How do i calculate overpayments?

ancasta_2

Howdy! First time posting over on this side, im a usual Old style gal!

Bit of back ground... bought a house in the summer but its a new build so we are waiting for it be built so we can get in (looking like this summer - GROAN) but hubby and I have both read around loosely on this overpayment thing.

We bought our house and plot (free hold i think its called, im having a ditzy day!!) for £83,700 and they are already valued as £140,000 so instantly we have made a huge profit.

In the long term we would like to be mortgage free as soon as possible. We are FTB so have no previous experience of mortgages. My parents have never had one and we do not want to ask questions of his mother as we do not want her involved (sounds petty but you aint met her!)

The plan is to overpay and get it paid off as soon as possible, sell up, hopefully bag the profit and emmigrate to San Francisco. I know plans never really go 100% right but its a pipedream isnt it!

Anyways, im rambling. Despite being a qualified accountant im having one of those days where i just cant get my head round working out overpayments. Our mortgage, roughly estimated (details at home) are going to be £503 PCM. over a 25yr period. Its interest & repayment.

Is there a generator to show me if i pay X amount more to my payment it will reduce the term by Z months? Tried knocking up a spreadsheet but its a friday morning, and its before 9am, forgive me if my heads fuzzy!!!


Hoping to overpay as soon as we start paying the mortgage (as soon as we are in the house!!)

Thanks in advance for any help / pointers

Katie xx

Dumyat

the links are on a sticky at the top of this forum....two lines up from here

ancasta_2

Thank you!! i'd been looking at the wee toolbar instead of the stickies!

As i said, its before 9am, do excuse the fuzzyness!