Can some good with a mortgage calculator work something out for me?

sazzy6

Hi all,

I never seem to have much luck with the calculators would someone who is savy with them chuck in some number and tell me how long it will take to pay off my mortgage?


1. Mortgage term remaining not sure
2. Amount outstanding - £63,466.02
3. Interest rate 2.98 (it is a tracker (0.98 above the bank of England one)
4. Overpayment? £500 into mortgage and £500 into savings
5. Monthly payments? £353.29 If someone has the time I would be very very grateful.

linz

Hiya,

I think you can do all that with this link. It's a really good calculator you can download to your desktop-found it in the sticky topics.

http://www.thismuchiknow.co.uk/?p=42

HappyMJ

sazzy6 wrote: »

3. Interest rate 2.98 (it is a tracker (0.98 above the bank of England one)

If it's 0.98 above bank of England one then its 1.48% isn't it?

sazzy6

HappyMJ wrote: »

If it's 0.98 above bank of England one then its 1.48% isn't it?

Yeah but it has a collar so this is the lowest it will go.

sazzy6

linz wrote: »

Hiya,

I think you can do all that with this link. It's a really good calculator you can download to your desktop-found it in the sticky topics.

http://www.thismuchiknow.co.uk/?p=42

Right I'm going to have a go - I honestly always fail with these, I'll let you know!

sazzy6

Well I can't believe it - I think I worked it out! WOW!

That is now saved on my desk top, thanks very much!

linz

Addictive isn't it? lol. I only downloaded it the other day & i'm already willing my next mortgage payment to come out so I can watch it drop haha