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Overpayment calculator - here

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Comments

  • bonbon49
    bonbon49 Posts: 27 Forumite
    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
    Treacle_Toes Posts: 196 Forumite
    Part of the Furniture
    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
    rockabelle Posts: 80 Forumite
    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
    MFiT T3 no 115, MFW 2015 no 65
    April 2011 balance when mtg started 300,000
    March 16 2015 balance - 165,972
    MFiT T3 target 190,000 - REACHED!!!!:beer:
  • Welshlassie
    Welshlassie Posts: 1,731 Forumite
    Part of the Furniture Combo Breaker
    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
    Mort Posts: 552 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    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.
    Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
    Debt Free Roll Of Honour #504
    Mortgage Free from October 2019
  • Good thread!
    Mortgage When Started Over Pay 01/11/2017- £146,500
    Current Total - 10/02/2022 - £6,500 (With Offset
    £10k Savings)
    5 year fix
    MFW hopefully by March 2022
    01/11/17 - £10k / £10k Emergency Savings :beer:
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