reduce term or overpay?

niceshoes_2

Yes I guess I did - just needed some guidance I guess - I still find that I do that with my mum - If I need assurance I still run ideas by her and I'm 26 - old enough to stand on my own 2 feet now!!

humfer

Would try and do a bit of both if you can manage it. Would reduce the term to the lowest you can comfortably afford for the monthly payments. If its a flexible mortgage and your able to make either monthly or annual payments I would try and make these when possible as well. I'll dig out a website amortisation table I found last year for you to have a play with and see what best works for you..

humfer

Here it is..

http://www.loanbright.com/edirectlending/calc_amortization.html

save-a-lot

Hi

Here is another calculator, enter the details of current mortgage and enter the details of the new mortgage including fees and it tells you how long in months it will be before you will feel the benefit of remortgaging. I have played with this and on short term deals I have seen this calculator return figures like 60 months before a benefit of remortgaging kicks in - and this is on 2 year deals... very useful tool to ascertain whether you are really saving or not... here it is - remortgage calculator

humfer

save-a-lot wrote:

Hi

Here is another calculator, enter the details of current mortgage and enter the details of the new mortgage including fees and it tells you how long in months it will be before you will feel the benefit of remortgaging. I have played with this and on short term deals I have seen this calculator return figures like 60 months before a benefit of remortgaging kicks in - and this is on 2 year deals... very useful tool to ascertain whether you are really saving or not... here it is - remortgage calculator

These calculators are great - only when you see the amount of interest you could save or the number of years you can take off your mortgage does it really spur you on to go that extra mile to make the savings