Overpayment calculator - here

Muppet81

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

CharlieBoy

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

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.

sandy_beech_2

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:

obsessedwithmoney

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.

EmberJDIns

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

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.

Hime

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

The egg calculator is no longer on that page, anyone got another link to it?

RandomLight

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

Works for me.