Mortgage one off overpayments

lucylema

Hi, I wanna be mortgage free as soon as possible. I would like to add £500.00 to the standard payments i already make but would it seriously affect the total mortgage if this didn't happen every month?

Peelerfart

Depends on the mortgage balance outstanding and the frequency of the op's

SAHD_Jim

Depends on your balance, frequency of overpayment, mortgage rate and your definition of "seriously"

But think of it like this - if you overpay £500 just every other month on average, this is £3000 per year extra capital paid off. Plus there is the saved interest - at a 4% rate, every £500 paid off is saving £20 a year interest (ignoring compounding). Over 5 years or more this can "seriously" add up.

Phelpsie001

I'd say so, but agree with t'others