Overpayment calculator - here

pingua

I can't seem to find an overpayment calc that works??

lamorna23

We're looking at being mortgage free as soon as we can, at the moment it looks like we could do it in three years, but if we can get it down the better. I have a relatively simple question but I can't work out what the best thing to do is. These are the facts.

Mortgage £84,500 rate of 5.49% with the Halifax. We have paid the maximum 10% overpayment allowance for this year, the next year being Feb 2010. We have £25,000 in savings. We are maxed out on ISA's albeit at a low rate of 3.5% so currently we're losing out. The question is do we overpay £25,000 and pay a 6% fee to reduce the overall mortgage or do we continue as we are and build up the £25,000.

I posted this question elsewhere and someone did say they were in a similar situation and to get around the fee, they arranged to reduce the term therefore increase the monthly payments to eat into the savings. They then increased the term back to a regular figure. Is this simple to do? I'm going to check with them soon but any info before hand would be great.

With our savings I'd be prepared to ask them to reduce the term to 1 year to make one huge 'regular' payment before going back to what it is.

A huge thanks to anyone who can give me a good answer.

WaxiesDargle

Hi

Can anyone direct me to a mortgage payment calculator

cheers

sgebbie

blogs.sun.com/gebbie/resource/OverpaymentsCalculator.zip
there is one i created a while ago, its in xls and ods format.

if you dont have a spreadsheet package on your pc download openoffice for free at openoffice.org.

enjoy
steven

moneysavermum_2

This is the first time ive posted, i probably shouldnt be here as still am paying debts off as well but overpay mortgage at £86 a month, when my mortage goes to variable rate in nov will have a lower interest rate. I am always going to overpay my mortgage and am allowed to do so by £500 a month.

deefadog

Hi guyz, does anyone have an excel doc for monthly overpayments similar to locoblade's which you can change the amount of the overpayment for evry month of the term of the loan?

As unfortunately i have a excel on mac and loco's don't work

ohmochraich

Hi guys - not a newbie to the board - but a newbie to this forum - (previously thought it was just for super well off people and not joe bloggs' like me - my mistake - many apologies!).

Having had a read through the forum -you have inspired me to try to get mortgage free quicker.

Can I ask for your wise and valued opinions on the following.

I took out a mortgage in Feb 09 - for £108,000 with C and G (airmiles 5 yr fixed mortgage) over 26 years.
Interest is fixed at 6.09%for 5 yrs (a bit high I know - but the best deal at the time). My repayments are currently £714.60 per month - but I have around £500 per month spare that I can either save, put in an Isa or overpay mortgage with.

Would you think Id be better overpaying my mortgage (reduces the term from 26 yrs to just under 10) and is it likely this will be allowed in the fixed rate term?
Is it going to be more moneysaving to find a high interest rate account/ Isa to pay this into (any suggestions for good ones that will be better than overpaying mortgage?).

I know Im allowed to overpay by 10% but Im not sure if this is a month or a year - so will it be likely that Im allowed to overpay by £500 per month anyway?

I will speak to C and G but any wise and experienced replies very gratefully received.

You guys are truly an inspiration.
Thanks

snowmen

sgebbie wrote: »

blogs.sun.com/gebbie/resource/OverpaymentsCalculator.zip
there is one i created a while ago, its in xls and ods format.

if you dont have a spreadsheet package on your pc download openoffice for free at openoffice.org.

enjoy
steven

thanks for posting this!
A lot of the overpayment calculators use xl which I havent got so this is great.
The calculator is one of the best I have used too!
Thanks again!

jw2003

I just tried the Karl's calculator and it is great to see that overpaying by £100 a month at our current rate of interest (6.7%) would shave 6 years off our mortgage. What frightened me was underpaying by £100 adds 25 years to the life of it

stainedeye

these calculators are so handy