Can anyone recommend a good mortgage calc that allows the ability to calculate over payments.

Here's an offline one:

Take the formula for calculating monthly payments (given amount borrowed (or owing), number of months of term (or left to go), and monthly interest factor), namely:

payment = amount * (mif - 1) / (1 - mif^-months)

(where mif is one plus a twelfth the annual nominal rate, e.g. if that's

and simply turn it around to solve for "months":

-months = log(1 - amount*(mif-1)/payment) / log(mif)

where "payment" should be the new payment including the regular overpayment

Alternatively, stick with the first formula and just *guess* at the new number of months, by reducing it (from 300 or whatever), which will cause the payment to go up. Keep refining your guesses until the payment has gone up by just the amount you're prepared to overpay regularly. If you're handy with a spreadsheet, rumour has it the "goal seek" feature can do this for you.

Great , thanks i'll have a play around with that.

I imagine most flexible mortgage providers have one. Here's Virgin's

Daytona

In message , Daytona writes

Thats a good graphic. But it RBS's not Virgin. :-)

I thought they had gone back to calling it the Virgin One Account as my stationary has never changed.

Daytona

In message , Daytona writes

Hmm thats interesting, everything I have seen dropped the word 'Virgin'. The link hasnt got the V word anywhere.

I did wonder if they'd bought 5 years worth of stationary and were using it up but that wouldn't make sense with the storage costs. Also the internet account servicing is also branded VOA.

As they brand it for other customers such as Natwest, I wonder if they're doing similar with the old Virgin customers ? Anyway it';s bugged me long enough for me to ask the online helpdesk.....

Daytona

and, from the reply, that is obviously the answer -

"I'm the Commercial Manager of The One account, and look after the Virgin One account as well. We only use the Virgin brand on stationery for customers who bought the One account when we were partly owned by the Virgin Group. In 2003 we rebranded to The One account for new customers, but felt that it was right to continue to use the Virgin brand for existing customers as this is what they had bought, and the brand was probably important to them, although we have made it clear that we no longer have any links to the Virgin group of companies."

At the time they did write, saying that they were going to change the branding for V1 customers so they obviously had a change of plan, not unreasonably imo.

Daytona

Ahh, interesting. Thank you for the info.