Compound interest calculator?
Downsizing__for_sanity
Forumite 390 Posts
✭✭
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.
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