Karl's Mortgage Calculator confusion

mrcheez

I'm trying to enter the following into Karl's Mortgage Calculator (https://www.drcalculator.com/mortgage/)

- Remaining balance on mortgage: X

- Payment of a lump sum: Y

- Monthly payment: Z (say €1,200)


Then I want to see what the difference is when interest rate is 2.9% vs 2.25%


Not sure where X, Y and Z go

I think X is Principle... does Y go into "Downpayment" or under the Extra tab??

lau1247

mrcheez wrote: »

I'm trying to enter the following into Karl's Mortgage Calculator (https://www.drcalculator.com/mortgage/)

- Remaining balance on mortgage: X

- Payment of a lump sum: Y

- Monthly payment: Z (say €1,200)


Then I want to see what the difference is when interest rate is 2.9% vs 2.25%


Not sure where X, Y and Z go

I think X is Principle... does Y go into "Downpayment" or under the Extra tab??

There are 4 settings to choose from: Principal, Interest, Years and Payment.

The site default to Payment (or at least to me it is). Just plug in your balance left as Principal value, Interest rate and Years left (All of these are under the 'Loan data' tab.

It will spit out the payment assuming you pay the full course of the Years left.

If you just want to see the difference in interest rate, you just change the Interest rate.


For lump sum or overpayment, there is a tab call 'Extra', here you specify the amount and start month and end month. This is your lump sum or overpayment.

Lump sum is self explanatory.

For overpayment, lets say your monthly is 300 and you want to overpay 900 to make up 1200 per month, you just key in 900 and when you want it to start and finish.

mrcheez

lau1247 wrote: »

For lump sum or overpayment, there is a tab call 'Extra', here you specify the amount and start month and end month. This is your lump sum or overpayment.

Lump sum is self explanatory.

For overpayment, lets say your monthly is 300 and you want to overpay 900 to make up 1200 per month, you just key in 900 and when you want it to start and finish.

OK so for a lump sum I just set start and end month as May 2021?

Then for overpayment... for the monthly of "300" I get that 300 value from the "Payment" entry on the loan data tab?

for example I currently pay 1,200, but I've no idea how much I'm overpaying, I just know I'm paying over the monthly at the moment.

lau1247

mrcheez wrote: »

OK so for a lump sum I just set start and end month as May 2021?

Then for overpayment... for the monthly of "300" I get that 300 value from the "Payment" entry on the loan data tab?

for example I currently pay 1,200, but I've no idea how much I'm overpaying, I just know I'm paying over the monthly at the moment.

Lump sum, yes, enter the amount, start and end month is the same (i.e. month 1 and month 1).

OK so you pay 1200 per month. When you set up the calculator before any overpayment, it will show you the monthly payment based on the period you have left on the mortgage to run. For the overpayment amount, you just deduct that amount from the monthly payment amount mentioned earlier, set the start and end month whenever you want (so if two years from today, it will be month 1 to month 24 for example)