Overpayments calculator

waterbaby

I found this and thought some people might like to play with it. You type in an amount to overpay your mortgage by and it tells you how many years/£s you will save.
http://www.channel4.com/4money/mortgages/features/overpayment_calculator.html

allycat_3

thanks for that .... a very useful tool in our information collection strategy for our financial advisers next visit!
allycat

Mumstheword

I tried the calculator out, and based on an estimate of the figures involved in my mortgage, the approx £50 per month overpayment we make will save us 6.5 years, and the related interest sa vings that go with that.
Surprisingly, £100 saves about 10 years, and £200 about 14 1/2 years. So roughly speaking, to double up on my saving in years and interest, I need to almost quadruple my overpayments.

Dunkyboy_2

Most lenders will only let you over pay by 10% year (before starting to charge you heavily), so you would have to recalculate for each year, as your amount left to pay will of fallen, have i got that right , or is there a way round being charged for over payments.