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Overpayment calculator - error?
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YorkyGal10
Posts: 22 Forumite
Hi
Is anyone else having difficulty with the overpayment calculator. For example if I enter my info and try to calculate an overpayment of 10% each month the calculator tells me I'd pay my mortgage off in just over a year. As much as I wish that was true I know it isn't.
Details: £90k left, term is 10 years, int rate is 3.34%. When I select pay 10% each month overpayment it calculates I'll be mortgage free is just over a year. Am I doing something wrong?
Is anyone else having difficulty with the overpayment calculator. For example if I enter my info and try to calculate an overpayment of 10% each month the calculator tells me I'd pay my mortgage off in just over a year. As much as I wish that was true I know it isn't.
Details: £90k left, term is 10 years, int rate is 3.34%. When I select pay 10% each month overpayment it calculates I'll be mortgage free is just over a year. Am I doing something wrong?
0
Comments
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Yes, very simple.
% - percentage of your total outstanding mortgage balance.
I assume you want to make an overpayment of 10% of your usual payment, opposed to 10% of balance?0 -
Aaahhhh! Yes, that's it. Thank you.
1
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