How do I work out how many payments I have remaining?

So I have been making overpayments.

We’ve recently had a payment revision notice come through as I think they are reducing the amount we pay monthly to keep the term the same (but we will just pay what we were anyway, but could stop if we needed to)

Is there a way to calculate how many payments I have left? I assume I need a spreadsheet or something?

Can anyone help me?

Thanks
Part time working mum of 2 terrors trying to build financial freedom.

Residential Mortgages @ Oct 2020: £308,283
@Jul 2021 £286,600
MFW-21 #20
MFIT-T5 #46

Replies

  • A_Frayed_KnotA_Frayed_Knot Forumite
    3.2K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
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    I loved this calculator when working out how quickly I could pay off my mortgage.

    Was a great inspiration to me and would work out mini goals like;
    Get my balance under . . . and Get my interest added under . . . Loved it and hope it is of use to you :)

    http://www.whatsthecost.com/snowball.aspx

    Let me know if any use to you and Good Luck :)
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • getmore4lessgetmore4less Forumite
    45.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    You can also do it with

    http://www.whatsthecost.com/mortgage.aspx

    Set to interest only and put in your total payment
  • miss_undastoodmiss_undastood Forumite
    226 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
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    Thanks both I will have a play around.

    Most calculators I’ve found are point in time. As I have 29 years and 8 months left on my mortgage, a balance of 188k, 3.89% interest and a payment of £970ish I can never make the calculators work.

    They all think I have about 25 years left with my current payment (which doesn’t bother me as I have an 11 year plan that I want to make a 10 year plan...!) but it isn’t correct. Maybe my contracted payment should be lower?

    Our plan has always been to get the contracted payment low and overpay whatever we could - as we could stop overpaying whenever we needed to with no penalty ��
    Part time working mum of 2 terrors trying to build financial freedom.

    Residential Mortgages @ Oct 2020: £308,283
    @Jul 2021 £286,600
    MFW-21 #20
    MFIT-T5 #46
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