mortgage overpayment calcuation

monki_man

i've got a nationwide account, and i want to know how much repayment I would have made to the whole mortgage if I overpaid by £500 a month. At the moment the choices are a lower monthly repayment for 25 yrs, or the same amount but shorter term.

Say my mortgage is 2% above the bank of england rates = 2.5%.
the mortgage is £200,000 and the monthly payment is nearly £900.

I make an overpayment for £500 a month.

According to mortgage calculator, after 2 years i would have a mortgage debt of £188,185.80, this is based on paying off the same amount + £500 overpayment but only adjusting the years of the mortgage.

Can someone tell me how to work out how much mortgage debt i would have if they adjust the mortgage amount?

Rainmaker_uk

monki_man wrote: »

i've got a nationwide account, and i want to know how much repayment I would have made to the whole mortgage if I overpaid by £500 a month. At the moment the choices are a lower monthly repayment for 25 yrs, or the same amount but shorter term.

Say my mortgage is 2% above the bank of england rates = 2.5%.
the mortgage is £200,000 and the monthly payment is nearly £900.

I make an overpayment for £500 a month.

According to mortgage calculator, after 2 years i would have a mortgage debt of £188,185.80, this is based on paying off the same amount + £500 overpayment but only adjusting the years of the mortgage.

Can someone tell me how to work out how much mortgage debt i would have if they adjust the mortgage amount?

I use this calulator at Egg - it covers overpayments as well as offset option and lump payments.

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

LillythePink

Thanks for this, but it won't work for me, says the maximum mortgage allowed is 350k - but ours is 352k!

Gives an idea though