Query about overpaying

keyboard

Hi all

Has anyone used martins mortgage overpayment calculator ? I just did and am not sure that it's working either that or i don't understand.

My figures are

95602.19 - mortgage

24 years remaining

regular payment 531.88 plus 200.00 overpayment a month. The calculator reports that i would save 24,386 pounds and pay off my mortgage 9 years and 11 months early.

HOWEVER, if i also add a one off payment of 2500.00 the calculator tells me i would have saved 26, 517 and paid it off in 9 years and 11 months.


My question is that if i subtract 24,386 from 26517 that gives me 2131.00 which is less than that 2500.00 one off lump sum i paid. I was expecting a much more significant difference. I was expecting the difference to be much more than my 2500.00 one off payment.

As you can probably tell, i'm confused about all of this, can anyone help clarify please.

Cheers

keyboard

Imma_Number

The 1st example pays off 9y *5* months early
So with the 2nd example paying off 9y 11months early that's 6 months of not paying 531.88 as well.

keyboard

Hi Imma

Thanks, that helps, i had overlooked that part.:j

Cheers