Mortgage

Discussion in 'Microsoft Money UK' started by Stephen, Sep 13, 2010.

  1. Stephen

    Stephen Guest

    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
     
    Stephen, Sep 13, 2010
    #1
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  2. Stephen

    Petert Guest

    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
     
    Petert, Sep 16, 2010
    #2
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  3. Stephen

    stephen Guest

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

    Stephen
     
    stephen, Sep 29, 2010
    #3
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