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Overpayment calculator - here

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  • Muppet81
    Muppet81 Posts: 951 Forumite
    Part of the Furniture Combo Breaker
    I owe just under £36,000 on a repayment mortgage with another 13 years left to run of a 15 year term.

    OH and I have decided that we are going to aim to pay a monthly overpayment of around £250 which seems to save a staggering amount and also reduces the term by around 6 years. :j :j

    We have £2700 sitting in Premium Bonds and i do so love to think we may have a win one day. have had 4 x £50. Would this money if used as further overpayments reduce things significantly more? I can't find a calculator which demonstrates the effect of a one off lump sum overpayment?

    Advice much appreciated from those of you in the know.

    Thanks :A
    Thank you for this site :jNow OH and I are both retired, MSE is a Godsend
  • Muppet 81,

    If you look further back in the thread you will find the egg calculator. That allows you to enter lump sums as well as overpayments.
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Can anyone point me to an overpayment mortgage calculator whereby I can repay up to 5% of the amount outstanding for that year over a 10 year period. All the ones I look at seem to let you repay a specific one off amount in pounds, not as a percentage. With a repayment mortgage, the 5% I can repay each year will decrease as the repayments reduce the capital outstanding.
  • thanks to this site look what savings i am in for. i am only 27 so this is great news for me.

    loan amount £32,000
    interest rate 6.19
    loan period 19 years remaining
    repayment £239.02
    total repayment £54,497.44

    overpayment £161.00 p/month
    new monthly payment £400.02
    saved years 10.4
    new term 8.6
    total repayment £41,371.81
    saving 13,125.63

    saving £13,125.63 and mortgage free 10.4 years early :T :beer:
  • I know they say you can pay off your mortgage in 6 yrs by paying double the amount, but can't see it on the mortgage calc! I did only put in £100 and over 20yrs only saved £20,000 - to me thats less than if you put in a savings acc for the same period. Am I being really dumb here? Someone pls explain? Is it because i'm only doing £100 seems to be the same for shorter mortgage times as well. icon5.gif
  • I'm making a mortgage overpayment on my 5 year fixed rate. One year into the 5, mortgage over 17 years, the interest is calculated on a daily basis. I was surprised to see only a small reduction in my repayment mortgage total amount owed, have been paying £140+ extra a month for 6 months. Is making overpayments on a fixed rate still a good idea?
  • Joyful
    Joyful Posts: 2,429 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi
    I have a Royal Bank flexible mortgage taken out 2 years ago. I arranged to Increase 6% of my monthly payment amount every year. Their calculator has disappeared so can anyone direct me to a calculator that could show this for me. Obviously with the interest rate rises my calculations have gone awry.
    Self Employed, Running my Dream Jobs
  • Hime
    Hime Posts: 75 Forumite
    Thanks for these calculators. We are about to put 5000 on our mortgage, still got a long way to go, but the over payments at present are about 300/m.
    I would like to throw much of our cash at the thing, but big career changes are afoot, so a steady overpayment and the odd lump sum should still give us quality of life while getting rid of the thing.
  • cedge
    cedge Posts: 27 Forumite
    The egg calculator is no longer on that page, anyone got another link to it?
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