Mortgage Calculator - Variable Overpayments

[ADMum20]

Hi

I want to see how much my mortgage balance will be at a certain date in the future (couple of years away) if I overpay particular amounts on my mortgage, which will vary.

I can see simple calculators that allow for a one off, or fixed monthly overpayment - but not variable.

And I can see complex ones that allow you to put in variable overpayments, but don't seem (for me, anyway), to calculate interest savings dynamically as a result.

So when I look at the date a few years in the future, the difference between paying off say, £5k now (or not) is £5k... whereas I don't think this would be the case as we'd be saving on the interest.

Does anyone know of a tool I can use that would help?

If you have excel I found a built in template called "loan amortisation schedule". You can add regular overpayments or adhoc in the excel file and it will give you a balance. I find it really useful.

Would this work for you?

Hi - thanks @NearWildHeaven for the reply. Unfortunately there's only space for one overpayment amount on that template.

For the first 2 years of my mortgage, I overpaid £x
Since then, I've overpaid £y, and will continue to do so
I may also, once a year, pay another amount, £z

I can't see a calculator that allows me to input those 3 different figures.

x and y are monthly figs
z would be annual.

I see. There're a column there that picks up the OP from the top via formula. But being excel you can over write that with actual figures. So for the first set of OP you can lock those in and then move forward but I see what you mean. It's a bit messy.

I pay different figures every month and just type it in

Money saving expert have a specific sub board for mortgage free wannabes so someone there may know better.

Try an app called Karl’s mortgage calculator it’s free to download and gives the option of multiple over payments.

Thank you very much @Onelongnight... I’ll give it a whirl.

That’s just the ticket @Onelongnight.... thank you!