Mortgage overpayment calculator (reduce payments not term calc)

pstones578

I want to overpay the mortgage in order to get my current cost of £780pcm down to something more reasonable in case I or my partner ever get laid off etc. I'm looking for a calculator that will help me figure out what the effect of paying certain amounts will have on the monthly payment. Can anyone help please?

dimbo61

Try "whatsthecost" and you can see what effect increasing the monthly mortgage payment will have.

pstones578

dimbo61 wrote: »

Try "whatsthecost" and you can see what effect increasing the monthly mortgage payment will have.

Thanks for the info but unfortunately it doesn't have what I need.

zewest

In excel, type in the loan amount in 1 cell, interest rate in another, and number of months in a third. In a fourth cell, click the down arrow next to the autosum button and select 'further functions'

Search for the function 'PMT' and select the appropriate cells. This will then show your current payments ( as a minus figure)

Then on this cell, go to 'tools' and 'goal seek' and you can select what you want your payments to be, and which of the three cells up top you want to change to get there.

delmar39

pstones578 wrote: »

I want to overpay the mortgage in order to get my current cost of £780pcm down to something more reasonable in case I or my partner ever get laid off etc. I'm looking for a calculator that will help me figure out what the effect of paying certain amounts will have on the monthly payment. Can anyone help please?

Here you go - why look any further than the MSE website :think:

http://www.moneysavingexpert.com/mortgages/mortgage-calculator

If you're on a fixed rate deal OPs won't impact on your monthly payments until the product runs out (as you're payments are fixed at the start of the product term)

getmore4less

pstones578 wrote: »

Thanks for the info but unfortunately it doesn't have what I need.

you can do just about any calculation you want with

http://www.whatsthecost.com/mortgage.aspx

if you set to interest only then adjust

amount,
rate,
term,
payment,

Hit calculate.
look at the result, Detailed if needed.

Adjust the input till it shows what you want.

I usualy have 2+ tabs with differnt numbers to see the month by month changes.

getmore4less

delmar39 wrote: »

Here you go - why look any further than the MSE website :think:

http://www.moneysavingexpert.com/mortgages/mortgage-calculator

If you're on a fixed rate deal OPs won't impact on your monthly payments until the product runs out (as you're payments are fixed at the start of the product term)

NOT true, rate is fixed payments can change with overpayments.

mortgagenomore_2

google egg overpayment calculator

Paterson33

Did you find a calculator that worked out the reduction in payments and not term ??

WidowTwanky_2

Ah, that's what I'm looking for too... can't find one.

pstones578

Paterson33 wrote: »

Did you find a calculator that worked out the reduction in payments and not term ??

Still not found one!