Is this correct?

Rollinghills

If you take your monthly payment and pay that amount every week, now that would significantly reduce the term of your mortgage. Check for how interest is calculated and limits on overpayments if you're going to do that :-)

getmore4less

gorgeousgeorge wrote: »

I'm sure I can 'Google ' it ... Just thought I would ask on here 1st that's all.

would have been less typing and quicker.

gorgeousgeorge

Was copy and paste

getmore4less

now you need to go back to that facebook place and point out to everyone they have a idiot hanging around making impossible claims.

ACG

I think there is some overpaying here...
Get your monthly payment, divide it by 4 and then multiply it by 52.
Then get your monthly and multiply it by 12 - im assuming the above method is 1 extra payment effectively?

£100 monthly divide by 4 is £25 a week. Multiply that by 52 and its £1300.
£100 a month paid monthly is £1200.

So by paying weekly you are overpaying and so of course you are going to bring the term down.