Premature, but hey, you inspired me!

Eels100

Hi all!

I haven't even paid the first instalment of my mortgage yet (don't move til a week on Friday!) but I'm full of enthusiasm and my overpayment pig is almost full already :T

We've actually decided to spend whatever comes out of it (if and when we find out how to open the blimmin' thing!) on something nice for our new home (rather than something ultra-cheap-and-basic like everything else in the house ), but then we'll be starting on the overpayments.

Am I right in thinking that the more I overpay now, in the early years, the more interest I'll save? Any links to a calculator so I can illustrate this to my slightly less MSE OH?

Broken_hearted

yep well done and good luck in your new home.

youreds

Eels100 wrote:

Am I right in thinking that the more I overpay now, in the early years, the more interest I'll save? Any links to a calculator so I can illustrate this to my slightly less MSE OH?

Have a look here for my spreadsheets. Intended for use as an offset/savings comparison, you can just use the left hand part in yellow, which is unaltered from the M$ template. Just plug in an extra monthly payment & watch that term reduce.

Youreds!

lowedb

Eels100 wrote:

Hi all!

We've actually decided to spend whatever comes out of it (if and when we find out how to open the blimmin' thing!) on something nice for our new home (rather than something ultra-cheap-and-basic like everything else in the house ), but then we'll be starting on the overpayments.

Not a bad thing to do, to treat yourself now and again as an incentive to keep overpaying, but don't forget that it's better to pay now and use the money you save by doing it to treat yourslef. This stops you getting into the habit of using the mortgage pig as a treats pig.

Eels100

youreds wrote:

Have a look here for my spreadsheets. Intended for use as an offset/savings comparison, you can just use the left hand part in yellow, which is unaltered from the M$ template. Just plug in an extra monthly payment & watch that term reduce.

Youreds!

That, my friend, is exactly what I was looking for - thank you! :beer:

And lowedb, I totally agree, but OH is of an 'I earn it to spend it' mentality so I'm working on the principles of small steps and compromise! :cool: