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Overpayment Question
Zola.
Posts: 2,204
Forumite
Probably a silly question, but I will ask anyway.
Say you owe £150,000 on the mortgage. When you make the regular monthly mortgage payment of £500... it seems only about half of that comes off the actual debt figure owed, due to interest.
If you made an overpayment of £2000 out of the blue, would it be the same effectively, or would it knock £2000 off the total owed as its not in the standard mortgage timeline?
Say you owe £150,000 on the mortgage. When you make the regular monthly mortgage payment of £500... it seems only about half of that comes off the actual debt figure owed, due to interest.
If you made an overpayment of £2000 out of the blue, would it be the same effectively, or would it knock £2000 off the total owed as its not in the standard mortgage timeline?
0
Comments
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That would come off the total you owe.0
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If you enter your details on the mse overpayment calculator it will tell you how much interest overpaying by that amount would save you and by how much it would reduce your mortgage term.Outstanding mortgage: £23,181 (December 19)
MFW 2020 Challenge Member #10 0/£23180
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