2012 mfw

blizeH

mortgage_destroyer wrote: »

Does anyone know a formula that works out how much each £1 of overpayment saves u in interest, will maybe motivate me to paying a bit more in overpayments:)

I think you'd probably find this as the perfect tool for motivation - https://mortgages.hsbc.co.uk/overpayment-calculator

Shows exactly how much you'll save by overpaying, and displays a nice comparison graph too!

Spiggle

Morning All,

Superb OP blizeH, all updated for you

Welcome to our latest challenger Beckyy at No.158. Good luck with your challenge.

That's a great OP mortgage destroyer, all updated for you. You're very welcome and thanks for showing your appreciation. You may want to lok at the main site calculator here. Alternatively, have a look through this thread as there are quite a few spreadsheets that people have used. I think one is locoblades but there are others throughout the thread.

See you all later,
Spigs

mortgage_destroyer

oooh I love the link thk u very much Blize H, :Ait's very motivating every £1 of overpayment saves me £50 in interest, now I need to work out where I'm gonna save some extra money:j

Thank you Spiggle I'll have a look later tonight when I get home for work, really into this now just need to persuade the rest of the family to get on board but they just wanna spend atm!!

originalmiscellany

Best name I've seen for some time
Does exactly what it says on the tin. I like it.

When it came to us overpaying, I had similar thoughts to you MD, every pound saved will in turn save many more pounds over the life of a loan/mortgage, so it is worth cutting back and saving as much as you can, knowing that every month means if you save £300, you are saving interest of £1000 long term (these are made up figures, so please don't quote me on this!)...

That was the real incentive for our serious money saving drive a few years ago, and it has resulted in a mortgage that is cleared and the ability to live comfortably within our means without the need to go for another promotion etc.

lincoln-potter

For working out and keeping track of your OP's i use an excel table i downloaded

http://www.vertex42.com/Calculators/home-mortgage-calculator.html

Its simply to use but the forumla behind it is complicated so its quite good and gives you plenty of information.

pammyj74

Hi all, No. 53 signing in with another OP of £125, total for month now £475

Spiggle

Evening everyone,

Great solid progress pammyj74, all updated for you.

See you tomorrow.

Take care,
Spigs

Barny1979

£25.00 OP paid from ebay sales.

Southernman

Can someone explain why on a Fixed rate after making a large lump sum overpayment of £1500, my monthly mortgage normal payment has reduced by £15?

Does this happen with all repayment mortgages or is it something specific to fixed mortgages??

I'm probably being dumb but i would have thought the other mortgage overpayments i've made would do the same but for some reason it's only the case if it's over £1000, why might this be??

Am i better off paying big lump sums?

Beckyy

My company said they will readjust my monthly DD if I overpay by 3x or more my monthly DD amount. Not sure if that's any help, but could be something similar?