Pay off my mortgage in 10 years?

rammelino

Hi

Bear with me whilst I give you a few details

We took out a mortgage for £62,000 in 2001 and are just coming to the end of an uncompetitive (5.89%) 5 year fixed rate deal with C&G. We are currently paying £400 a month and at the end of last year we had an outstanding balance of £56500.

I've turned 30 this year and my dream is to be mortgage free by the time I'm 40. If we get a new rate of, say 4.5%, can any clever financial people out there tell me roughly what we might pay a month if we reduce the mortgage term to 10 years?

Any other advice from people who are trying to pay off their mortagage as soon as they can would be appreciated

Thanks in advance

homer_j_3

about 585 per month

titewad_2

and 56 pence

delluver

rammelino wrote:

Hi

Bear with me whilst I give you a few details

We took out a mortgage for £62,000 in 2001 and are just coming to the end of an uncompetitive (5.89%) 5 year fixed rate deal with C&G. We are currently paying £400 a month and at the end of last year we had an outstanding balance of £56500.

I've turned 30 this year and my dream is to be mortgage free by the time I'm 40. If we get a new rate of, say 4.5%, can any clever financial people out there tell me roughly what we might pay a month if we reduce the mortgage term to 10 years?

Any other advice from people who are trying to pay off their mortagage as soon as they can would be appreciated

Thanks in advance

You might like to try this clever little calculator:

http://www.forgemill.co.uk/offsetornot.xls

Delluver