Soldato
- Joined
- 6 Sep 2016
- Posts
- 13,140
Say house is £125,000. £40,000 deposit, so £85,000 mortage
20 year mortgage £442 per month
25 year mortgage £372 per month
30 year mortgage £327 per month
You can pay 10% off per year on the remaining, so would it be better to go for 20 year mortgage paying more per month, but have less saved. Or to go for 30 year mortgage, and have more saved. And then pay large lump sum to pay the mortgage off early.
Or with either, pay off 10% extra per year.
Say if income is £1400 a month after tax.
20 year mortgage £442 per month
25 year mortgage £372 per month
30 year mortgage £327 per month
You can pay 10% off per year on the remaining, so would it be better to go for 20 year mortgage paying more per month, but have less saved. Or to go for 30 year mortgage, and have more saved. And then pay large lump sum to pay the mortgage off early.
Or with either, pay off 10% extra per year.
Say if income is £1400 a month after tax.