Overpayment calculator - here

save-a-lot

Hi

Make sure the £250/month is put into a high interest paying account for the next 3 years, maybe save it into an ISA to make the most of it.

kymrob

wow this has really woke me up ive got straight on to the bank and uped my monthly payments!! thanks

Elliesmum

Oooooooooh - me too!

Love these calculators - had a lightbulb moment with the hubby today regarding overpayments. Showed him the figures and he's flabbergasted! I've already started to allocate an extra £50.00 a month to overpayments by after seeing some of these savings we are going for the £250 a month to try and cut our mortgage term by half! Amazing, so excited!

EM x

Lozface

Hi everyone

Newbie to the site but been a committed money saver for a while now.

Loving the overpayment calculator - my mortgage allows overpayment of up to £500 a month so will be taking that up with the bloke in Jan when I get the payrise and might be able to afford it! If we overpaid the full amount could knock an amazing 17 years off our term!! Brilliant!

Successfully referred two people to join my firm so looking forward to a £3k lump sum (before tax) next week to wipe out my overdrafts before they become interest paying. On way to being debt free by next March - apart from the mortgage that is!!

Not had a good look at the whole of the site yet. Any good tips for a newbie to make some leaps in moneysaving?

Cheers big ears

Lozface x

morrisp6

I just want to start the post by saying that I have simply modified the excellent work that Mkelly and others have done.:T

The Egg calculator is excellent, but i wanted an easy way to see what impact paying yearly bonus, or maturing share / ISA's etc would have, so have Modified the exsiting Flexible Payment Mortgage spreadsheet, to accept Monthly overpayment amounts rather than a % increase, and added a column for Yearly extra payments.

I haven't got my own website to host it on at hte moment, so if anyone wants it then email me, or if you have a site to host it on then let me know and i will send it over.

Paul

ysatiss

I was very impressed by the calculator. I've been thinking for a while about making overpayments as lump sums of say £200 every now and then but I just never get round to it...
Now I've realised that by paying an extra £25 a month, I could be mortage free 3 years earlier. £25 sounds like not a lot, but I'm sure in 18 years time(instead of 21) I'll be very pleased with myself!

gallygirl

Lozface wrote:

Hi everyone

Newbie to the site but been a committed money saver for a while now.

Loving the overpayment calculator - my mortgage allows overpayment of up to £500 a month so will be taking that up with the bloke in Jan when I get the payrise and might be able to afford it! If we overpaid the full amount could knock an amazing 17 years off our term!! Brilliant!

Successfully referred two people to join my firm so looking forward to a £3k lump sum (before tax) next week to wipe out my overdrafts before they become interest paying. On way to being debt free by next March - apart from the mortgage that is!!

Not had a good look at the whole of the site yet. Any good tips for a newbie to make some leaps in moneysaving?

Cheers big ears

Lozface x

Hi Lozface & welcome!!!!! The mortagge board is great for tips - and see the sticky 'get yourself a mortgage pig' to keep yopu inspired. However, if you are looking for ways to save money to give you more money to OP on mortgage get on the debt-Free Wannabee board - inspirational tales on there - and if you are brave enough to post your statement of affairs you will get loads of advice on where to cut costs.

Also money saving old style board for ways to make food go further, great recipes etc.

mongmoney

Unbelievable how much difference £50 a month would make. Thanks so much for providing a brilliant link.

david78

I have always used own overpayment calculators in Excel. Here are two of my best ones.

Both can calculate the effects of monthly overpayments in terms of interest and years saved. The first one is for a repayment mortgage. The second one allows for Mortgages that are a mixture of interest-only and repayment.

http://upload2.net/page/download/Ka9YJgoH1WDgZZm/Flexible+Mortgage+Calculator.xls.html

http://upload2.net/page/download/qn4pbDwpancDt2t/Flexible+Mortgage+Calculator+%28mixed%29.xls.html

If you don't have Excel, the spreadsheets also work in Open Office (free to use).

Enjoy.

PS. I don't use these now as I paid my mortgage off 12 years early using them :rotfl:

nannydiddy

OMG I have just fallen off of my chair!!! Unbeleivable!! I have been over paying by £200 very month (more or less) and it takes 9years off my mortgage and £38k of interest!! I cannot beleive it.

Need to check out my over payment limits but I think it's 10%, anyways it's something to aim for!

I'm a bit new to this money saving malarchy but that is an inspiration and incredible!!!

Going to get up off the floor now and get on with money saving!!

thanks all