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Overpayment calculator - here
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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 :AThank you for this site :jNow OH and I are both retired, MSE is a Godsend0 -
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.0 -
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.0
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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:0 -
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.0
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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?0
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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 Jobs0 -
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.0 -
The egg calculator is no longer on that page, anyone got another link to it?0
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