paying off mortgage

trailingspouse

I'm wanting to pay off my mortgage as quickly as possible, and currently I'm overpaying by 50%. I could afford to overpay by 100%.

For ease of calculation, lets say the actual mortgage is £1000 per month. The mortgage has 14 years left to run. If I start to overpay by 100%, making my monthly payments £2000, am I right in thinking that we will have it paid off in 7 years rather than 14? Or isn't it as simple as that? Am I missing something?

7 years would coincide with OH's 65th birthday, which would work out very neatly.

muhandis

By doubling your monthly payment, your mortgage would be paid off in less than half the current term, so well before your OH's 65th birthday.

For the exact figures and when the mortgage will be paid off, put in the relevant numbers in the MSE overpayment calculator here http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator .

trailingspouse wrote: »

I'm wanting to pay off my mortgage as quickly as possible, and currently I'm overpaying by 50%. I could afford to overpay by 100%.

For ease of calculation, lets say the actual mortgage is £1000 per month. The mortgage has 14 years left to run. If I start to overpay by 100%, making my monthly payments £2000, am I right in thinking that we will have it paid off in 7 years rather than 14? Or isn't it as simple as that? Am I missing something?

7 years would coincide with OH's 65th birthday, which would work out very neatly.

trailingspouse

Many thanks - it's even better than I thought then. That doesn't happen very often!!

I will input the exact figures into the calculator and then start planning the party.

getmore4less

You should also look at your interest rate you may be able to optimise further.

chanz4

check your documents a lot only allow 10% a year without heavy penantly