Newbie, advice needed to be a MFW

Assistant

Good evening

I have a 6400 mortgage with a 20 year term,19 remaining.

I am on a 5 year fixed rate , monthly payments 400. I have overpaid 250 each month since the start .
According to the over payment calculator on here , if I continue to over pay, my mortgage will be paid off in approximately 10 years, half the term.

Is it that simple? I am allowed to over pay up to 500 each month.
Do I need to contact my mortgage provider for any reason regarding early payment.

First mortgage and very Green about the whole thing....
Many thanks

Calfuray

Although I am a newbie too, I thought I'd come post since you look lonely with no answers!

I *think* you can pay monthly with no problems, the only thing is to check how the payments are affecting your mortgage, are they reducing the term or the monthly amount?

But I'm sure somebody wiser will be along soon

Sepa74

Hi assistant, yes it is that simple

The more you overpay the sooner your mortgage will end and the more money you save in reduced interest charges.

Not sure what happens you actually make the last payment as I'm still busy paying mine off... I have a looooong way to go!