Clearing off Mortgage

B

Bedlam

Registered User
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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
 

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
 
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