Overpayment calculator at current total

psamatt

I was wondering if anyone knows of a mortgage calculator that i can use at my current total.

I am 2 years into my 3 year fixed rate mortgage and want to overpay more than what i do currently, every tool i've found so wants the total at the start of new mortgage product and not a running total.

I've tried my current mortgage total with my interest rate, but the default monthly payments shown at not correct due to me currently overpaying.

Westminster

Just put your current balance in and reduce the term by 2 years.

http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

psamatt

if i do this, as ive been repaying over these two years, the amount it says i pay standardly per month is not what i actually pay standardly per month

TrickyDicky101

What is it that you want to calculate?

psamatt

how much my mortgage term will be reduced by overpaying some more on the mortgage.

For simplicity, lets say I have a 100k mortgage for 10 years.

I have a 10 year fixed mortgage at 2%

my standard payment is £1000 p/m and i've been overpaying £100 p/m for 2 years. I now want to pay an extra £100 per month, therefore making my monthly payment £1200, how much will I save off my mortgage and how many years / months will I save.

Obviously the above is example data so any calculations will need to be explained

loserx1

https://www.rbcroyalbank.com/cgi-bin/mortgage/howlong.cgi?mortgage_amount=13499.84&rate=2.59&payment_amount=410&payment_frequency=monthly&start_date=01/06/2015

psamatt

loserx1 wrote: »

https://www.rbcroyalbank.com/cgi-bin/mortgage/howlong.cgi?mortgage_amount=13499.84&rate=2.59&payment_amount=410&payment_frequency=monthly&start_date=01/06/2015

Dont see how this will work...

glosoli

psamatt wrote: »

if i do this, as ive been repaying over these two years, the amount it says i pay standardly per month is not what i actually pay standardly per month

It does not matter, presumably as you have over paid, the calculator calculates the minimum payment to be less than what your paying at the moment. So say your mortgage payment was £250 a month, and as a consequence of your over payments, the minimum payment is now £220 a month (perhaps what the above tool would calculate), and say you have been overpaying by £300, you would simply increase the overpayment amount on the calculator to £330 to compensate for this?

getmore4less

if you have been overpayming and keeping the normal payment the same the calculators will get the wrong answer now because your normal payment will be higher than needed to clear in the term.

To do what you want you can ignore the term and just set the payment you want to make.
http://www.whatsthecost.com/mortgage.aspx

set to interest only, the amount you owe, rate, total payment

it will tell you how long it takes to pay it off.

£100,000 2% 10 years(120month) standard repayment mortgage 920pm.
pay £920pm 120m interest £10,418
pay £1,000pm 110m interest £9,484
pay £1,100pm 99m interest £8530
pay £1,200pm 90m interest £7753

loserx1

You put it what you still owe, set the date for tomorrow as for when the mortgage is starting, put in the interest rate and how much you paying towards it, and it works out how many years you have left.

All in a plain as day table , just have a play with the figures