mortgage overpayment calculator help

chelleybelley

hi was wondering if someone could help me i have tried various mortgage calculators and am getting more confused by the minute..
we took out a fixed rate mortgage april 2007 @ 5.09 % for 5 years on a 116,000 motgage,our current payment per month is 668 but we are overpaying and have rounded it off to 800 per month ..could someone tell me what the mortgage TOTAL will be after our fixed rate comes to an end i cant seem to find a calculator to do this.( we would like it to be around or below 100,000) if the mortgage TOTAL does not come out around 100,000 left then how much more would we have to overpay by??
many thanks:beer:
:A

Insert By Martin - try the new http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator tool

dimbo61

What is the current outstanding balance and how many months left on deal.
If you have 40 more payments left until end of this deal and overpay by £132 a month you will have overpayed £4280 plus interest saved because of the overpayments.
cant guess if this is enough because I dont know what is your current balance !
Went on guardian paper website and putting in 25 year mortgage at 5.09% for £116000 it gives £102,900 with no overpayments so you should have it under £100,000 at the end of the 5 years but like I said check your balance
and GOOD LUCK on the MF

dimbo61

If you have overpaid by £132 a month since taking out the mortgage and continue to overpay by £132 a month ( and the rate was fixed at 5.09% ! )
you would pay off your mortgage 6 years and 10 months early and save over £27,000 in interest ( sad I know ! )

chelleybelley

hi um dont know what the current outstanding mortgage balance is just that in april 2007 it was 116,000 might have to up the overpayments a bit more to keep on track thanks for the replies...x

JayZed

Hi Chelley, slightly confused as if you took out a 25-year mortgage of 116K at 5.09%, your monthly payment should be £684, not £668.

Anyway, if you have been paying £800 per month from the beginning, i.e. every month since April 2007, then your current balance should be £109,586, and by the time you come off your fixed rate at the end of March 2012 it should be £95,008. Hope that's helpful.

I've based this on this calculator, which I've found to be the best: http://www.jeacle.ie/mortgage/

financialbliss

Hi chelleybelley,

On my diary on page 27:
http://forums.moneysavingexpert.com/showthread.html?t=572849&page=27

see posts 534 and 536 on how to create a spreadsheet where you can play around with rates and overpayments on a monthly basis. If you're having problems following the notes, then I can e-mail a copy on to you.

The same applies for anyone else too - just PM me if you'd like a "Here's one I made earlier copy"... :rotfl:

I prefer spreadsheets over web based calculators as you can save a spreadsheet for viewing later, plus I find they're more flexible than web calculators.

Hope that helps,

Financial Bliss.

chelleybelley

hi our payments are def 668 per month...we started overpaying several months ago by around 100 then 2 months ago rounded it up to 800 per month..also think the term for out mortgage was 27 years ( i think ) may explain the 668 per month figure hope this helps thanks for the replies...
have looked at a speadsheet but am equally confused lol .... sorry really no good with figures.

deargas

Hi I'm interested to find out if this is still relevant

dimbo61

You have only overpaid £100 for several months and then up that to £132 2 months ago!!!!
No one can work out where you are with the mortgage balance so ring your lender and ask !
Keep up the overpayments and you will be under £100K soon