Working Out MFD - Possibly Stupid Question!

Hi all,

I downloaded the fabulous Mortgage Repayment calculator by Chris Gamlin (haven't got the original link, but it's on here) and I'm working out overpayments and the like to work out our MFD.

The question I have is, what is my MFD? Do I use the date that our original term is (30 years! :eek:) or do I use the date that I've worked out on here, even though I'm basing it on the interest rate we are paying now (a super low 2.5%)

Any advice would be great.

Thank you :)
:DDEBT FREE SINCE 25.07.14! :D
Debt at Highest (November 2010) - circa £40k

Replies

  • dimbo61dimbo61 Forumite
    12.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    I would take the date you have worked out BUT you will need to adjust it when rates do start to rise if your not on a fixed rate deal
    Simple
  • dimbo61 wrote: »
    I would take the date you have worked out BUT you will need to adjust it when rates do start to rise if your not on a fixed rate deal
    Simple

    IF they rise? No, no, no - they are going to stay like this until.......*checks MFD* December 2025! :p

    Thanks for the response. That means we could potentially knock off 8.7 years
    :j Just need to make sure we can overpay as much as we can without struggling
    :DDEBT FREE SINCE 25.07.14! :D
    Debt at Highest (November 2010) - circa £40k
This discussion has been closed.
Latest News and Guides