Mortgage Overpayment Calculator

62 Posts

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.
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Replies
£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 fix
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance -£65,553.80