I'm looking for a method of calculating the effect of overpaying on a mortgage.

For example if the mortgage is £100,000 borrowed @ 5% and the monthly repayment is £800 over 15 years how do you calculate the net effect of paying £1,000 a month or £200 over the normal repayment?


Scratch that...just found what I was looking for here...

http://www.whatmortgage.co.uk/calculators/fleximortgage.html

[Edited on 9/4/10 by nick205]

try this calculator:

http://www.whatmortgage.co.uk/calculators/fleximortgage.html

Scary I just made a spreadsheet that does this yesterday.

It's actually for illustrating benefits of an offset account but it also does over payment.

Enter your data in the blue boxes, enter any overpayments into the colum Offset Credits (£500 is entered as an example)

The left hand colums show mortgage balance without over payment the right hand shows effects of over payment or offsetting.

Unfortunately you can't post attachments in the non-car chat section

I'll email if you want it

Davie

Found this quite useful:

http://www.moneysavingexpert.com/mortgages/mortgage-calculator

HTH

Martin.