Why the discrepancy ?

deejaybee

Mortgage was originally over 17 years - have 8 years left.

If i plug my current interest rate ( 1.29 ) and balance ( 66,500 ) into MSE calc,  it gives a monthly repayment of 730,  but in fact my contracted payment is actually 803 ?!?!

Is this because of previous overpayments ?

I was plugging in various interest rates ( 4 / 5 / 6 / 7 percent ) to see how much payment increases,  but the discrepancy on existing rate caught my eye....

K_S

@deejaybee If you made previous overpayments and the monthly mortgage payment and term have both remained unchanged, then that's the reason for the difference.

Depending on the specific lender policy on overpayments, some will only adjust the monthly payment when the fix comes to an end or if the borrower specifically requests it. But rest assured that you are getting the benefit of overpayments (saving on interest paid) either way. 

deejaybee said:

Mortgage was originally over 17 years - have 8 years left.

If i plug my current interest rate ( 1.29 ) and balance ( 66,500 ) into MSE calc,  it gives a monthly repayment of 730,  but in fact my contracted payment is actually 803 ?!?!

Is this because of previous overpayments ?

I was plugging in various interest rates ( 4 / 5 / 6 / 7 percent ) to see how much payment increases,  but the discrepancy on existing rate caught my eye....

Clueless56

What month of the year did you take your mortgage out?  The calculator works on full years, but you can add a decimal so it calculates on the correct number of years and months.  That should give you a more accurate answer.

deejaybee

K_S - Thanks once again for your advice.

Clueless56 - thanks also,  it was an October when we originally took mortgage out, so its near enough i guess, looks like its the historic overpayments that have skewed the figures as K_S said,

The repayments on the higher interest rates dont look too scary to me to be honest, as fortunately the balance isnt massive.