Overpayment calculator/spreadsheet for mutiple mortgage accounts?

aliportico

Hi, I used to be a semi-regular here but haven't been here for ages. We are still chipping away at the mortgage though, which is good

Anyway, our Nationwide mortgage is in 3 parts - the original (from 1996), an extension when we moved here 11 years ago, and a further extension 3 years ago. They all finish in July 2021. The first two bits are now on base rate and have no early repayment charge. The most recent chunk is on over 5%, and is a 10 year fixed rate, expiring January 2018. It has an early repayment penalty.

Atm our overpayment is going to the fixed rate part, as it has the highest interest rate. DH has just had a decent payrise, and we are going to put the majority of that towards the mortgage as well - trying to minimise the impact of the NI/pension increases and the loss of child benefit in 2013 (we have 4 children, so £240 pcm). So in 2013 our overpayments will probably decrease again.

I've been looking but I can't find an overpayment calculator that will do one bit of mortgage on one rate, and other chunks on another - does such a thing exist? I'm sure it does and I just haven't managed to track it down I would really like to be able to play around with our numbers a bit!

Obviously I would like to avoid paying an early repayment charge, *and* pay as little interest as possible Without OPs, the mortgage would be paid off the summer our youngest would be doing her A-levels/going to university, but the eldest will be finishing school in 4 and a bit years time, summer 2015, so I would like to be mortgage-free as soon as possible! (Not that it will be in 4 years' time, but I can dream ...)

Thanks in advance for your help

getmore4less

Its fairly easy to do it by hand with a regular mortgage calculator.

but the basic interest calcs will get you very close.

You also need to factor in savings rates as well anyway.

if you start with the max overpayments you can make on the 5% bit.

£500? saves £2.08 per month
£500 in a 2%(net) savings account gets £0.83p

net saving £1.25pm

penalty is ? say 2% so thats £10 which is 8 months
so that means any overpayment that has a penalty does not start saving for 8 months

So if you make a £500 overpayment with penalty you start saving £2.08 in month 9

If you pay £500 off the lower rate you save 1.04pm, £8.33 in the 8 months

So it takes the 5% with penalty another 8 months to catch up.

Now if you can get savings into a higher rate, say a monthly savers the time period gets longer.

If you overpay the non fixed bits can you get the payments back?

Another option might be to change the term of the fixed to get the normal payments higher.