Reducing mortgage settlement figure in 3 years

Miss_Kitty_Fantastico · 1 February 2008 at 8:18PM

Hi everyone

Please be gentle with me as i have never used this board before :rotfl:

My OH and I have just had a lightbulb moment and realised that instead of saving all our money for a rainy day and deposit for a larger house in 3 years we should be paying it into our mortgage.

I have used the mortgage overpayment calculator and we are over the moon with the result. However what i want to know if if we make that extra payment for the next 3 years how much we would need to pay to settle the mortgage.

Does anyone have a calculator that i could use? The overpayment calculator only tells me we would be mortgage free in 10 years.

Apologies if this is the wrong forum - i know we wont be mortgage free in 3 years but it would allow us to get a family home which we would then start the same process on.

Thanks in advance.

a_m_travis · 24 August 2010 at 4:12PM

Did you have any response to this. I'm looking for a similar thing, the only difference is i'm overpaying to get it paid off in 3 years 8 months and would like to know the figure next year?

greent · 24 August 2010 at 4:26PM

If you put your figures in a spreadsheet (I use financial bliss's which can be found on this board, but there are others) you can put in the payments monthly (with OPs) and see what the balance will be in X years, X months etc.