need help with MFW calculations

eodbazza

In April 2009 my OH and me purchased our first house at the age of 38.
we have saved well for a many years had put £60000 down leaving a £62000 ballance owed on a mortgage over a period of 15 years. I have a 3 year fixed with C&G and the repayments are £534.
The question is this i am currently doing a £100 overpayment and at the end of the three year period I will be getting £35000 cash from an investment( which i will pay off most of the mortgage) if i keep the repayments the same £634 roughly how long will the mortgage run and how much savings in intrest repayments. thank you for you help i need the information to convince OH this is a good idea.
( i would hope to have it paid in 5 years :j)

LilacPixie

What interest rate are you on at the moment, when does the 3 year deal actually end? WHat will be your projected interest rate then?

I usually play about with the snowbals on http://www.whatsthecost.com/default.aspx to give rough ideas and have downloaded this http://www.thismuchiknow.co.uk/?p=42 to play with.

dimbo61

Top ISA,s are only paying 2.8% tax free and few savings deals are beating 3% after tax so if you can ( depending on your mortgage rate and the limit on overpaying !) try and overpay the mortgage as much as possible as this will save you whatever interest rate you are paying TAX FREE.
Well done on the big deposit and taking a short term.
Consider reducing this in 3 years