Help with planning and keeping going....

freddykrueger

I have previously signed up fo MFW but fell by the wayside especially as I didn't know how to translate my new offset mortgage into the MFW challenge

Anyway here are the facts and figures but what I would like to find is a calculator somewhere that will tell me roughly how long it will take to pay off my mortgage :beer:

Mortgage balance outstanding circa £80,000
Offset saver balance is £44,000

Therefore only paying interest on roughly £36,000 of the mortgage - monthly payment is £536 and on top of this I am adding money to the offset saver each month of approx £720. Length of mortgage is about 17 years left.

Can anyone help or point me in the right direction?

M0ney

Just did a fag packet calculation...

You've got £36,000 to go saving at £720/month it would take 50 months, of course it will be quicker than that though because you are paying off some of the principal too, we'd need the interest rate of the mortgage to make an accurate calculation but I'd imagine somewhere between 3-4 years if you keep doing what you're doing.