Overpayment Mortg calc. showing reducing payments, not shorter term

mary

We have a 10 year fixed mortgage and have made some over payments recently. I would like to find a calculator which could demonstrate how much less we would pay each month but still keeping the 10 year term. If we pay it off earlier, we will have to pay ERCs.

Most of the calculators I find seem to tell you how many years you would knock off the original time span.

kingkano

Doesnt your mortgage payment already do this for you? (or did you ask the lender to show the overpayments as reduced term instead?)

JoeK_3

Download this mortgage rate calculator and keep it as a present.

http://www.mortgages2.co.uk/MRC.exe

JoeK

mary

kingkano wrote: »

Doesnt your mortgage payment already do this for you? (or did you ask the lender to show the overpayments as reduced term instead?)

I am allowed to make a maximum of 5% overpayments each year as and when we get spare cash. However I didn't have a means to see how much that would reduce the monthly repayments by, other than writing to them each time we paid a bit more off. I simply wanted to find a tool on line where I could punch in the numbers.


Otherwise we get an annual statement from the lender to shows our normal repayments reducing the mortgage. I wanted something more readily available.