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Calculate overpayment on 2 products
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Tofolo
Posts: 5 Forumite
Hi
Is there a mortgage overpayment calculator that can take more advanced calculations than a single overpayment amount?
I have a mortgage and a 2nd advanced payment mortgage when we moved and borrowed more.
Main mortgage is 90k intrest only at 2.79 fixed for 9 more years.
Further borrow is 34k repayment at 2.19 fixed for 4 more years.
Both allow me to overpay 10% of original borrowing
90k =10500 per year
34 = 4450 per year
I am overpaying £800 a month and start overpaying the 34k one and when I reach the 10% after 5.5 months limit I then pay the rest into the intrest only.
Its fairly easy to calculate the 34k one and overpayment projections.
What I find hard is how I calculate the 90k overpayment. Once the 34k is gone the full £800 will go towards the remaining 90k but also the normal monthly payments to the 34k can also go towards it meaning 193 +800 will be 993 overpayment.
I have also told the bank not to reduce payment or term based on OP meaning as the 90k reduced the monthly intrest only payment will contain some capital payment.
Long story above but is there any way to project what the OP will do to both loans and when I will have paid them both off if I maintain the overpayment amounts.?
Is there a mortgage overpayment calculator that can take more advanced calculations than a single overpayment amount?
I have a mortgage and a 2nd advanced payment mortgage when we moved and borrowed more.
Main mortgage is 90k intrest only at 2.79 fixed for 9 more years.
Further borrow is 34k repayment at 2.19 fixed for 4 more years.
Both allow me to overpay 10% of original borrowing
90k =10500 per year
34 = 4450 per year
I am overpaying £800 a month and start overpaying the 34k one and when I reach the 10% after 5.5 months limit I then pay the rest into the intrest only.
Its fairly easy to calculate the 34k one and overpayment projections.
What I find hard is how I calculate the 90k overpayment. Once the 34k is gone the full £800 will go towards the remaining 90k but also the normal monthly payments to the 34k can also go towards it meaning 193 +800 will be 993 overpayment.
I have also told the bank not to reduce payment or term based on OP meaning as the 90k reduced the monthly intrest only payment will contain some capital payment.
Long story above but is there any way to project what the OP will do to both loans and when I will have paid them both off if I maintain the overpayment amounts.?
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