What a useful wee site https://www.drcalculator.com is !!

Cheers

Artful

m_13

I love it! I'm always on there tweaking overpayments. Of course, you actually have to make the overpayments to feel virtuous!

Of course every bit of capital you pay off early reduces your overall interest bill. It's awful to look at the repayment chart by month and see how little you are paying off at the beginning as it's nearly all interest.

ray123

I would pay it off the mortgage and make max over-payments permitted.
If you are a basic tax payer, you actually need to find an account that pays 6.11%, which is 4.89% net.
Here is a useful article: http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

puddy

ahhh, thats exactly what i needed to know. well the amount can be paid off (up to 25%) as part of the porting, but after that, i cant continue to pay my 560pm because the monthly repayments will then only be around 420pm, meaning that i can only over pay 5% per year of the yearly amount (i think) so 4x12 = 48, means i can probably only over pay about 250 quid max a year on top of my repayments, but never mind because i could put the extra money somewhere else in the meantime.

i used some mortgage calculators over on the mortgage board (not smorgasboard) but worked out that the interest saved over 14 years or whatever i have left, would be about 6K, so not sure why you've said 11k?

i really cant work all this stuff out.