Mortgage-free calculation

SadieO

I know there are a few calculators around but I can't quite see one that does what I want to work out, sorry if I am missing something obvious, this is my first mortgage! What I'd like to simply work out is, if I overpay the maximum of 10% a year, when will my mortgage be clear? I'm not sure how to account for the interest, and the monthly payments. Is the 10% overpayment over and above your monthly payments, or taking them into account too? And how do you work out the interest - obviously it's not as simple as having a £250k mortgage so if you pay off £25k then the next year you will have a balance of £225k, because interest will be added on. And then, the next year, is the permitted overpayment 10% of the remaining capital, or of the total outstanding amount including interest? 

Is there a calculator (or a spreadsheet formula) I can use to work this out? Thanks in advance!

Clueless56

This will do all the work for you: https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/ 
You enter your mortgage balance, the monthly payment or interest rate, and the amount you wish to overpay (either in £ or as a % per month/year) and it works it all out for you.  

ETA: the results show the mortgage repayment both with and without the overpayments, to answer your other query.

SadieO

I'm not sure that quite does what I'm after, as you can only enter a recurring payment in £ not as a percentage. Thanks though! 

Bargainhunter30

They have changed it, you used to be able to select % for the reoccurring overpayment too