is there a mortgage calculator

The_White_Horse

that works out how much you would pay off a 25yr loan over say, the next two or three years.

i have found ones that tell me the monthly payment, but if interest is calculated daily, with each monthly payment, the amount will reduce further.

so, in effect, paying 500 capital in first month, may mean paying 503 capital the following month and so on.

is there a calculator anywhere that does this?

thanks

Miss_Penny_Pincher_2

Have you checked out Karl's mortgage calculator? I find this one fairly simple to use but with a fair bit of detail available when needed including varying overpayments.

For example, using the standard figures in the calculator, click on 'monthly table' and it breaks down each monthly payment by how much was interest and how much 'principal' or capital. Also just substitute £ for $ in your mind :beer:

http://www.drcalculator.com/mortgage/

I've been overpaying on my Nationwide mortgage and wanted a projected figure of how much I would owe in 2 years but Nationwide now charge £20 for it! This calculator was a godsend :money: