Overpayments - Calculate Every Monthly Payment

lenin

Hi,
I know there are a lot of mortgage calculators, and repayment calculators I am looking for a calculator that will tell me my expected mortgage payment for every month for the life of my mortgage.

I am currently tied in to a 5.99% deal till November 2012. I make overpayments every month but want to know exactly when my mortgage will drop to £500 a month. I couldn't get the bank to give me anything meaningful.

Any help greatly appreciated.

Thrugelmir

lenin wrote: »

I couldn't get the bank to give me anything meaningful.

I doubt that the call centre operative could access this data. Invest in a spreadsheet.

lenin

I didn't say I asked a call centre operative. \thanks for the patronising reply.

If anyone else on the forum has a constructive answer I would appreciate it.

originalmiscellany

Firstly, welcome to the board.
Secondly, if you look, there are a load of spreadsheets on here that would help. Search for locoblade (username)'s spreadsheet, it's seen as a good one on here.
Thirdly, Thrugelmir generally speaks a lot of sense, and has posted and helped many people here. He (I assume it's a he) was clarifying why the bank couldn't help you (they simply didn't have the data to hand) and I am confident was not trying to be patronising or rub you up the wrong way.

So, search for locoblade's spreadsheet and that should help you.

originalmiscellany

To save you, I searched:
https://forums.moneysavingexpert.com/discussion/3830835

This should help my Red friend

Thrugelmir

lenin wrote: »

I didn't say I asked a call centre operative. \thanks for the patronising reply.

If anyone else on the forum has a constructive answer I would appreciate it.

Apologies if my response was brief. I tend to keep them this way but as far as possible factual.

Your lender has no need to calculate the information you require from their system. So your request is bespoke.

I'm more than happy to respond at length if detailed replies are of interest but in the majority of instances they aren't.

getmore4less

It will require a custom calculation because there are some variables that change.

Also depends exactly what you mean by the question

It will depend how you mortgage company calculates your payments.

There is a change of rate that complicates.

There is a way to model this using two(or more) calculations with a standard calculator with the following assumptions.


The lender does not change the normal payment due to overpayments
and the over payments are fixed.
Or the total payment is always the same

put your mortgage into a claculator that shows monthly details

This will give you the monthly outstanding amount.

Then also do a calculation with a £500pm payment over the same term
(adjust the capital till it is the same term.

Where the 2 capital owing overlap is the month the normal payment could drop/rise to £500pm to finish the mortgage.


if this is after the rate chnge remodel at the rate change.

I use
http://www.whatsthecost.com/mortgage.aspx


eg £100k mortgage @5% 20 years is £660pm

equivilent £500pm is £75763


£100pm overpayment crossover is March 2022

Have a go or give your actual mortgage details.

lenin

Thanks All, much appreciated

harvey115

Hi

Here is a link to Locoblade's spreadsheet, Its quite a useful tool:

https://forums.moneysavingexpert.com/discussion/1157173