Mortgage calculator: Max overpayments 15 April 2019 at 10:25AM in Mortgage-Free Wannabe 3 replies 625 views

jammerr

Hello MSE folks :money:

Is there a calculator out there or an easy way of working out how quickly I can pay off my mortgage if I pay off the max 10% amount every year? So my usual monthly payments, and each year with the 10% lump sum added.

At the moment I can find calculators that work out how much you'd save with a one-off fee, but not with overpaying the max amount yearly and how that would snowball every year.

Many thanks

saver03

Yes there is an overpayment calculator and you can either add to overpay a monetary amount or a percentage

datlex

jammerr wrote: »

Hello MSE folks :money:

Is there a calculator out there or an easy way of working out how quickly I can pay off my mortgage if I pay off the max 10% amount every year? So my usual monthly payments, and each year with the 10% lump sum added.

At the moment I can find calculators that work out how much you'd save with a one-off fee, but not with overpaying the max amount yearly and how that would snowball every year.

Many thanks[/QUOTE don't forget it is 10% of the balance not 10% over payment on your monthly mortgage amount.

getmore4less

It's easy to just do it manually with a simple calculator one year at a time.

Or spreadsheet your version of overpayments
There are built in functions to do the hard amortisation work.

For manual iterations I use
http://www.whatsthecost.com/mortgage.aspx