Overpayment calculator - here

bonbon49

We've just bought our first home, and started as we mean to go on. Took out a 25 year mortgage, and set up a regular overpayment to go out alongside our mortgage, which will start with our first payment this month. By paying up to the amount we were paying in rent, we'll cut our mortgage down by 7 years, and we won't notice the money as we're used to it going out anyway.

Treacle_Toes

Hi,

Does anyone know of a mortgage calculator that doesn't need you to put in the amount of years?

My situation is that my mortgage balance is £43k, I pay £900 per month at 1.29% and I'd like to know how long it take me to finish. I also will have a lump sum of approx. £11k next March.

Thanks for reading.

TT

rockabelle

I don't know of a calculator that does that, but try :
http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator#result

You can vary the years, until it matches your monthly payment amount (I reckon you've got 4 years to go without the overpayment, and 3 years to go with it).

Hope that helps

Welshlassie

Treacle_Toes wrote: »

Hi,

Does anyone know of a mortgage calculator that doesn't need you to put in the amount of years?

My situation is that my mortgage balance is £43k, I pay £900 per month at 1.29% and I'd like to know how long it take me to finish. I also will have a lump sum of approx. £11k next March.

Thanks for reading.

TT

I'd suggest http://www.whatsthecost.com/snowball.aspx a snowball calculator as this will tell you the exact month it will finish based on the figures you put in

Mort

Treacle_Toes wrote: »

Hi,

Does anyone know of a mortgage calculator that doesn't need you to put in the amount of years?

My situation is that my mortgage balance is £43k, I pay £900 per month at 1.29% and I'd like to know how long it take me to finish. I also will have a lump sum of approx. £11k next March.

Thanks for reading.

TT

This one on the MSE site may help you.

Merchandiser2367

Good thread!