Let me come straight to the point. You do not have to period your mortgage over 25 years. When you are setting up your mortgage at the outset you are given an option of how many years you wish the mortgage to be paid over.
Despite what mortgage lenders or brokers would have you believe the conventional 25 year mortgage repayment term is not set in stone. You control the term and the payments at all times.
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.
Imagine how you’d feel if your mortgage lender told you they was going to cut off 3 and a half years from your mortgage so you could enjoy more of life.
Naturally your mortgage lender is not going to simply cut 3 and a half years off your mortgage but you can if you want to. You can get rid of the millstone around your neck so much sooner than you think.
We rounded off the mortgage interest rate, amount and term but you can play around with the figures until your hearts content. It is free to use and as easy as entering a few numbers in boxes.
You don’t have to be a mathematician to use our calculator as all you need do is insert a few figures and the calculator gives you a readout of how many years you can shave off your mortgage term.
The mortgage lenders are always thinking of ways to extract money out of you so here’s your chance to get one over them.
There are so many advantages to using our Mortgage Overpayment Calculator. You can use it for business loans, personal loans and of course mortgage loans.
All you have to do once you have used our Mortgage Overpayment Calculator is think how you are going to spend the mortgage payments that you don’t have to pay for the 3 and a half years you save.
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.
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