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Interest only mortgage overpaying
tonye60_2
Posts: 8 Forumite
I am trying to work out how to clear my interest only mortgage. I currently owe 33000, the mortgage is due up in march 2020. The interest only payments is 70 a month, interest rate is 2.5%. I am currently pay £680. To calculate my overpayments i worked out what a repayment mortgage would cost, i got this at £428, therfore by my calculations im overpaying by £252 a month, if this is correct i will clear all the debt in 4.3 years. Am i correct...
0
Comments
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looks right to me
sticking the numbers in a claculator.
http://www.whatsthecost.com/mortgage.aspx
£33000 @ 2.5% paying £680 takes 52 months, 7 years would be £4290 -
End of the tunnel is in sight! :beer::beer:0
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I hope so, if my sums are correct.0
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