when does your mortgage really start to come down?

I'm not currently in a postion to overpay as I am getting SMI due to being out of work. Once I get a good job again I will be ready to start over payments. (hopefully soon!!!!!)

I bought in 2008 for 113k. had a good deposit saved so my mortgage was for 86k. I have been making the regular payments and doing a little extra overpaying when i have been in work (we are talking about 1k since 2008; not much).

I checked my balance today and it stands at 76.5k. It's a bit depressing to have been paying the mortgage for four years (on a good tracker rate) and it has only reduced by 10k. when do you start to see more of a reduction in the total owing? i understand that the first few years of the term don't make much of a dent on the total balance... when does this start to change?

can someone put a postive spin on this for me?!


  • Use this calculator (beware, it makes for depressing reading for the first half of your entire term!!!):


    On my 38 years to go product, if I continue to overpay by £50 a month (which I have been doing for the last year now) I get the following result from the calculator:

    Overpaying would save you
    £31,339 in interest alone,
    and mean you pay it off in full
    8 years and 4 months earlier.

    Gives you a good kick up the !!!!!
  • PeelerfartPeelerfart Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    It is often (and best) referred to as "A marathon, not a sprint".

    Pay what you can when you can and I promise you it makes a difference
    Space available for rent
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    The first five years or so are you just paying off interest on your mortgage and very little capital. Once you've made inroads, the becomes increasingly large as a chunk to overpay until you end with almost all capital being paid off every month and only a small amount of interest.
    That's why (thanks to dannym's figures) overpaying from the word go is so effective.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals