Mortgage repayment calculators: ah, I’ve known a few. I ripped through them while compiling Miss Thrifty’s mortgage masterplan last year. Horrified that just £200 of our monthly mortgage payment was going towards the repayment of the principle amount, I worked out that if we overpaid by £500 every month, we could save £43K in bank interest payments and we would pay off our mortgage 13 years early.
My fellow personal finance blogger Monevator has just launched a shiny new mortgage repayment calculator on his site – and do check it out if mortgage overpayment is a subject that interests you, because this really is the best tool of its kind that I have seen.
Well, you fill out a simple form (below, with sample figures) and find out just how much money and time you can save:
But it gets better! This calculator also provides pretty pictures useful graphs for additional clarity and encouragement:
You can find it here at Monevator.
Calculator image credit: Creative Tools.