Mortgage


S

Stephen

Hello

Is there any easy way of monitoring the amount outstanding on a mortgage
when it is regularly being overpaid every month. i.e. the normal monthly
capital and interest payment is £800 but £1000 is paid instead.

Thanks a lot

Stephen
 
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P

Petert

Hello

Is there any easy way of monitoring the amount outstanding on a mortgage
when it is regularly being overpaid every month. i.e. the normal monthly
capital and interest payment is £800 but £1000 is paid instead.

Thanks a lot

Stephen
Yes,

What I do is set the mortgage up, using the details supplied by my
lender, i.e. Amount borrowed, term & interest rate, no balloon amount.

Money then supplies the expected monthly payment figure.

Rather than then pay, say 500 quid per month, I overpay and credit,
say 750 quid per month and Money tracks the overpayment.

You can actually see the reduced period by viewing the loan
amortisation figures
 
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S

stephen

Thanks a lot. I think i was getting confused in how the interest needs
to be adjusted with the outstanding amount

Stephen
 

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