Mortgage snowball calculator

The_Goatreich

Hi guys,
I've had a quick search around this site, but the word "snowball" results in so many hits that I'm not sure where to start.

I use the whatsthecost snowball calculator for my loan and credit card payments at the moment and it's a life saver. I look at it daily and update it religiously.

I wanted to set one up for my mortgage so that it would be more obvious to see how much overpayments will affect the mortgage free date, that is when I can afford to pay them in the future. I thought about setting up a new snowball for it, but realised that you can't adjust the APR of the debt once you've set it up, which wouldn't really work for me being on a variable rate.

Anyone know of a tool that could help please?

Cheers

DVardysShadow

Why worry?

I am assuming your mortgage is at a lower rate than the loan or credit card, so for the moment it makes sense to leave the mortgage alone and pay the other credit off.

When it comes to actively paying the mortgage down, you can only really calculate on the basis of the rates now. So as the rates change, you just need to start a new snowball.

fermi

Is this what you mean?

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

Sorry if not. Not my thing.

The_Goatreich

Kind of. I was more after something that I can update on a month by month basis so that I can tell how far along I am with my mortgage.

The_Goatreich

DVardysShadow wrote: »

Why worry?

I am assuming your mortgage is at a lower rate than the loan or credit card, so for the moment it makes sense to leave the mortgage alone and pay the other credit off.

When it comes to actively paying the mortgage down, you can only really calculate on the basis of the rates now. So as the rates change, you just need to start a new snowball.

I'm not worrying about it now at all, I am paying the basic mortgage rate and in the meantime paying of my day-to-day debts. I'm mainly thinking of a time when I have paid all of those off and can actually afford to overpay the mortgage. The problem with starting a new snowball on whatsthecost.com is that I can't change the interest rate on the existing debt, and I wanted to avoid creating a new account each time the interest rate varies.

Thanks though

The_Goatreich

D'oh!! Scratch that, I can adjust the interest rate on whatsthecost, so that is perfect for calculating it, when the time comes.

Cheers everyone for the help