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  • FIRST POST
    • Thefunkygibbons
    • By Thefunkygibbons 22nd Feb 06, 4:44 PM
    • 1,360Posts
    • 756Thanks
    Thefunkygibbons
    Overpayment calculator - here
    • #1
    • 22nd Feb 06, 4:44 PM
    Overpayment calculator - here 22nd Feb 06 at 4:44 PM
    There are several of these

    Here is one

    http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

    EDIT: link changed 2010
    Last edited by MSE Martin; 19-10-2010 at 10:34 PM.
Page 1
  • exil
    • #2
    • 22nd Feb 06, 6:52 PM
    • #2
    • 22nd Feb 06, 6:52 PM
    Doesn't take inflation into account.
    • cazmanian_minx
    • By cazmanian_minx 23rd Feb 06, 9:45 PM
    • 3,849 Posts
    • 17,485 Thanks
    cazmanian_minx
    • #3
    • 23rd Feb 06, 9:45 PM
    • #3
    • 23rd Feb 06, 9:45 PM
    Egg's got one as well -

    http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

    Caroline
    Last edited by cazmanian_minx; 23-02-2006 at 9:52 PM.
    DFW: 03/12: £27,560.88 Currently: £1,840.00 Amount paid off: £25,720.88 (93.3%)
    Home: 06/08: £145,145.00 Currently: £115,738.93 Offset: £12,153.05 Amount paid off: £29,406.07 (20.3%) Paying interest on: £103,585.88
    Croft:
    11/15: Family loan: £99,146.86 + 0% cards £45,270.00 = £144,416.86
  • raeble
    • #4
    • 25th Feb 06, 2:49 AM
    • #4
    • 25th Feb 06, 2:49 AM
    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.
  • roswell
    • #5
    • 25th Feb 06, 3:06 AM
    • #5
    • 25th Feb 06, 3:06 AM
    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
    • Joe_Bloggs
    • By Joe_Bloggs 25th Feb 06, 9:06 AM
    • 4,360 Posts
    • 1,542 Thanks
    Joe_Bloggs
    • #6
    • 25th Feb 06, 9:06 AM
    • #6
    • 25th Feb 06, 9:06 AM
    @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 ?
    • dang
    • By dang 5th Mar 06, 10:18 PM
    • 147 Posts
    • 33 Thanks
    dang
    • #7
    • 5th Mar 06, 10:18 PM
    • #7
    • 5th Mar 06, 10:18 PM
    This thread would be a good Sticky.
  • richgirl
    • #8
    • 7th Mar 06, 5:09 PM
    • #8
    • 7th Mar 06, 5:09 PM
    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
  • Argonaut
    • #9
    • 21st Mar 06, 11:27 AM
    • #9
    • 21st Mar 06, 11:27 AM
    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....
  • Argonaut
    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....
    • charlie007
    • By charlie007 21st Mar 06, 11:14 PM
    • 412 Posts
    • 194 Thanks
    charlie007
    wow, am impressed, may sound stupid but i pay by direct debit, who do i contact to increase the monthly amount?
    • charlie007
    • By charlie007 21st Mar 06, 11:16 PM
    • 412 Posts
    • 194 Thanks
    charlie007
    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!!
  • kazmac
    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.
  • teb
    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
  • kazmac
    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
    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
    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
    Last edited by John LG; 01-04-2006 at 8:53 AM. Reason: missed out some text
  • 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!
    • charlie007
    • By charlie007 11th Apr 06, 10:54 AM
    • 412 Posts
    • 194 Thanks
    charlie007
    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
    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!
    by halloweenqueen
    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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