We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Compound interest calculator?
Downsizing__for_sanity
Posts: 390 Forumite
Hi people,
I'm reasonably new to MF aspirations, so thanks for helping me out in advance. I'm trying to find a straightforward calculator or formula for working out the amount of interest I will save for overpaying x amount of my mortgage. I can't guarantee to make the same payment every month, more as and when. I've used the site's OP calculator to work out eg £10 paid off today saves me £30 interest over the term, but there should be a mathematical formula I think where you can calculate it based on the daily interest. The ones I've found so far are US and calculate it monthly.
My aims are to a) work out how much mortgage interest is daily, and b) what x payment will reduce total cost of loan by.
Many thanks in advance - and your diaries are all inspirational.
DFS.
I'm reasonably new to MF aspirations, so thanks for helping me out in advance. I'm trying to find a straightforward calculator or formula for working out the amount of interest I will save for overpaying x amount of my mortgage. I can't guarantee to make the same payment every month, more as and when. I've used the site's OP calculator to work out eg £10 paid off today saves me £30 interest over the term, but there should be a mathematical formula I think where you can calculate it based on the daily interest. The ones I've found so far are US and calculate it monthly.
My aims are to a) work out how much mortgage interest is daily, and b) what x payment will reduce total cost of loan by.
Many thanks in advance - and your diaries are all inspirational.
DFS.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards