Mortgage Calcualtor

Paul_Hewes

Hi my name is Paul and I have tried to use the mortgage calculator to see how to pay my mortgage off earlier.
I took out a capital and repayment mortgage in September 2015 until October 2027 with a five year fix at 2.790% until July 2020. My monthly payment is £1977.27 per month and I have been paying £1100 overpayment each month to come of the capital and not reduce the montly payment. I want to try and pay the entire mortgage by the end of the fixed rate period but I cannot seem to get the calculator to tell me how much I should be overpaying. Can anyone help me please

memberme

Hi,

an idea could be gained by going on any bank affordability calculator. feed in the mortgage you have outstanding in the mortgage required box, add the interst rate and play with the number of years a few times. It will tell you what you need to pay to clear it. A few goes should give you a good idea of the amount of time with the current extra payments.

If you shorten the period of years/months to the number you want to complete in it well tell you your monthly payments

Mogley

If your minimum mortgage payment is £877.27, I make it that your mortgaged amount in Sept 2015 was approx. £108,500. Assuming this is the case and you have been overpaying £1100 since September 2015, your mortgage will be fully paid in July 2020. *

If your minimum mortgage payment is £1977.27 :eek: this makes your original mortgaged amount approx. £244,500. If you've been overpaying £1100 since Sept 2015, you would need to be overpaying an extra £3000/month from now to July 2020 to pay off the mortgage!!

Based on these figures I assume yours is the first case I mentioned. I hope this helps.


*a personal mortgage overpayment spreadsheet was used to calculate these figures.

Paul_Hewes

Hi Memberme and Mogley

Thanks for your help. I will go onto a bank affordability calculator later today.
Kind regards
Paul

kirtsypoos

Also, beware of overpayment limits and early repayment charges if these apply to your mortgage