End fixed Mortgage early worth it (how do i check)

minority

Hey people,

Just wondering if anyone can help me with a calculation so I can see if it worth ending my fixed rate early?

with Nationwide on 5.99%(5yrs) for originally £91000 and paying out £523 a month for 35years and overpaying £200 a month for last 2 years.

I have about 2 years left on the deal which I can easily afford and have no actualy worrys about cash flow for the moment but just wondering how I work out the settlement cost to potentual saving if i changed to a newer fixed rate or something else since some are down about 2.8% or so (we put down about 40%+ when we bought the house).

I would also probably go for a lower term (e.g 25years) due to the saving I would make and overpay by even more.

Money saving on mortgages over this stretch of time is just confusing me, plus with considering planning for a family it probably a good time to be thinking of these things.

getmore4less

Put the numbers into a calculator .

http://www.whatsthecost.com/mortgage.aspx

I use a set of those in browser tabs

In the first put the current deal.

In the second add the ERC and new mortgage fees and new rates to get the new payment.

In the third you copy the second but make the interest only payment the same as the payment on the first this makes it like for like.

If you look at the details it shows the outstanding amounts monthly.

Look at the fixed rate end date and see if 1 or 3 is the lower amount.