Cocker

iTrader: (3)

I think that me and my Mrs have quite a large mortgage for us, but then i worked out that the monthly mortgage payment is only 24.8% of our monthly income.

You read about half of peoples wages going on the mortgage payment. Now that is scary (for me anyway, we certainly couldn't afford that!). Whats people percentange payment and what do you think is an acceptable percentage?

davegtt

Single income and its a 3rd

lozgti

One and a half incomes.Ours is 40% of net.

No other debts though

cookstar

iTrader: (6)

My house with £155k mortgage works out to less than 20%.

stilover

0% Paid it off in February.

cookstar

iTrader: (6)

Fantastic position to be in. I have at least 15 years to work towards that.

boxst

Mine is about 20% of take home, but I overpay by 100% to ensure that I pay off early.

Steve

lozgti

I really must look at this properly...overpaying.

Any good sites to calculate how paying an extra £100 pm off a £175k mge with 24 years left to run will benefit? Both in years reduction and £'s saved?

Sorry a bit OT

boxst

If you drop me your email address I have a spreadsheet written by someone here that shows you what happens if you overpay or add lump sum payments throughout the term.

Steve

lozgti

Thats excellent.

Much appreciated.Cheers