Help Needed for calculation

Lee-10

Good Evening, 

Apologies, as im sure this has been asked before.

I am looking to change my overpayment to reducing the monthly payment (fixed rate), for a short while. 

I have spoken to nationwide and the person i spoke to done a rough calculation to let me know how much it will reduce if I overpaid £500 per month.

Does anyone now the calculation/ formula to work out what it will reduce by per overpayment?

Mortgage - £225k
Monthly Payment - £1164.91
Fixed Term Remaining - 4 Yrs 6 month 
Mortgage Remaining - 29 Yrs 6 month

Thank you for any help you can provide 

Lee

frugalmacdugal

Hi,

maybe MSE can help, HERE.