Overpayments - Projecting Balance

sequin123

Hi

Just a quick question

I have used jeacle to project what my mortgage balance will be in 2 years based on my current interest rate (fixed). I now want to know what the balance would be in 2 years if I were to over pay £100 per month. Is it as simple as 24 x £100 to be subtracted from the balance I got from jeacle?

Thanks

abouttimetoo

Hi Seaquin

I'm just giving you a bump as the board is quite busy at the mo. I'm sure there is a mathematical way of doing it but for ease and quickness I would use a mortgage overpayment caluclator. There are a number of them on the sticky at the top of the board and the Egg one is pretty good to as it's easy to use and you can combine both monthly OP's and lump sums.

It also sounds like your savings account is a withdrawn product so I would give them a call to see where you are as it's very likely that you no longer have that rate and it will have dropped back to a very small interest rate

Good luck