Overpayment calculator - here

badmanj

Hi,

I've read this thread trying to find a calculator that would really tel me what I need to find out - and either none of them do - or I've just misunderstood what I've seen so far.

So either way, I'd like to create my own calculator - and put it online for all to use (assuming it works!) - but I need to know what the calculations are - and this is where I need help...

Here's the basic description of what I wanted to find out and therefore what I need calculations for...

I have an interest only mortgage. I want to enter the amount of the loan and the interest rate, plus an overpayment amount. As a result, I'd like to see years 1-25 each with months 1-12 (and (or whatever the term is) compared side by side consisting of 'total amount paid to date', 'amount of loan remaining', 'amount repaid this month'

This is assuming that, if my interest payment is initially 500 and I overpay by say 300 then the next month I *still* want to pay 800 - regardless of the total interest. So as time passes, my overpayment amount rises.

Hopefully this is clear ? So - is there already a tool out there to do this and if so, which one is it! If not, can someone explain how I calculate the above ? Assuming interest is applied daily. Should I do this, I'll create online dynamic charts etc so show the effects of the overpayment too - I quite fancy this as a project.

Thanks,

Jamie.

mrs_deadline

Have you seen the downloadable spreadsheets here?

http://www.mortgagesexposed.com/

Lots of formulas included. Good luck with the project!

pubtricks

If you need a comparision mortage calculator then try:

http://www.binaryincome.com/loanmortgagecalculator.php?section=mortgage

If you need an overpayment mortgage calculator then try:

http://www.binaryincome.com/overpayment.php

SarahJay55

wow - it is amazing to see the difference!

I just wanted to ask the advice of the more mathematically gifted types here!

When I checked the small print in my mortgage agreement I found that if I made regular over-payments, they would recalculate the interest at the end of each year (31 March.)
Whereas if I make irregular payments, they recalculate from the next day...

To me, it sounds better to make irregular payments, but I'm not whizzy enough to figure it out exactly - can anyone confirm my gut feeling?

thanks!

frugalpam

pubtricks wrote: »

If you need a comparision mortage calculator then try:

http://www.binaryincome.com/loanmortgagecalculator.php?section=mortgage

If you need an overpayment mortgage calculator then try:

http://www.binaryincome.com/overpayment.php

Been trying to find something like this for ages - thanks!

Pam

scoobydoo69

I am yet to find a calculator that works realy well if you are on interest only

So lets say you have a morgage of 145000 interest only so your not paying off any capital, you over pay by 200 a month (2400 a year), each overpayment would mean the capital reduces slightly, therefor the interest the following month should be lower as the actual capital amount is lower, so if you keep the payments the same (normal monthly amount + overpayment) it would reduce even quicker???

Any calulators work this out?

Thanks

Miss_Penny_Pincher_2

Scooby doo this overpayment mortgage calculator from Egg allows you to work it out for interest only mortgages. It takes into account the monthly overpayment and the effect compounding effect you are after.

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

scoobydoo69

Thanks you thats great

halia

I find them really useful. I have always 'rounded up' my payments to the nearest 10. So if mortgage is 312.56/month I pay 320/month. Its a tiny amount that I don't even notice in my budget but it does make a bit of difference.

Whenever I'm feeling richer/better paid I can round it up by more or just add the extra cash into a savings account then add it in all at once.

The_Only_Homer_Simpson_UK

Hi all
have tried to use the various calculators but cannot seem to get the right details
We have an endowment mortgage ( paying out 2010 and 2012 and will cover mortgage)
There is approx 17K left outstanding
interest rate is currently at 7.31% variable
monthly payment is £95.00 however am paying in £200 per month ( overpayment of £105 per month)
Mortgage term is up in 2012
have some savings

Should I pay off or continue as now ?
Any guidance appreciated