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Can anyone brainy help?!

Alibrad
Alibrad Posts: 4 Newbie
in Mortgage-free wannabe
Hello all,I have a dilemma. I have a mortgage with the 'one account' (one of the savings offset mortgages) I did owe £70,000 at year 1. My repayments should have been £475.00 but I started paying £500 so now at the beginning of year 2 I owe £68,821.I have now upped the payments by 5% to £525 per month. My question is this,If I keep upping my re-payments each year by 5% when would I finish paying the mortgage? (assuming that my interest rate stays at 6.6%)I did get in touch with the mortgage company but even the poor chap on the other end of the phone could not help. It sounds easy but both myself and hubby have ended up tying ourselves in knots trying to find out the answer! I have tried numerous calculators but still with no joy.Can anyone help?

Comments

  • bandraoi
    bandraoi Posts: 1,261 Forumite
    A preliminary calculation in Excel seems to say about year 14.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    I would agree with bandrai.
  • Alibrad
    Alibrad Posts: 4 Newbie
    Thank you for the above replys.Have been trawling the site since before I posted the thread and have found something that also gave the answer of 13 to 14 years. Now hubby has decided that he wants to move to a bigger house in a year or two.I think divorce will be the next thing I look for!!!Thanks againAlibrad.
  • silvercar
    silvercar Posts: 50,752 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    egg mortgage calculator allows you to enter monthly over payments.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • goldmercury
    goldmercury Posts: 145 Forumite
    here is the link to the egg calculator, very usefull
    :money: IT Geek & Martin Wannabee :money:
  • ormus
    ormus Posts: 42,714 Forumite
    the motley fool website has a great loan calculator.
    great advice on mortgages too. an extremely good site all round.
    Get some gorm.
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