Help with an overpayment calculation

Softstuff

Hi there
Been trying to do this with the overpayment calculators, but with those I can't do a lump sum payment, and then a monthly overpayment... I realise I could use the calculator twice, but that isn't an accurate representation then.

What we have is this:
a $191,000 mortgage over 30 years (with the calcs I just pretend dollars are pounds)
The interest rate is 7.4%
we started in Feb 2007
We pay $650 a fortnight as standard
We paid a lump sum of $8800 in May
From the third tuesday in may we'd like to overpay by $800 a fortnight.

Hope someone can help me make sense of all this!
Thanks in advance

save-a-lot

Hi

Try this one

http://www.co-operativebank.co.uk/servlet/Satellite?pagename=CoopBank/Page/tplPageStandard&cid=1076576252029&c=Page

Softstuff

Thanks for that, but it still won't seem to let me enter lumps sum repayments *and* monthly overpayments.

Miss_Penny_Pincher_2

Hi softstuff,

I had a go with these figures for you in the bankrate amortization calculator which allows monthly overpayments and one off or annual lump sums.

I put in your mortgage details e.g. 30 years, 7.4% interest and the lump sum payment. This came up with your may mortgage balance as being $181,760.

As you are starting your overpayments from may I then reentered $181,760 as your mortgage amount and changed the term to 357 months, entering $1,600 into the monthly overpayment box.

This suggests that your mortgage should be paid off in February 2014!

The calculator can be found here:

http://www.bankrate.com/brm/amortization-calculator.asp?unroundedPayment=1261.2828599452127&loanAmount=181750.00&nrOfYears=29.75&nrOfMonths=357&interestRate=7.40&startMonth=4&startDay=17&startYear=2007&monthlyPayment=1261.28&monthlyAdditional=1600&yearlyAdditional=0&yearlyAdditionalMonth=3&oneAdditional=0&oneAdditionalMonth=4&oneAdditionalYear=2007&paidOffDate=Feb+17%2C+2037&showAmort=Show%2FRecalculate+Amortization+Table

I hope that helps,

Penny x

emmalt

Hi,

I think the following calculator from Egg will help you. You can put in a monthly over payment and up to two lumps sums.

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

save-a-lot

save-a-lot wrote: »

Hi

Try this one

http://www.co-operativebank.co.uk/servlet/Satellite?pagename=CoopBank/Page/tplPageStandard&cid=1076576252029&c=Page

Hi

It will do all you want it to do. Enter the details you require under the flexible features tab

Softstuff

Wow, thanks for all that folks, will get stuck in.

save-a-lot wrote: »

Hi

It will do all you want it to do. Enter the details you require under the flexible features tab

I tried that, but when I wanted to add the monthly overpayments it would only allow me to start them for the very beginning of the mortgage.