Overpayment calculator

A question about : Overpayment calculator

There are several of these

Here is one

https://www.moneysavingexpert.com/mor...ent-calculator

EDIT: link changed 2010

Best answers:

• Doesn't take inflation into account.
• Egg's got one as well -
  https://new.egg.com/visitor/0,2388,3_...w_1028,00.html
  Caroline
• Ooh that's a nice calculator, if I overpay by two hundred pounds a month I'll finish my mortgage in 7yrs 2 months instead of 19 years.
• thats brilliant confirms my theory that money paid of the morgage is better than money being saved in an offset allthough if you use the chunk of savings to make a lump sum it makes a massive differance.
• @roswell which calculator did you use and what numbers did you use to test your theory ? Do the calculators indicate the taxation of interest were the savings held in taxable accounts as opposed to offset accounts ?
  J_B.
• This thread would be a good Sticky.
• Heres another mortgage repayment calculator
  https://www.moneyforums.co.uk/mortgage_calculator.php
  Inputs -
  Mortgage: (Loan Amount)
  Interest Rate %
  Loan Length (In Years)
  Payment Frequency Bi-Weekly / Monthly
• Hi All,
  This is the mortgage calculator I have always used. I think it is one of the best around. Let me know what you think!
  A
• Dear All,
  Of course it might help if I included the link......
  https://www.jeacle.ie/mortgage/
  A
• wow, am impressed, may sound stupid but i pay by direct debit, who do i contact to increase the monthly amount?
• i could cut 5 years off by paying an extra 50 a month how fantastic. i am just getting ready to move house and can see how important the deposit is now!!
• Hi! Just wanted to say, wow! What a site! Have used the budget planner, worked out finances, and using the mortgage overpayment calculator have rounded my mortgage off to Ј630 upping it by just over Ј50 a month. Have switched to roll ups recently so money saved on not buying tailor made ciggies is benefitting me even more!!
  Will be saving 19,226.56 in interest alone! I am SO happy, cant believe it...its not until you see the figures in front of you that you actually realise just how much extra you pay over the years.
  The mortgage will also be paid off 5.2 years early....thanks so much to all of you for all the posts, you have really inspired me to make the changes!
  I can really recommend doing this, I feel better already!
  PS Even hubby is happy, didnt even have to cut down his beer money!!!
• Might be a stupid question but are all calculators in years? If you have x years and 7 months do you just round up?
• That's exactly what I did Teb, rounded up!! It really does make you feel great if you pay even a tiny amount extra every month....the mortgage calculator definately gave me a much needed kick up the behind lol!!
• Thanks kazmac, I just wasn't sure if this is what most folk did. Wonder why they don't have the calculators in months so they were really accurate.
• Can you ever have enough mortgage calculators?
  I like the following, it has a
  'how much can I afford to loan' - looks at your wage etc
  'what can an offset save me?' - looking at potential to overpay (savings etc)
  and the one I use,
  the overpayment calculator... simple, but shows the amount of interest you save, and the effective reduction in the term. And unlike other calculators, it doesn't insist of having the term put in (others demand whole years - very annoying).
  https://www.fool.co.uk/decisioncentre...arlyRepay.aspx
  Hope it's useful, I've had hours of fun, wishing... even Ј20 makes an astonishing diffentce, but a few hundred makes a whole lot more!
  J
• I just wanted to ask a question, when my interest rate came down to 5.35o % from 5.600 I was sent a letter telling me the monthly payment required to repay my mortgage over the original term is Ј725.75, why do all the mortgage calculators tell me the payment is Ј719.34? I kept the payments at their original DD to help overpay it, but just curious why my bank makes it Ј6 more a month?
  Thanks!
• hello, i finally got round to my setting up a standing order of 40 pounds overpayment per month, how fantastic to see the years fall off! and i have saved 10,000 pounds wow, wait till oh gets home and i tell him, think we can stretch to fish and chips tonight to celebrate.
  I have a limit of 10%overpayment for the next three years (per year) and i am going to aim to reach it each time. i am on a mission now.
  I am not sure about your overpayment halloweenqueen, possibly the calculator is using a different interest rate to what you are being charged?