Overpayment calculator - here

Eoan

david78 wrote:

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:

Superb, thanks very much. I don't suppose you have a version of the repayment spreadsheet that allows you to choose overpayment start/finish days, and allows for individual lump sum overpayments?

Not being greedy, but that would be very handy indeed.

david78

If people think it would be helpful I can provide an Excel calculator that can calculate savings for overpayments made on an ad-hoc basis. This will allow monthly overpayments and/or lump sum overpayments on days you choose. You need to put in your estimates of the interest rates you think will apply in future years.

The calculator will show you the payments you need to make each month (what the lender will want you to pay plus any monthly overpayment you elect to make), the interest saved each month, and the total interest saved at any time. You can also drill down and see what is happening day by day.

You will be able to reconsolidate the balance at the start of any year to agree with the balance on any statement (from experience the adjustments that need to be made are minimal as the calculator usually spot on or a few pence out).

Oh yes, and the calculator copes with leap years (you pay less interest per day in leap years as the annual interest is spread over 366 days instead of 365).

Eoan

I did reply to this saying it would be very helpful by my reply seems to have vanished.. I should have checked it got here.

Basically, yes I think it would be great if you did an updated version that accounted for one off overpayments as well as fixed overpayments. Also useful if you could mess around with the dates the payments were going to go in.

Thanks,

Eoan

david78

Thanks Eaon. I have had a few PMs about this. At the moment the spreadsheet is still being worked on (its based on an existing one but with extra things -- like charts of progress).

I am hopeful I will be able to post something at the weekend -- no promises mind.

The spreadsheet will allow you to complete flexibility as to payment amounts and dates.

tightfella

david78 wrote:

If people think it would be helpful I can provide an Excel calculator that can calculate savings for overpayments made on an ad-hoc basis. This will allow monthly overpayments and/or lump sum overpayments on days you choose. You need to put in your estimates of the interest rates you think will apply in future years.

The calculator will show you the payments you need to make each month (what the lender will want you to pay plus any monthly overpayment you elect to make), the interest saved each month, and the total interest saved at any time. You can also drill down and see what is happening day by day.

You will be able to reconsolidate the balance at the start of any year to agree with the balance on any statement (from experience the adjustments that need to be made are minimal as the calculator usually spot on or a few pence out).

Oh yes, and the calculator copes with leap years (you pay less interest per day in leap years as the annual interest is spread over 366 days instead of 365).

David, thats exactly the calculator I am looking for :T

I dont make regular overpayments, but every couple of months or so for the past year have put down around 1500 - 2k. This would be great .

Sarri_2

Wow.. I've been wondering about whether I should be overpaying my mortgage a bit more or putting any spare money into savings.. the numbers coming out of the calculators are really inspirational, 17 years rather than 24 is a lot less scary (tho still a long time!).

I think I'm going to copy the results out and keep them in my wallet wrapped round my cash card so I have to think a bit harder about where I really want my money to go to next time I'm in town.

ProtectorSoG

Can't wait to see the reworked excel amortization schedule. Any updates on it? Have been looking for something like that for months now. Please message me as soon as you finish it, as I am very interested to see how montly payments + lump payments work out in the long run.

dennyboy

I like using this one from Bankrate it does display in US dollars, but ignore and pretend its pounds still the same totals etc. The good thing about this it gives you a full detailed instant breakdown and you can include overpayments, regular and one off! its super duper.
http://www.bankrate.com/brm/mortgage-calculator.asp?

Hope u find it usefull.

gallygirl

I have a spreadsheet I devised which allows for irregular overpayments. Fairly basic, but accurate to £1 or so a month, and you can scroll down (a LONG way........) and see Mortgage Free Day.

If anyone wants a copy feel free to PM me with your email address, alternatively, is there a website I could post it on???????

Llyllyll

ali007 wrote:

If anyone wants a copy feel free to PM me with your email address, alternatively, is there a website I could post it on???????

Thanks for the spreadsheet. Very useful.