Overpayment calculator - here

Locoblade

Ive not had any reported issues with Excel 2002 onwards, Ive tried it on 2002, 2003 and 2007 and it works fine so I suspect perhaps its something you're trying to edit that is locked intentionally.

Could you turn on Column Headers (Tools - Options - View tab - Row and Column Headers) and tell me which cell reference (e.g. D12) on which sheet you're trying to edit?

It also may be worth posting in the main thread relating to this which is in the mortgage forum, as I check that one more often so I'll get back to you quicker:
http://forums.moneysavingexpert.com/showthread.html?t=1157173

katew87

I overpaid by 9k on my mortgage in Jan and it saved me £60 a month in interest, what a good feeling

_dave__4

exil wrote: »

Doesn't take inflation into account.

This overpayment calculator gives figures allowing for future inflation:-

http://calc-calc-calc.net/get/calc/Mortgage-Overpayment?l=100000&i=6&t=25&o=100&m=744&d=4

The last row of the results shows the total payments in "todays" money (assuming 4% future inflation if you just click the link, but you can change that assumption using the calculator yourself).

Unfortunately, the high savings from overpaying shown by most calculators, look a lot less when shown in terms of "todays" money... :eek:

StrawberryJam_2

I am looking for a spreadsheet that will allow you to actually track your mortgage. Ie I am making the minimum monthly payment on a 22 year repayment mortgage, i will make an additional payment of £50 this month, possible £200 next month, £0 the month after, £120 the following month etc... Is there any tools that will enable me to show me a live record of how much I am saving, outstanding? I want to track my mortgage overpayments and see how much I am saving on interest Does such a spreadsheet exist?
any help?

most tools only forecast a regular overpayment, im looking for recording and forecasting when irregular overpayments occur

I think post number 167 linked xls document could have my answers in the detailed monthly table tab - I guess I will manually edit this!

Welshlassie

I've just found that the snowball calculator in this site wil do this for you, once you register.

Locoblade

StrawberryJam wrote: »

I think post number 167 linked xls document could have my answers in the detailed monthly table tab - I guess I will manually edit this!

Yup, just enter each month's overpayment into the detailed monthly sheet - overpayment column, and also manually put in your actual monthly amount paid (not including overpayment) on the main page rather than go with the calculated repayment. There may still be a small error in the end balance each month as your lender may calculate interest differently to how Excel does, but it will be within a quid or two usually, and will give you a good idea how much your overpayments are saving you.

Herewegoagain

Hiya guys,
I have an interest only mortgage and when using overpayment calculates, find the term doesn't go down unless I put massive amounts in. I have been paying £340.00 over payment but don't see a great dif. Is this because it's an interest only and if so how do I get it down and still eat. Most calculators seem to be only on repayment, and the egg one, tells me depressing news

HWGA xx

_dave__4

Herewegoagain wrote: »

I have an interest only mortgage and when using overpayment calculates, find the term doesn't go down unless I put massive amounts in. I have been paying £340.00 over payment but don't see a great dif. Is this because it's an interest only...

Hi,

With an interest-only mortgage, as the regular payments don't reduce the capital to zero over the term, it can get a little confusing.

If you look at the figures here: http://calc-calc-calc.net/get/calc/Mortgage-Overpayment/v1/?l=100000&i=6&t=999&o=340&d=4
... you'll see that with a loan of £100,000, paying £340 per month over the required interest-only payment will pay-off the loan in about 24 years 6 months (this is £100,000 / £340 = 294.1 months).

But that means that the monthly payments would fall over that term from £840 (£500 interest(@6%) + £340 overpayment) to £340 (£0 interest + £340 overpayment).

If the payments were kept at £840 per month throughout, then it would take only just over 15 years to pay off completely: http://calc-calc-calc.net/get/calc/Mortgage-Overpayment/v1/?l=100000&i=6&t=999&m=840&d=4
[This time using the "Minimum Monthly Payment" input of that calculator.]

Does that explain the differences?

savlad

That's a fantastic spreadsheet. It's really useful, thanks for sharing it.

Locoblade wrote: »

Hi All

Ive just posted this on the Mortgage forum as that's where I mostly frequent, but I thought it might be worth posting my Excel mortgage calculator here too seeing as this is a thread full of them, as it does do several things that some/most of the others don't seem to take into account, such as

• Interest only / capital repayment mortgages with option to part pay
• Offset mortgages, including average offset current account balance
• Calculation when offset pot could pay off the mortgage remainder.
• Monthly and one off overpayments / offset payments
• Change of rates after introductory period expires
• Ad-hoc rate changes for variable/tracker mortgages
• Additional borrowing at any time
• A few pretty graphs

http://www.locostfireblade.co.uk/Downloads/Mortgage%20Schedule%20Calculator.xls

Full details here:
http://forums.moneysavingexpert.com/showthread.html?t=1157173

cheers

crockpot

Hi

I have just re mortgaged as my product was up, I have fixed for 5 years on another offset.Have 8 years left so planning to pay off in 5.

But most calculators do not like my figures! Borrowing too little.

Did find 1, but would not let me put my savings balance in.

Can anyone point me in the right direction? something simple if possible,not very techincal!

Thanks alot