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Overpayment calculator - here
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# 1
Thefunkygibbons
Old 22-02-2006, 4:44 PM
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Default Overpayment calculator - here

There are several of these

Here is one

http://www.moneysavingexpert.com/mor...ent-calculator

EDIT: link changed 2010

Last edited by MSE Martin; 19-10-2010 at 10:34 PM.
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# 2
exil
Old 22-02-2006, 6:52 PM
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Doesn't take inflation into account.
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# 3
cazmanian_minx
Old 23-02-2006, 9:45 PM
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Egg's got one as well -

http://new.egg.com/visitor/0,2388,3_...w_1028,00.html

Caroline
Determined to ditch the debts!
DFW: March 2012: 27,560.88 Currently: 16,635.00 Amount paid off: 10,925.88 (39.6%)
MFW: June 2008: 145,145.00 Currently: 118,543.53 Offset: 750.00 Amount paid off: 26,601.47 (18.3%) Paying interest on: 117,793.53
Business overdraft: 1,750 / 10,000 (17.5%)

Last edited by cazmanian_minx; 23-02-2006 at 9:52 PM.
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# 4
raeble
Old 25-02-2006, 2:49 AM
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Ooh that's a nice calculator, if I overpay by two hundred pounds a month I'll finish my mortgage in 7yrs 2 months instead of 19 years.
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# 5
roswell
Old 25-02-2006, 3:06 AM
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thats brilliant confirms my theory that money paid of the morgage is better than money being saved in an offset allthough if you use the chunk of savings to make a lump sum it makes a massive differance.
If it doesnt pay rent sell it.
Mortgage - 2,000
Updated - November 2012
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# 6
Joe_Bloggs
Old 25-02-2006, 9:06 AM
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@roswell which calculator did you use and what numbers did you use to test your theory ? Do the calculators indicate the taxation of interest were the savings held in taxable accounts as opposed to offset accounts ?
J_B.
OFT work merger decisions 2012:- MSE too small to be worth financial consideration ?
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# 7
dang
Old 05-03-2006, 10:18 PM
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This thread would be a good Sticky.
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# 8
richgirl
Old 07-03-2006, 5:09 PM
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Heres another mortgage repayment calculator

http://www.moneyforums.co.uk/mortgage_calculator.php

Inputs -
Mortgage: (Loan Amount)
Interest Rate %
Loan Length (In Years)
Payment Frequency Bi-Weekly / Monthly
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# 9
Argonaut
Old 21-03-2006, 11:27 AM
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Hi All,

This is the mortgage calculator I have always used. I think it is one of the best around. Let me know what you think!

A
Never spend what you don't have
Never gamble what you can't afford to lose....
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# 10
Argonaut
Old 21-03-2006, 11:30 AM
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Dear All,

Of course it might help if I included the link......

http://www.jeacle.ie/mortgage/

A
Never spend what you don't have
Never gamble what you can't afford to lose....
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# 11
charlie007
Old 21-03-2006, 11:14 PM
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wow, am impressed, may sound stupid but i pay by direct debit, who do i contact to increase the monthly amount?
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# 12
charlie007
Old 21-03-2006, 11:16 PM
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Red face wow

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!!
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# 13
kazmac
Old 22-03-2006, 5:15 PM
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Lightbulb

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! 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!
I can really recommend doing this, I feel better already!

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

Last edited by kazmac; 22-03-2006 at 5:37 PM.
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# 14
teb
Old 23-03-2006, 9:32 AM
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Might be a stupid question but are all calculators in years? If you have x years and 7 months do you just round up?

Last edited by teb; 23-03-2006 at 9:33 AM. Reason: spelling
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# 15
kazmac
Old 24-03-2006, 10:44 AM
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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!!
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# 16
teb
Old 27-03-2006, 11:25 AM
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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.
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# 17
John LG
Old 01-04-2006, 8:45 AM
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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...arlyRepay.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

Last edited by John LG; 01-04-2006 at 8:53 AM. Reason: missed out some text
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# 18
halloweenqueen
Old 11-04-2006, 10:43 AM
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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!
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# 19
charlie007
Old 11-04-2006, 10:54 AM
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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?
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# 20
John LG
Old 11-04-2006, 12:37 PM
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Quote:
Originally Posted by halloweenqueen
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.
Mortgage: July01=62700; Apr07=~15000
Mortgage free date: 2037... we've moved house to somewhere we can't afford...
If someone helps, say thanks, doesn't take much effort really
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