How 2 pay off £170,000 in 10 yrs

desperatedave_2

Got £170k to pay off on 5.5% looking at paying this off in 10 yrs time. We have reduced mortgage by £5000 in 2 yrs with over payments. To reach our goal what overpayments would be required.

Teacher2301

Try to go to your mortgage company's website (or one of the mortgage providers - any will do) - they usually have a calculator or something that asksyou how much you want to borrow and how much it costs- put in your figures and time scale and they will tell you how much to pay - take away what you already pay and you have your overpayment figure - very crude way iIknow but gets and answer.

phizzimum

there are lots of mortgage overpayments calculators in a sticky at the top of the page...great fun!

Cazzdevil

Try this free software, I've found it quite useful as you can tap in overpayments in two ways - it will either tell you by how much you can reduce your term with a specific overpayment, or it'll tell you how much you need to overpay by in order to clear your mortgage within a specific time period. It's fun just playing around with the figures.

It's a limited trial though, you're only allowed to use the program 10 times.

Jonbvn

Hi,

You can download an excellent mortgage calculator from:
http://www.hsh.com/calc-amort.html

You haven't mentioned the term of your current mortgage. I assume it is a repayment mortgage?

However, using the above calculator I get the following figures:
25 year term @ 5.5% = 1043.95 pcm
15 year term @ 5.5% = 1389.04 pcm (Say 350 pcm overpayment).
10 year term @ 5.5% = 1844.95 pcm (Say 800 pcm overpyament).

Rabiddog_2

that site is yank .. so be aware of that

Jonbvn

Rabiddog wrote: »

that site is yank .. so be aware of that

So what? It works in the default currency on your system. Is interest any different in the US than the UK?

getmore4less

desperatedave wrote: »

Got £170k to pay off on 5.5% looking at paying this off in 10 yrs time. We have reduced mortgage by £5000 in 2 yrs with over payments. To reach our goal what overpayments would be required.

Insufficient information to answer the question.

The total payment would need to be around £1845.

Jonbvn

So based on the OP, you need to clear your mortgage of 165k @5.5% in 10 years.

Cannot tell you what the overpayments are, since you have not told us what your current payment amount is. However, from my calculator the total payment per month would have to be GBP1790.