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Additional principal payment - anyone doing this?
whyisnamealwaysunavailable
Posts: 9 Forumite
Hi, does anyone have any experience of paying extra on their mortgage but only on their principal amount? I've seen posts on social media to pay off mortgage sooner and I wondered if anyone had any experience?
1
Comments
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If you overpay you are effectively paying it off your principal. So yes this board is full of people that do that. If you look at the mortgage overpayments calculator on this site it will tell you how much paying even a small amount off can save you in interest over the term - either as an ad-hoc payment, regular or a combination.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/251
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