Mortgage calculations

lindypop

I've just taken out a £30,000 mortgage, fixed for the first two years with a penalty for overpayment within that time. After that, I'll be able to make additional payments to pay the mortgage off a bit quicker. Maths is not my best subject so any easy ways to calculate how sooner I can pay off, by making overpayments would be good. My payments are £250 over 180 months. If, for example I saved an extra £50 per month for the first two years, then paid that off as a lump sum and paid an extra £50 per month, when would my mortgage finish? How do I calculate it all? As a newcomer to this site, can I just say I think you're all wonderful!!!

Joe_Bloggs

@Lindypop
Welcome to the site. I would say that your question is more appropriate to the Mortagage-Free Wannabe section of this forum. You may find more replies their. It is great to have a choice in whether to save, spend or invest your money. Your choices may be influenced by your individual situation and the rates of interest and taxation that you face. Read around the savings and investment forums, keep up with the issues. You can learn so much on this forum. You can also say too much and cramp other peoples need to express themselves. We all learn by taking part in a forum.
J_B.

cheghead

try https://www.hsh.com. Lots of calculators there. (figures on the site are in $'s but same calculations will apply using £'s).

Joe_Bloggs

Their Home buyers calculator works in £s on my PC. I know it is just a symbol infront of some numbers. It is easy to use and I have got to grips with it. It cost nothing and you can save a mortgage situation to disk.
J_B. (Amortization is not a made up word.)

lindypop

Thanks everyone. Looked through wannabee mortgage free and found how to calculate repayments. Many thanks.

Joe_Bloggs

It is your progress towards the goal that can inspire others to research their options regarding overpayments in future mortgage deals. Stay with the forum and share your understanding and point of view.
J_B.