payoff mortgage calculator

dave111

Currently have a Repayment Mortgage with Abbey @~5.7% with 24.5years remaining.
Wondering is there a calculator or other method to work out the value/benefit of overpayments.
Allowed 10% overpayments per year(but cannot withdraw them)

Cheers.

Hobo_2

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

johannamse

the best one i have ever seen is on the channel 4 website, under Money section.

davepugh1981

Do it yourself using an excel spreadsheet. Work out the interest charged to your loan each month, then take off your payment, and repeat until the loan is repaid.

Then increase you payments by the required amount, and see how much earlier the loan is repaid.

TTFN
Dave

Murtle

try this one, also works for credit cards and loans etc.....

http://www.geocities.com/schizeckinosy/Snowball.html

uk086242

If you have MS Excel, they provide an excellent template which you can install.
Just launch MS Excel (version 2000, 2003), launch 'help' and search for 'Mortgage Amortization Schedule'

This allows you to enter mortgage amount, interest rate etcetera, along with an overpayment value which it applies to each month of the term of the mortgage.
It then also works out the new term of the mortgage in months as a result of the regular overpayments.

The only drawback is it is in dollars, but you can manually edit the format of the cells to change to pounds.

Hope this helps.

AA.

P.S Of course I have assumed that the US way of calculation mortgage payments is the same as the UK

boybeck

A mate of mine has designed this excellent mortgage overpayment calculator.

http://www.garymilchard.f2s.com/calc/