Repaying a little extra to reduce mortgage term

Drama_Queen

Hi folks
I am not very wise in things money....but have won back my bank charges thanks to Martin and his chums at CAG (you should go there!)...anyway, my question is, does anyone know how I can calculate the reduction in weeks/months/years to my mortgage term if I pay a little extra each month on a voluntary basis? Obviously it will depend on my interest rate, the outstanding balance and the type of mortgage (currently a repayment), but if someone has a formula I can use, then I would appreciate it.
I had to start all over in 2003 with a whole new mortgage all by myself following divorce, so had to do it over 20 yrs, which means I'll be a couple of months short of 65 before I pay it off and would like to pay it off sooner than that. My current balance is around £34k and I'm with the Chelsea - I had some credit problems because of bad debt within the marriage and having to take on such a lot after the divorce (including sole financial responsibility for 2 x University students, but that's another forum!)...so you see, I don't have many options open to me and had much less at the time I bought my house.
Thanks in anticipation.

metherer

Hi drama queen

I don't know the formula by heart, but if you can provide some details, I can have a look at work tomorrow. I work in mortgage admin and we have a screen where you can input details and find out how much you'd save etc..

If you're interested, I'll need:
Current balance
Term remaining in years and months
repayment or interest only
interest rate
and then some idea as to how much extra you'd like to repay, or how much shorter you'd like the term ro be, eg repay an extra £100 per month, or pay off by end of year 17.

Hope I can be of help,

metherer

double_d77

Drama_Queen,

This might help you mess about with some figures. Just key in your details and mess about with the overpayment function.

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

Dave