Clearing off Mortgage

B

Bedlam

Registered User
Messages
275
I have 11 years left on my mortgage and was going to increase the monthly repayment by €254.00 (ssia amount). Would this knock 3 years off my term?

Thanks


Bedlam
 
Impossible to say without details of the amount outstanding
 
Sorry about that the amount outsatnding is 130,000 and I am currently paying 1200pm


Thanks

Bedlam
 
According to my rough calculations, that would take 2 years off your mortgage and save you about 6 grand in interest
I assumed a rate of 4.5%
 
Thanks for the information, by how much would I need to increase the repayments by to clear the loan in 3 years please.

Regards

Bedlam
 
The calculator tells you all this. Without even using the calc, if you want to pay off a 130,000 loan in three years I would guess you would want to be paying about 2,000 extra per month along with your normal mortgage payment.
 
Sunny

I tried using the calculator but had no luck as I think my anti virus checker blocks a lot of stuff on me.

I was looking to reduce my term by 3 years from its current 11 years not clear it within 3 years. Thanks for all your help anyway

Regards


Bedlam
 
Bedlam said:
Sunny

I tried using the calculator but had no luck as I think my anti virus checker blocks a lot of stuff on me.

I was looking to reduce my term by 3 years from its current 11 years not clear it within 3 years. Thanks for all your help anyway

Regards


Bedlam
Click to expand...

No worries. Using the same presumptions as Andy above, I reckon you need to be paying about 370 extra per month
 
You'd need to overpay by approx. 450 to reduce it by three years
 
You must log in or register to reply here.
Back
Top