Enter the details of your mortgage in the text boxes above and then click Calculate.
The grid below will then update with the details of your mortgage payments.
Double click on a cell in either the Over Pay or Savings columns of the grid and
enter an amount. You can add a '-' in the savings column to indicate a withdrawal
of savings i.e. -1000. Then click out of the cell and the entered amount will have
a dotted line around it to denote that it is pending. You can repeat this for as
many cells as you like. When you have finished click
at the top of the mortgage calculator grid and your changes will be updated and
a new calculation will be presented. A running total of your savings will be displayed
in the last column.
If you want to add a range of savings or over payments then use the panels above,
stating the amount, start and end date then click the Calculate button.
If you have a repayment mortgage than savings will not make any difference to your
term, you will need to over pay. Only use the savings column if you have an offset
mortgage.
Play around with the figures and you will soon see that a little regular over payment
or savings can make a huge difference to the length of your repayments.
Small Changes to the way you use your money is all it takes to be able to generate
extra funds to over pay on your mortgage. We have put together some simple steps
you can take to budget smarter, these aren't suggestions like cut down smoking or
go out less but sound financial tips that we use in our daily lives that have been
proven to work.
Read our financial tips.