rubbish at maths...

curlytop12

hope this is possible to answer! thanks in advance.
currently have a repayment mortgage on 3.99% interest,mortgage loan is at £58,000 and i pay £351 a month.if i took a new mortgage with same interest rate but paid £100 more a month,how many years would this take me to pay it off?

cepheus

you could just try plugging different figures on the repayment calculator on the right.

I get 14 years at £451 per month rather than 20 years at £351 a month

http://www.moneysupermarket.com/mortgages/calculator/

curlytop12

wow,5 years difference! thank you so much,

InsertWittyName

I make 20-14 to be 6 years.

Guess you were accurate in the thread title

Joe_Bloggs

I make it quarter past eight.
J_B.

Morgage_Confused

you dont need to take a new mortgage to overpay. just to clarify as you imply from your post that you might need a new mortgage with an overpayment facility.

just overpay your existing mortgage. the figures are correct....you can shave years off a mortgage by overpaying.

Sammie_UK1

Check out this mortgage overpayment calculator:

http://www.creditmarket.co.uk/mortgage-overpayment-calculator/

Overpaying really is the best way to clear your mortgage quicker and for cheaper too!