Mortgage overpayment calculator that calculates increasing overpayments over time

rgsoton

Hello
The tool I am looking for may not be out there.  However if it is I would love to be pointed in its direction...I was after a tool / spreadsheet that calculates the benefits of paying an increasing overpayment amount.  So for example the MSE tool can calculate if I regularly overpay a fixed amount for a period.  However as the monthly repayment reduces I would like to keep it at the same amount.  In other words monthly payment now £400, regular overpayment £200/month then when the monthly payment reduced to say £350 over time I would like to keep paying an extra £200/month.  I am looking for a tool to do this.  Thanks for any help and hope this makes sense!
Rob  

tacpot12

The Loan Amortization Template that comes with Microsoft Excel can do this. It has a field for the optional overpayment you want to make, e.g. £200/pcm. 

To see the impact of this, I would first set-up the details of the mortgage and your payments without the overpayment, and check the figures against your last mortgage statement. Then make a note of the Total Interest figure. 

Then add your overpayment amount, and compare the new figure for Total Interest to see how much you are saving. 

Thrugelmir

The standard monthly amount doesn't neccessarily reduce when an overpayment is made. In the majority of cases lenders only recalculate the amount when an event occurs i.e. change in interest rate, change in product, when an overpayment hits a given threshold >500. 

Check your own lenders policy. 

getmore4less

As said needs custom calcs for your lenders policies on payment calculations.

Knocking up a spreadsheets that recalculates every month would give the worst case scenario would be fairly trivial.