Mine has gone down by £277 a month but I am overpaying while I can to make the most of it. First bit of good news this year!
Thankss Minki
I am not usually that sensible! But it feels really good to be doing something useful with the money! Does making overpayments make a significant difference to your mortgage balance?
Oops!!! I meant gone DOWN!
Well done for making the overpayments and not just keeping the cash. x
Unfortunately, I’m on a fixed rate!
(I work in the mortgage business and I didn’t see that coming! bums!)
Well done for making the overpayments and not just keeping the cash. x
Unfortunately, I’m on a fixed rate!
(I work in the mortgage business and I didn’t see that coming! bums!)
References :
My first has stayed stable (fixed mortgage at 4.875% for 15 years), while my HELOC has dropped quite a bit (about 1/3). And before anyone worries bout the HELOC, it was used to buy property for a retirement home and the property is still worth (even after the recent slide) about 75% more than I bought it for.
Edit (added):
Yes, making extra payments will save a ton of interest and obviously pay off the mortgage earlier – check out this calculator to see how much the difference would be:
http://mortgage-x.com/calculators/extra_payment_calculator.asp
References :
Most people have FIXED rate mortgages, so their payments have not changed at all – you better refinance for a fixed rate before the rate goes back up and your monthly savings disappears
References :