Advice on tracking overpayments and spreadsheets

kittykatneedscash

A question for the more experienced MFW’s that have been here a lot longer than me. I have a spreadsheet that I use to record daily interest, mortgage balance each month, interest paid and balance reduction. Now I’m making mortgage overpayments and keeping a record how do I work out interest saved, cumulative interest saved and reduction in term?

Maybe I’m over thinking it do you just reduce the term remaining by a month when you overpayments add up to your monthly payment? For example my monthly standard payment is £367 so far I have I made OP’s of £262.75 once this reaches £367 do I knock a month of my expected term. Not sure how I would work out the interest saved maybe work out what the daily interest rate would be for each future month without any OP’s then what it actually works out as when I get to that month. This is only for my own records / motivation but wonder what other people do and if any of you more experienced MFW brains could help.


Does anyone have a link to a good spreadsheet as mine doesn't do the calculations for me I do them all manually and just input my figures I'm not the best on spreadsheets I'm afraid

kittykatneedscash

:Just bumping this up to see if anyone has any tips

A_Frayed_Knot

Shock, horror, :eek::eek: I never had a "proper" spreadsheet the only figures I used to look at were the "end ones" and my mortgage online, to see what interest was added each month and of course the balance.

When interest reach a figure each month that was "doable" to o/p straight away, then that was my start of my monthly o/p's. I then looked at the balance (last 4 or 5 figures) and o/p that amount as well, down to 000.00 - do this each month and you soon see the benefits. (I done this in stages over the month). Justin case I got caught with an unexpected bill or spending.

You want that interest figure down and the only way to do that is o/p, not only does that mean your mortgage payment goes straight to your mortgage balance instead of interest and then part mortgage balance (if you see what I mean).

This calculator may help, got it from a good MFW friend, and I was never off it I just made up o/p figures to suit the date I wanted to be MF then knew what I had to o/p each month to reach that target, didn't take the snowball effect in mind, which meant I became MF much sooner than planned.

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