We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Mortgage Overpayment Calculator

alw1971
Posts: 65 Forumite

Hello,
I was looking for a Mortgage Overpayment Calculator that works out the new monthly Mortgage figure when paying regular Overpayments.
Current Mortgage £24600
Years Remaining 8yr 4mths
New 2 yr fix 4.58% starts 1st April
Planning on Overpaying £500 each Month if possible.
When I put this into existing Calculators it works the figures out but doesn't alter the monthly payment from month to month and therefore isn't accurate?
For example after each overpayment I make the monthly payment reduces by around £5. This doesnt seem to be the case on the calculators.
Many Thanks.
I was looking for a Mortgage Overpayment Calculator that works out the new monthly Mortgage figure when paying regular Overpayments.
Current Mortgage £24600
Years Remaining 8yr 4mths
New 2 yr fix 4.58% starts 1st April
Planning on Overpaying £500 each Month if possible.
When I put this into existing Calculators it works the figures out but doesn't alter the monthly payment from month to month and therefore isn't accurate?
For example after each overpayment I make the monthly payment reduces by around £5. This doesnt seem to be the case on the calculators.
Many Thanks.
0
Comments
-
First things first are you allowed to overpay more than 10% with this new mortgage with no penalties?0
-
The RBS and NatWest calculators give the option of seeing the effect of a one-off overpayment on your monthly payment. https://www.rbs.co.uk/mortgages/mortgage-calculators/mortgage-overpayment-tool.htmlThis calculator shows the effect of a monthly overpayment, but it isn’t as easy to see the specific reduction on an individual month-by-month basis https://www.bluewingfinancials.co.uk/mortgage-calculators/mortgage-overpayment-calculator/ (Note: the default option is reduced term, you have to select in the relevant place to see reduced monthly payment.)0
-
Well with your new fix you might only be allowed a 10% overpayment each year.
£500 a month means you will hit the 10% after 5 months.
Can you save into a regular saver paying 5% ?
Pay more into your company pension ?
Mortgage Free is a great place to be so save every penny possible and make a lump sum payment at the end of the fix0 -
So do you want reduce term or.the cost.per month?Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0 -
Coffeekup said:First things first are you allowed to overpay more than 10% with this new mortgage with no penalties?Remember the saying: if it looks too good to be true it almost certainly is.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 242.9K Work, Benefits & Business
- 619.8K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards