Overpayment calculator - here

charlie007 · 22 March 2006 at 12:16AM

i could cut 5 years off by paying an extra 50 a month how fantastic. i am just getting ready to move house and can see how important the deposit is now!!

kazmac_3 · 22 March 2006 at 6:15PM

Hi! Just wanted to say, wow! What a site! Have used the budget planner, worked out finances, and using the mortgage overpayment calculator have rounded my mortgage off to £630 upping it by just over £50 a month. Have switched to roll ups recently so money saved on not buying tailor made ciggies is benefitting me even more!!
Will be saving 19,226.56 in interest alone! :j I am SO happy, cant believe it...its not until you see the figures in front of you that you actually realise just how much extra you pay over the years.
The mortgage will also be paid off 5.2 years early....thanks so much to all of you for all the posts, you have really inspired me to make the changes! :T
I can really recommend doing this, I feel better already!

PS Even hubby is happy, didnt even have to cut down his beer money!!!:beer:

teb_2 · 23 March 2006 at 10:32AM

Might be a stupid question but are all calculators in years? If you have x years and 7 months do you just round up?

kazmac_3 · 24 March 2006 at 11:44AM

That's exactly what I did Teb, rounded up!! It really does make you feel great if you pay even a tiny amount extra every month....the mortgage calculator definately gave me a much needed kick up the behind lol!!

teb_2 · 27 March 2006 at 11:25AM

Thanks kazmac, I just wasn't sure if this is what most folk did. Wonder why they don't have the calculators in months so they were really accurate.

John_LG · 1 April 2006 at 8:45AM

Can you ever have enough mortgage calculators?
I like the following, it has a
'how much can I afford to loan' - looks at your wage etc
'what can an offset save me?' - looking at potential to overpay (savings etc)
and the one I use,
the overpayment calculator... simple, but shows the amount of interest you save, and the effective reduction in the term. And unlike other calculators, it doesn't insist of having the term put in (others demand whole years - very annoying).

http://www.fool.co.uk/decisioncentre/mortgages/CalculatorOffsetEarlyRepay.aspx

Hope it's useful, I've had hours of fun, wishing... even £20 makes an astonishing diffentce, but a few hundred makes a whole lot more!
J

halloweenqueen_2 · 11 April 2006 at 10:43AM

I just wanted to ask a question, when my interest rate came down to 5.35o % from 5.600 I was sent a letter telling me the monthly payment required to repay my mortgage over the original term is £725.75, why do all the mortgage calculators tell me the payment is £719.34? I kept the payments at their original DD to help overpay it, but just curious why my bank makes it £6 more a month?
Thanks!

charlie007 · 11 April 2006 at 10:54AM

hello, i finally got round to my setting up a standing order of 40 pounds overpayment per month, how fantastic to see the years fall off! and i have saved 10,000 pounds wow, wait till oh gets home and i tell him, think we can stretch to fish and chips tonight to celebrate.

I have a limit of 10%overpayment for the next three years (per year) and i am going to aim to reach it each time. i am on a mission now.

I am not sure about your overpayment halloweenqueen, possibly the calculator is using a different interest rate to what you are being charged?

John_LG · 11 April 2006 at 12:37PM

halloweenqueen wrote:

I just wanted to ask a question, when my interest rate came down to 5.35o % from 5.600 I was sent a letter telling me the monthly payment required to repay my mortgage over the original term is £725.75, why do all the mortgage calculators tell me the payment is £719.34? I kept the payments at their original DD to help overpay it, but just curious why my bank makes it £6 more a month?
Thanks!

I agree that sounds strange, but I suppose factors like daily interest might take effect? Maybe mortgage calculators assume payment on the first of the month? Also, your mortgage lender may be including a final/ closing payment of say £150, to seal the mortgage, so infact you would have slightly more to repay, than you thought?
Just a guess though, the calculators are just an estimate, I'd be more concerned if it was a few tenners out. Perhaps try the same calculator again, but alter your debt by £150 sealing fee? Hope that puts your mind at ease.

halloweenqueen_2 · 11 April 2006 at 2:44PM

I think you may be right john I've played about with the figures a bit and that may account for it!
The other thing is I have never been any good at working out interest. I know there are mortgage calculators but when you go to the bank they sit there with a calculator playing with the figures. For instance, I'm going to pay of a lump sum of £750, how would I work out how much in interest that would save me?
Thanks!

Overpayment calculator - here

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