Overpayments one off or monthly ?

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I'm looking at overpaying on my mortgage, but cant work out if overpaying £200 a month or a £2400 one off payment a year every year is better ?.
Calculators dont help with this 😩 so any help would be much appreciated.🤞
Calculators dont help with this 😩 so any help would be much appreciated.🤞
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So it depends on when you're making the one off payment.
But with the present climate i was thinking i would be better of paying monthly then if i need a break it should be no problem as i've overpaied?
I cant find anything to say this would continue to happen year on year.
I too believed monthly payments would lower the interest quicker but it doesnt seem so ????
It's all based on the balance at any given point. Basically, if you have spare money and won't be charged an ERC (and can't make more interest on savings than you're paying on the mortgage), pay if off your mortgage as soon as you can.
Smaller loan less interest.
The difference between monthly and up front is roughly
Rate * lump amount/2
Eg for 2% rate on £2400
0.02 * 2400/2 = £24.
Upfront saves £48 monthly saves £24
Year 2 that £2,400 saves £48. Does not matter when you paid it.
If you had £2400 debt and paid it off you would pay no interests.
If you paid £200pm you would still have a debt at the end.
2019: £16,125/£16,125
2020: £14,172.64/£14,172.64
2021: £12,333.62/£12,333.62
2022: £10,626.55/£10,626.55