Ambitious MFW

CathT · 3 July 2011 at 8:45AM

AnnaBeth wrote: »

Good morning,
Really pleased with yesterdays overpayment we've made £4,049.03 since October last year which has reduced our monthly payments down from £853.39 to £830.87.

:j

AnnaBeth wrote: »

Just checked overpayment calculator and with our overpayments which don't feel as high as they should have been, (seems I've gone to pleased with myself and can do better in minutes!) we have saved £5,677 on interest alone which is pretty good.
Haven't saved any years off the mortgage but the last year has £9,515 due more before overpayment so saving there too.
This is a game which you can't really loose as anything helps!

I may have read this wrong (and someone please correct me if I'm wrong) but if you are making OP's and reducing the monthly amount you won't reduce the term. When I made my first one I asked them to keep the DD the same. If you are going to automatcally pay the difference between the 830 and 853 figure then it will reduce.

AnnaBeth · 3 July 2011 at 8:55AM

CathT your completely right, up too early and confused!!! Thank you thought it looked different to other calculations, we are paying off capital not reducing the term.

CathT · 3 July 2011 at 8:59AM

My standard payment is £690 but I think i'd only need to pay about £680 due to the OP's I've made. I've kept it the same so I guess each month I automatically OP £10 without trying. I want to knock another 5 years off my mortgage term so lots of work to be done!