How do I work out how many payments I have remaining? 9 February 2019 at 8:42PM in Mortgage-Free Wannabe 3 replies 439 views

miss_undastood

So I have been making overpayments.

We’ve recently had a payment revision notice come through as I think they are reducing the amount we pay monthly to keep the term the same (but we will just pay what we were anyway, but could stop if we needed to)

Is there a way to calculate how many payments I have left? I assume I need a spreadsheet or something?

Can anyone help me?

Thanks

A_Frayed_Knot

I loved this calculator when working out how quickly I could pay off my mortgage.

Was a great inspiration to me and would work out mini goals like;
Get my balance under . . . and Get my interest added under . . . Loved it and hope it is of use to you

http://www.whatsthecost.com/snowball.aspx

Let me know if any use to you and Good Luck

getmore4less

You can also do it with

http://www.whatsthecost.com/mortgage.aspx

Set to interest only and put in your total payment

miss_undastood

Thanks both I will have a play around.

Most calculators I’ve found are point in time. As I have 29 years and 8 months left on my mortgage, a balance of 188k, 3.89% interest and a payment of £970ish I can never make the calculators work.

They all think I have about 25 years left with my current payment (which doesn’t bother me as I have an 11 year plan that I want to make a 10 year plan...!) but it isn’t correct. Maybe my contracted payment should be lower?

Our plan has always been to get the contracted payment low and overpay whatever we could - as we could stop overpaying whenever we needed to with no penalty ��