Overpayment calculator - here

needtoearnmoremoney

Thanks - I've sent a pm

weezl74

Hi there,

Wondering if anyone can help, I've been using the channel4 overpayments calculator, and find it really simple and straightforward, and can't get my head round others that have been recommended here.

Now it seems to have been dropped from the website, and I'm wondering if anyone knows anything that can match it?

Thanks in advance,

Weezl

ailuro2

Weezl74, the one posted just a couple of replies your question is really simple and easy to use, it's all on one page and very quick to use too - Thanks Capricorn one - I'm in the same situation because I can't find Coop's on their new website, which is the one I used to use.

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

angelavdavis

weezl74 wrote: »

Hi there,

Wondering if anyone can help, I've been using the channel4 overpayments calculator, and find it really simple and straightforward, and can't get my head round others that have been recommended here.

Now it seems to have been dropped from the website, and I'm wondering if anyone knows anything that can match it?

Thanks in advance,

Weezl

How disappointing - also my favourite!

Christa1

I wonder if anyone can advise me please. Our mortgage is not that huge and we both work full time. We have a mortgage part endowment part repayment. The repayment element finishes this November when our 5yr fixed at 4.99% finishes. The mortgage then continues till 2011. The plan was to leave the payment as they are( despite having paid off the repayment element) to reduce it, although as there are only a few years to go have we left it too late? Also as our fixed is a good rate now should we try and overpay now when the rate is low as opposed to after November?

angelavdavis

hi Christa1. It might be worth you reposting this as a new post in the main screen to get advice.

mabeline95

Hello

can somebody please help me with my query regarding overpayments.

I am able to make overpayments on my fixed mortgage. I can make capital repyments of £500 and reduce the term on my mortgage or make regular monthly overpayments and have been told they "chip away at the balance"

Can anybody tell me which has the best effect on my mortgage

Thanks

MJS996

Hi- I'm new here but I've been lurking and browsing for a while.
I've been playing with the various calculators (mainly the Egg one) and come across a strange phenomenan which I'm hoping someone can explain (unless it's already been covered and i missed it trawling through all the posts, in which case I apologise)
For my details, if I enter £50 per month I get a saving of £15800, but if I double the monthly overpayment to £100, the saving is less than double at £28100. Likewise, if I double again to £200, the saving is less than double again.
Why is this? Is there therefore an optimum level to overpay?
Great site by the way!
Cheers
Martin

Welshlassie

This will be because you pay off a larger proportion of the capital as you get further into the mortgage and therefore you are paying less interest. The saving is the interest saved and so becuase you are paying off more capital sooner there is less interest to pay inthe long term. Hope that makes sense.

The optimum level to overpay is the most you can afford without impacting on your life too much. This will be different for everyone.

Welcome to the MFW club

sonnyb_2

superflygal wrote: »

Hi folks,

may sound like a dafty question, BUT how do you go about overpaying? Do you need an account number etc to set up a standing order into your mortgage account? Do you have to phone the lender for the details?

Doh!
Superflygal x

Hi, you just need to get in contact with your Mortgage Provider who will able to provide you their bank details so you can make regular payment via standing order. I am overpaying my mortgage which I should pay it off in 7 years time instead of 23 years. I am having no holidays or splashing out on luxurys until this has been paid. I will keep busy with studying in my sparetime during this period. Who needs week holiday when you can treat your weekend off work as a holiday.