Paying off mortgage

persimonpete

I have 11 years 3 months left paying my mortgage at the current rate. It's a tracker mortgage, with Nationwide. I have £20,000 spare cash, should I pay off some of my mortgage with this? The building society say, that if I do this and continue paying my current mortgage payment (£455 per month), my mortgage would finish in about 5 1/2 years time. However, there would be a £330 one off payment to do this. I have no other debts at all. Can you tell me what I would save in interest and whether it is worth doing?

scottishsuz

You'll probably save wads of interest, way more than £330, but you need to give a few more figures to be certain. There is a simple spreadsheet kicking about this site which would give you the best idea.

Edit; found it http://www.vertex42.com/ExcelTemplates/excel-amortization-spreadsheet.html Just ignore the dollars signs.