Mortgage overpayments

shonafraser

Can anyone tell me as I do not have a mathematical head.
If you had a new 30 year mortgage of £152000 with an 2 year introductory rate of 1.34% then for the remaining 28 years is 3.74% and you made a £100 overpayment for the first 3 years how much would you actually save?
I am trying to convince someone it is better to have that small monthly overpayment now rather than years down the line.
Sorry if this is a silly thing to ask?

shonafraser

oops forgot to say £100 overpayment every month for the first 3 years....can nobody help?

newgirly

Hi, my spreadsheet won't let me change the interest rate, if the rate was 3.74 for the whole term the £100 overpayments would knock 14 months off the term, paying 100pm after 20 years of the mortgage running-still for 3 years would knock 7 months off. That's the best example I can do!

Welshlassie

Try playing with this calculator it should give you the answer

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&sqi=2&ved=0ahUKEwjnp-OWlqTVAhVDC8AKHfdmCmQQFggiMAA&url=http%3A%2F%2Flocostfireblade.co.uk%2F&usg=AFQjCNEp3HKFnKQnGhw--M06l77DzarbLA

shonafraser

Thanks Welshlassie but I must be too stupid for this. When I opened the spreadsheet it just lloks like a normal one and I don't know how to use it