Overpayment calculator - here

StuartGMC

slewis1972 wrote: »

Hi

Whats the best calcualator that allows you to take into consideration if you have offset the interest of your morgage with a savings account to help reduce the morgage quicker?

Trying to work mine out as we have this morgage.

Thanks

Scott

Scott, are you trying to work out the end date and savings made, or calculate your effective interest rate to account for the lost interest earned on the savings?

In the former case look at Egg's calculator
http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

My own household budgeting sheet derives the "effective interest" rate on the mortgage by accounting for that you would have earned on the savings (less tax) so I can see the present position of our offset. Not sure this is what you are looking for, but if you think it may be useful just PM me with your e-mail address and I'll send it.

gil13

Hi Stuart, could you possibily PM your budgeting shhet you use to work out 'effective' interest rate, that sounds rather useful

deefadog

Hi guyz, been through this thread and can't find a calculator for my needs, hopefully someone can help.

Basically i need a calculator where i can put in my initial mortgage amount form 2006, then take a lump payment off which we did last year and then add overpayment amounts to see the difference, but for 35 years.

The egg one is good but can't do over 30 years

EDIT - Never mind, it's actually over 30 years saved my self 5 years for nothing LoL

Many thanks

welshnoonoo

Help! I am trying to find an overpayment calculator to suit our circumstances which is:

We took out a mortgage £32K on an endowment 14 years ago
Since then we have borrowed against the house to the tune of £73224.79 (as at 31.05.08).
There are additional charges applied for various administration fees which take the balance to £73449.79 (as at 31.05.08)

We have just under 11 years left on our mortgage.

I am trying to work out how much I need to overpay to make a difference to the term.

The Egg calculator says that I would have to pay £200 pcm to even make a dint in the term and then it is only 6 months!!!

Does this sound about right?

Should I be using the £73449 fig or the £73224 fig as the balance?

Can anyone help?

ManPants

charlie007 wrote: »

wow, am impressed, may sound stupid but i pay by direct debit, who do i contact to increase the monthly amount?

Contact your mortgage advisor directly. I contacted mine, enquired what the MAXIMUM overpayment I could make each month without incurring extra charges and after fiddling around with mortgage overpayment calculators am now paying off £500 extra every month.

I live in the South East where house prices are high and didn't buy until I was 35 so was delighted to find that I can have my house paid off in full in 8.5 years of overpayments at this level. Of course, the calculator doesn't take into consideration inflation but its a pretty encouraging predictor to illustrate roughly how much interest you'll save. Plus the idea that you'll be mortgage free by 45 is a big bonus too!

Your mortgage providor will alter your direct debit amount for you and send out a confirmation letter.

amritajay

My 5 year fixed deal with First active (4.79%) is ending on oct 2010.

We have only just started repaying our mortgage. Paid in £2500 , can pay in further £2500 until oct 2008 (mortgage outstanding £50,000).

Our plan is:

DH overpays the allowed 10% until oct 2010 which leaves mortgage outstnding to £36400 or somthing like tht.

Then when remortgaging, will pay £20000 from ISA bringing mortgage down to 16000(hopefully shud have tht much in there by 2010, currently have £10000). The house itself only cos us £52000). Me only parttime hoping to go FT in 2010 when DS goes to full time school.

Then hoping to pay off £16000 by using my year's salary (full time pay) and a
small loan ( maybe £3000) while DH pays bills.

so hoping to be mortgage free by oct 2011.

what do u think folks?

krakow

I have a 35-year £50,000 mortgage and am currently 1 year into a 3-year 5.99% fixed rate deal, with monthly repayments of ~£290.

According to several of these overpayment calculators, it looks like, if I overpay by £100 a month, then I can cut my term down to 16-18 years and save £25,000-£40,000 in interest (depending on the calculator used)! This sounds far too good to be true... there must be something I'm missing.

krakow

A quick call to my mortgage provider has confirmed that I can overpay up to 10% of the original £50,000 each year without incurring any penalties.

They said that this £5000 can be done in any combination of one-off lump sums and/or regular monthly overpayments, which is good.

If I understood correctly then it sounded like lump sum payments wouldn't decrease the term of the mortgage, which would stay at 35 years, but the standard monthly payment would be recalculated and decrease to reflect the overpayment. However, if I write and ask for my monthly payment to be increased above the minimum amount (as long as I don't go over the £5000 overpayment overall for the year) then I will end up paying off the mortgage before the end of the 35 year term (Early Repayment Charges only apply for the 3-year fixed rate deal).

I guess that regular monthly overpayments may also cause the minimum payment to be recalculated, with the 35 year term staying the same, but that because my actual payments will continue to be over the minimum, I end up paying off before the end of the term, and so saving myself these vast interest sums that the calculators show.

I'm now in the process of working out an as-accurate-as-possible monthly budget to see how much I can comfortably overpay by on a regular basis.

I have to admit this idea of saving myself £25,000-£40,000 over the next 20-35 years is pretty exciting. Hurrah!

pink68

Hi

Been lurking around lately a bit and thought I would post this calculator i found:

http://www.whatmortgage.co.uk/calculators/fleximortgage.html

certainly inspiring me to find some extra dosh!

pinkwitch_2

Nice calculator Pink68

Hoping to make overpayments very soon