25 Year Mortgage -Reduce It With Our Mortgage Overpayment Calculator
Most people believe you “have” to pay your mortgage off over 25 years. Nothing could be further from the truth as you are given the option at the start of your mortgage and that option to repay off your mortgage sooner and that option remains in place.
You probably cannot begin to imagine how many years you could shave off your mortgage by paying just a little bit more each month. A little more can save a lot more.
The beauty of our Mortgage Overpayment Calculator is that you can see immediately the savings you can make by overpayments. Okay you may not have given this any thought but let’s take a quick look at some figures to reduce your term.
We’ll take an arbitrary mortgage loan of 120,000 with a 6% interest rate over 25 years. Let’s say you can afford to pay an extra 50 a month off your mortgage. That extra 50 a month would reduce your term by almost 3 and a half years.
Everything is relative and 50 extra a month may be out of the reach of some but if you need any motivation to pay more think about this.
The majority of people regard their mortgage as a millstone around their neck that ties them to a job they don’t like. Paying off your mortgage almost 3 and a half years earlier could mean you retire at a younger age.
The good news is that you do not have to rely upon your mortgage lender to make life easier for you by reducing your mortgage term. Just use our Mortgage Overpayment Calculator and see the effect it can have on your mortgage.
Life is tough but for the sake of toughing it out with a little extra mortgage payment your life can be easier when you most need help, when you are old/er.
There is more good news as you can have the satisfaction of paying less money to your mortgage lender than you will do currently by not making any overpayments.
The mortgage lenders would rather you pay over a longer period so they make more money from you. So now you can gain control and dictate when you pay off your mortgage.
Another added bonus if you like by paying off your mortgage earlier is having the mortgage payments to spend during the 3 and a half years you would have been making your normal payments.
Use our Mortgage Overpayment Calculator as a fun way to see how you’ll live your life mortgage free. You’ll be surprised at the difference it could make to your life.
If our Mortgage Overpayment Calculator provides fun using it, think of the fun you’ll have being mortgage free. Go and try it out now.