mortgage free

jackiegibbo

hello everyone i took out a mortgage of £123,000 with the nationwide in july 2005 at a 2yr rate of 4.74% and i will then shop around to change providers. I would love to be mortgage free in 10 years (dreaming i know)!! how much on top of my monthly payments do you think i would need to pay, ive looked at the mortgage calculators online but they seem to make my computer play up

payless

I could post figures, but depends on whether you assume 10 yrs from now, or 7/05
current balance , likely interest rates
( so bound to give aslightly incorrect figure)

Why not use the calculators and base it on a 10 yr mtg -- the difference between that amount & what you are paying is the required over payment ( assuming daily interest/ no penalties for overpaying)

jackiegibbo

payless wrote:

I could post figures, but depends on whether you assume 10 yrs from now, or 7/05
current balance , likely interest rates

Why not use the calculators are base it on a 10 yr mtg -- the difference between that amount & what you are paying is the required over payment ( assuming daily interest/ no penalties for overpaying)

i will give it a try thank you