Overpayment calculator - here

emmilou

This info is incredible thank you so much. I discovered this thread only last week and was telling hubby, he wasn't really getting it and didnt think a small amount would make any difference well on our 105K mortgage with still 22 years to go (eeek!) we could save 45k in interest paying an extra 200 a month!! Needless to say he ate humble pie and is now an MSE addict like me!
Thanks everyone

TinkleToes

jeacle.ie /mortgage /uk /

This has now changed to:
/ www. drcalculator. com/ mortgage / uk /

Sideways

What a fantastic site / thread!

This overpayment thingy has really given me a New-Year lift :j

I recently moved on to a 5-year-fixed, luckily just before the first of the last 3 rate increases , I set the term lower than necessary and upped the payments knowing this would save me money in the long run BUT with the addition of £200 a month overpayments (a figure we can comfortably afford at present) I have calculated we will be Mortgage Free in seven years time!

:dance: :dance: :dance:
Whoa-oa-oa! I feel good, I knew that I would, now
I feel good, I knew that I would, now
So good, so good, I got you…….

:dance: :dance: :dance:

Bargain_Rzl

Do bear in mind that in certain scenarios, overpayment on a monthly basis is NOT the way to go. For example, I have a new mortgage with Nationwide which is at 4.89% fixed until the end of November 2008, but I am earning 8% interest (6.4% net) on my Lloyds TSB Monthly Saver. A few months down the line I am expecting to be able to scrape together more than my savings account's monthly £250 limit, in which case I will find a high-paying mini cash ISA to continue outperforming my mortgage rate. I'd be daft to pay directly off the mortgage

John_LG

A fair point by Bargain Rzl. Overpayment is normally for 'spare' cash, after other higher rate loans have been paid, and higher investments have been put into their higest amount.
We always plan to pay CC off in full, invest max into ISA, and max into mthly saver (limited to only £100 a mth though). Any overpayments come after those, with the view that when mthly saver comes to an end, if will then go towards the mortgage at next review.
But this thread is great - I love to see the effect of even those little amounts, scraped together. Love hearing of those ppl who have discovered how so little can make such a big difference.
Thanks,

googlemyusername

Hello I've been a lurker on here for some time now and have decided to join in . I have set up an overpayment of £75 on my mortgage. The cashier looked a bit miffed at me and said she has better things to spend money on than over paying here mortgage, well bully for her I thought. I am thinking about cancelling my mortgage repayment protection thingy I took out when starting the mortgae as it seems like a big waste of money , if I binned it I could use the extra £25 to up my overpayment to £100 a month.

layercake

What a useful thread.

But, does anyone have a calculator that will take into account fixed term mortgages.

Mine allows me to pay off in the fixed term. What I want to know is the immediate effect of paying off lump sums.

Sloppy_Saver

I'm sure that there are loads on the web, just do a search in google.

Helonearth

Someone earlier asked about banks using normal calculators to do mortgage repayment calculations. I'm sorry to say that these aren't normal calculators. They have special ones with functions that are not part of run-of-the-mill calculators. You could use a normal calculator, but it would take a very long time!

Mint1955

I have an interest only mortgage of £99,000 and a repayment mortgage of £50,000 with Nationwide, can anyone help me. I have inherited some money and am going to pay of the smaller mortgage outright but can I pay of a lump sum of the larger one one to help offset the fact that the endowment policy will not cover it all when it matures.
Sheila