Overpayment calculator - here

cheekyk2008

Hi,

Does anyone have a spreadsheet or know where I can find one that will keep track of overpayments and let me know what my balance will be afterwards? I'm very new to this overpayment business and am getting confused- if I make an overpayment does this go off my total balance or does it come off the interest I'm due as well?

Thanks!

tiggertock

cheekyk2008 wrote: »

Hi,

Does anyone have a spreadsheet or know where I can find one that will keep track of overpayments and let me know what my balance will be afterwards? I'm very new to this overpayment business and am getting confused- if I make an overpayment does this go off my total balance or does it come off the interest I'm due as well?

Thanks!

I use Chris Gamlin's spreadsheet available here;

http:// locos tfireblade. co. uk/spreadsheet/Index /.html
(I'm a new(ish!) user, so can't post links, so please remove the spaces)

It's supposed to be for mortgage comparison, but I've entered indentical details into both Mortgage 1 & 2, but use one to enter my overpayments on so I can quantify the difference that overpaying is making...

Best of luck with your overpaying :-)

tali

I am not a Higher rate tax payer but have @ 50% of mortgage in savings to either offset or overpay
MSE Calculators say i need Savings account 3.7% interest before tax.However , that is with repayment rates - whereas Offset are always more expensive and would require at least 4.0% savings intrest before tax- which "artificially" makes the Offset better
On the compare calculator offset wins on intrest paid the repayment wins long term on savings but trouble is it does not factor in 10% overpayments- which is what i would use some savings for.
And also the savings could be invested in stocks/shares isa -which in general would easily beat 3%
Think this is another dead one

fosco360

Thanks for posting this. Trying to coax the Mrs into overpaying...

shazstr

I ran across this spreadsheet to calculate mortgage overpayments and I really like it - pretty flexible to me to do "what if" changes quite easily

Dave Addey - Mortgage Overpayment Calculator

http:// daveaddey . com /?p=42

I am also new-ish so can't post links, so please remove the spaces (as mentioned previously by another user)

Hope others find it useful

Emily_Calvin

kazmac wrote: »

Hi! Just wanted to say, wow! What a site! Have used the budget planner, worked out finances, and using the mortgage overpayment calculator have rounded my mortgage off to £630 upping it by just over £50 a month. Have switched to roll ups recently so money saved on not buying tailor made ciggies is benefitting me even more!!
Will be saving 19,226.56 in interest alone! :j I am SO happy, cant believe it...its not until you see the figures in front of you that you actually realise just how much extra you pay over the years.
The mortgage will also be paid off 5.2 years early....thanks so much to all of you for all the posts, you have really inspired me to make the changes! :T
I can really recommend doing this, I feel better already!

PS Even hubby is happy, didnt even have to cut down his beer money!!!:beer:

I agree with you...

goodmorningsunshine

Hope I'm in the right place.

Made my first overpayment on Saturday 22 Feb 14:D

logged into my account last night hoping to see my overpayment, but alas, no, not yet credited to my account:(

My question is; paid cash into my mortgage account through the bank that deals with my mortgage, so should this not be credited to my account straightaway? or because it was a saturday, their playing games and did not credit my account until today.

Any comments/advice welcome.

Jenny1983

Awesome calculator, it does the job

Kate21

I made an overpayment on my mortgage earlier this month, which is allowed under the t&cs. Previously I was able to withdraw the overpayment at any time, by writing to Nationwide and the money would be in my current account within a few weeks.

I have since discovered that the rules (EU or government I'm not sure) have changed and that if I want to withdraw any of the overpayment, I have to ring the building society who will then run through a series of questions about my finances and then the computer decides if I can have the money.....!?!!! I asked what the questions would be and they carried out the financial inquisition with me so the questions include details of your salary, any overtime, any credit card debts and any loans. The computer also advises you how much of your overpayment you can have back...

I was further informed by Nationwide that even though I passed the analysis this time, it doesn't mean I would pass next time, or that I would be allowed to withdraw the full amount of overpayment on another occasion. The only upside is that if the withdrawal is allowed by the computer, the money would be in my account within a week, which is rather quicker than before.

Nationwide insisted that this was due to new legislation which affects all mortgages - but I'd not heard anything about this in the media, or from Nationwide when they sent the letter reminding me to ring them and explain how I was going to pay off the interest only element.. I asked Nationwide why they hadn't written to me to advise about this change to the terms and conditions of the mortgage and they said they were not writing to anyone but would explain the change if anyone asked !!!!!!!!!

I can't understand the justification for this as I'm still paying the compulsory contributions - the money in question is an overpayment, so they would not otherwise receive it for a few years.... Is is because I have a half endowment, half repayment mortgage and they are still worried that the endowment won't pay it off?

The net outcome of this is that I've left the £800 overpayment in the mortgage account for now, but have opened an instant access cash ISA and am putting any spare cash into that since I'll need it to repay several balance transfers which expire later this year.

The only trouble is that I'm paying more in mortgage interest than I'm getting from the cash ISA.... but what other choice is there when I still need access to the cash??

Has anyone else come across this new legislation?

newgirly

bump..............