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Overpayment Question
Zola.
Posts: 2,204 Forumite
In a few months time (after our wedding), we will be in a position to start overpaying on the mortgage.
I have been doing some playing about on a calculator https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/
The terms of my mortgage state that any over-payments need to be over £1k at time, I cant send an extra £250 a month for example.
The calculator seems to favour the regular overpayments in seeing the projections for over the years.
Would the projections still be the quite similar if our extra £250 a month was instead paid as £1000 every four months?
I have been doing some playing about on a calculator https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/
The terms of my mortgage state that any over-payments need to be over £1k at time, I cant send an extra £250 a month for example.
The calculator seems to favour the regular overpayments in seeing the projections for over the years.
Would the projections still be the quite similar if our extra £250 a month was instead paid as £1000 every four months?
0
Comments
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Use the MSE one! You can add a regular quarterly overpayment.
http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculatorMortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
Total OPs: £295290 -
Tropically wrote: »Use the MSE one! You can add a regular quarterly overpayment.
http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
Ahh, that's much better! Thanks :beer:
With my projections of £1k extra every 4 months I could have the mortage cleared 10 years earlier :eek: :cool:0 -
It's so encouraging to see what overpaying does to your mortgage isn't it; Keep accountable and good luck
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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