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New here need some advice
natalieho
Posts: 507 Forumite
Hiya, ive looked at the calculators but not sure how to work out how much overpayments would reduce my morgage we currently have about 128k over 20 years any help would be appreciated. I was thinking over paying 50.00 per month as we cant afford any more than that, is that enought to make a difference?
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Comments
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This is the one i used http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html - you just put in your £50 for the regular OP. I think it should be well worth while!
Good luck!
PO xx
2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
But now I'm not - (Joint) Mortgage £104704.New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%No 17 Lewis Lane0 -
In fact I just tried it with a notional interest rate of what was in the calculator and it reduced your mortgage by 2 years ad saved you £8715! Must be worth doing!!!2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
But now I'm not - (Joint) Mortgage £104704.New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%No 17 Lewis Lane0
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Thanks very much def worth doing x0
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