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Mortgage payments

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sponsmith | 17:44 Mon 17th Apr 2006 | Business & Finance
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I have a �102,000 mortgage with 23 years left to pay.
My mortgage tracks at 1% above the BOE base rate for the life of the loan. I repay round �600 a month. If i overpayed by �100 a month how long would it knock of the repayment period, assuming the base rate stayed the same?
  
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I'd estimate that it would take 18 years to pay, so it would knock 5 years off. It would also save about �17 000 in interest payments.

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