Mortgage Overpayment Calculator

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.

Comments

  • Coffeekup
    Coffeekup Posts: 661 Forumite
    Ninth Anniversary 500 Posts Name Dropper Combo Breaker
    First things first are you allowed to overpay more than 10% with this new mortgage with no penalties?
  • Choirgrl
    Choirgrl Posts: 162 Forumite
    100 Posts First Anniversary Name Dropper
    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.html

    This 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.)
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 13 March 2023 at 2:17PM
    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 fix 
  • Sncjw
    Sncjw Posts: 3,561 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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. 

  • alw1971
    alw1971 Posts: 65 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    Sncjw said:
    So do you want reduce term or.the cost.per month? 
    I wish to reduce the cost per month. My deal allows me to overpay around £7500 a year but we pay £500 per month at the moment.
  • jimjames
    jimjames Posts: 18,504 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Coffeekup said:
    First things first are you allowed to overpay more than 10% with this new mortgage with no penalties?
    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%
    Remember the saying: if it looks too good to be true it almost certainly is.
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