Calculate each months depleting interest (Overpaying on a fixed mortgage) ?

coffee_king

Hi all
I’m trying to find a calculator online for my depleting interest (month by month).
I'm nearly at the end of my mortgage now and I'd like to work out to the exact year and month when it will end. I can't currently because I don't know the exact amount that the interest is being reduced by monthly. (It all seems a bit random)
I'm on a fixed mortgage, with no penalties for overpayments.
Anyone know of any sites?
Thanks in advance everyone.

[Deleted User]

The amount you pay in interest will chnage each month depending on how many days there are in the month, what date your mortgage payment is taken, and if you make any overpayments (and when)

Look for an amortisation calculator

There is also a really good excel spreadsheet on MSE somewhere. I think it's by Fireblade or something along those lines

getmore4less

Amortisation

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

Amount, rate, any term.

Set to interest only( not repayment)

Stick in your payment.

Press details.

Blackbeard_of_Perranporth

Why over pay the mortgage. I could pay mine off, but because I have not done so, I now make three times in my investments than what I pay the bank each year. last yeas gain was 10 times the interest I pay, and should I go short and not be able to pay my mortgage, as happened when the better half was in hospital, I was able to still pay!]

While your bank are happy to take your overpayment, when you want a holiday, they will not be so reciprocating!

coffee_king

OK, and all those invests are in what EXACTLY?

coffee_king

getmore4less wrote: »

Amortisation

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

Amount, rate, any term.

Set to interest only( not payment)

Stick in your payment.

Press details.

Thanks but this isnt allowing me to enter what I pay per month, plus what I also overpay per month so the numbers aernt correct.

getmore4less

coffee_king wrote: »

Thanks but this isnt allowing me to enter what I pay per month, plus what I also overpay per month so the numbers aernt correct.

Did you set to interest only and put your total payment in.

How much do you owe, what rate, how much do you pay(total with overpayment).

[Deleted User]

http://locostfireblade.co.uk/spreadsheet/Index.html

Blackbeard_of_Perranporth

coffee_king wrote: »

OK, and all those invests are in what EXACTLY?

ISA 40%
TopUp SIPP 60%

The take from the SIPP that the tax man gives is 5 times the interest I pay on the mortgage! Silly not to take the free cash! That is just fir starters!

I use a spread portfolio of various OEICs throughout both portfolios. Average growth over the last 5 years has been 9%, and I don’t balance the portfolio each year.