Mortgage calculator: Max overpayments

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

Replies

  • saver03saver03 Forumite
    651 Posts
    Part of the Furniture Combo Breaker Debt-free and Proud!
    ✭✭
    Yes there is an overpayment calculator and you can either add to overpay a monetary amount or a percentage
    LBM 14/12/06 £21,947.17 DEBT FREE 12/04/09
    MFW - December 2010 £76,199 - 4th February 2021 £37,360.90
  • datlexdatlex Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
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    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.
    Sealed Pot Challenge no 37, Attempting Frugal Living. Became debt free at the end ot 2016. Used savings from becoming debt free to put a deposit on a bungalow last year now working on becoming Mortgage free by overpaying. (without overpayment MFW date is 2036)
  • getmore4lessgetmore4less Forumite
    45K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    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
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