Can anyone help me work this out? mortgage total?

rover25

I am in a 2yr fixed rate of 3.99 until June 2011. Until the end of this year I am planning to overpay a little (special promotion where you can overpay on a fixed rate mortgage ending 31st Dec2009) each month. I am hoping to have my mortgage balance then to £170,000. For the next 1 and 1/2 yrs I plan to pay my mortgage payments of £795 per month (3.99%) and save £800 per month. At the end of the 18mths I plan to pay my saved total (800 x 18) into the mortgage total to bring the balance down. With interest added over the course of the 18mths and the saved sum to pay off, can anyone tell me what my new mortgage balance will be in June 2011.
Have tried working it out but not sure I'm doing it correctly, specifically adding the interest on.:o
Can anyone help. Thanks

rover25

Anyone please help me? Do I work out how much 3.99% is of 170,000 and add it on for the year and then get half of that and add again to make it 1 yr and half? and !! then take away mortgage payments and overpayments?

Mrs_Bumble

See if this will give you what you want, it is very clever!

http://forums.moneysavingexpert.com/showthread.html?t=1157173