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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
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First things first are you allowed to overpay more than 10% with this new mortgage with no penalties?0
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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
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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 £55,819
Cc debt free.0 -
Depends what the original mortgage was? Some (Nationwide) allow 10% of original balance not current balance so the numbers above could still be valid and inside 10%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
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