Overpayment calculator - here

MysterE

Hi,

does anyone have an excel calc that could calculate my overpayments for the following senario?:

interest-only fixed for 3 years with a 2% penalty for that period, but interest imeadiately reduced. (mortgage length only 10 years)

tried all the ones listed but they don't have the penalty option.

wanted to mess with figures and see what would be worth doing if at all for the next few years.

many thanks in advance.

poorjim

richgirl wrote: »

Heres another mortgage repayment calculator

http://www.moneyforums.co.uk/mortgage_calculator.php

Inputs -
Mortgage: (Loan Amount)
Interest Rate %
Loan Length (In Years)
Payment Frequency Bi-Weekly / Monthly

calculator doesn't work anymore

prudenttadpole

Yes, sounds interesting!

5monkey

i love this FORUM, i dont hav a mortgage yet but im already very excited about paying it back.... after reading this thread!!!! Is it normal?

vennypenny

Hi,
I love this site and was a big fan of the 'pays to watch' TV series that got me hooked.
I'm wondering if anyone could tell me which of the following 2 mortgate scenarios would work out better for me.
I currently have a mortgage on standard variable rate of 4%, with about £29000 outstanding. I overpay by nearly £250 per month.
My mortgage company is now offering a 2 year tracker at BofE rate +2.49% with product charge of £199 for existing customers to switch. Rate goes to standard at the end of the 2 years - currently 4%.
Can anyone tell me (or point me in the right direction of calculators that take overpayments into consideration or even Excel calcualtion I could try)...
Can I pay off my mortgage quicker if I take out the tracker on say a 4 year period (if that is possible) to bring my repayments in line with what I'm paying now but not incurring overpayment penalties, or am I better off sticking with the deal I'm on, with the overpayments. I'm not looking for predictions on future interest rate changes, it just seems that except for the product charge I can't be anything but better off going for the new product - I just can't fathom how to factor that into the calculators.
Many Thanks

juliet_f

Hello there,
I am usually to be found lurking elsewhere on this site but have recently been looking at trying to get our morgage paid off.

As it stands we have a morgage with Coventry. We have the following two sums owing:

Part 1 -£63,250 over 14 and a half years
Part 2 -£4,185 over 14 years 3 months.
(£67,435.00 in total)

We are on the SVR with a loyalty bonus making it 4.49%.
About 6 months ago we started overpaying by £100 a month. We were told this would shave 3 years off our morgage bringing it down to 12 years. I'm wondering now whether I should have specified whether the overpayments were taken off part 1 or 2, or will it not make much difference? I dont remember what was said with regard to this. Does anyone have any advice? It would be gratefully received!

Welshlassie

juliet_f wrote: »

Hello there,
I am usually to be found lurking elsewhere on this site but have recently been looking at trying to get our morgage paid off.

As it stands we have a morgage with Coventry. We have the following two sums owing:

Part 1 -£63,250 over 14 and a half years
Part 2 -£4,185 over 14 years 3 months.
(£67,435.00 in total)

We are on the SVR with a loyalty bonus making it 4.49%.
About 6 months ago we started overpaying by £100 a month. We were told this would shave 3 years off our morgage bringing it down to 12 years. I'm wondering now whether I should have specified whether the overpayments were taken off part 1 or 2, or will it not make much difference? I dont remember what was said with regard to this. Does anyone have any advice? It would be gratefully received!

If the interest rate is the same on both it won't make any difference. Although for the mental boost you may want to pay off the smaller part first! Congratulations on getting started and good luck with you mission to get it paid off.

NJW69

I've got a current account mortgage that lets me put as much money in as I want as long as I make sure theres enough it to pay it off over the term. Taken out in 2003 - 115k mortgage but paid some lump sums off to bring it down to 100k quite quickly. I leave all my extra money in rather than saving as it's 4.7% interest and tax free which you can't really get anywhere else.

Never seen one of the calculators before today but when I put my figures in (will have paid it off this year) I will have saved over 50k in interest rather than just paying it off over the term. I knew this was a good move but I'm amazed at the saving.

tiffanys1995

This is the best of the calculators!! Have been fantasising over how much to repay if that day were to ever come........ as hubby has just liquidated his company not sure what the future holds, but as soon as money coming in again EVERY spare penny going on the mortgage!! Thanks for this.

drivebycowboy

Hi,

Have tried to do this myself and still feel Ive gotten nowhere really, any help you can provide would be warmly welcomed.

Here goes - my first post!

My problem:

I have a 'part and part' mortgage - 75% interest only and 25% Repayment with £98,000 remaining.

The mortgage is a BoE base rate tracker +1.79% currently 2.29%

I am able to make 10% of remaining balance overpayments annualy without incurring a fee.

I have 24 years and 2 months left on my sparkling new mortgage but want to do my best to smash this down to nothing! can you help?

The mortgage calculators all very helpfully listed on this forum dont adequately cover this.

I am currently saving what I can. I want to know whether it would be worth making a £10,000 overpayment with two options:

1. From my savings - ISA rate currently 2% but could move it to a better account

2. Using a personal loan at 7.7% over 5 years. I can comfortably afford the repayments.

What would this save me in mortgage interest over 5 years and 25 years set against the £2000 interest I would pay on the personal loan over 5 years?