The Ultimate Mortgage Calculator discussion

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  • [yes it is n nice tool. but needs the sugested improovments to be the all singing and dancing ulitmate calculator. i have yet to find one that gives all the options that have been sugested, and have had to use several to cover all the the bases ie overpayments, lump sims extra
    This is the new Ultimate Mortgage Calculator (thanks for all the feedback those who helped before)





    Our plan is to work on a second version of this with added features and revisit it again soon. The current provisional list of additions includes:

    Ability to overpay lump sums and monthly amounts
    Ability to overpay by a percentage sum per year
    Ability to enter a part repayment/part interest-only mortgage
    Added 'Should I pay off mortgage with savings' question
    Added 'Is it worth getting an offset mortgage or saving' section

    If you've any thoughts on this calculator, or suggestions for improvements, extensions, please post and let us know.[/QUOTE]
  • glenner wrote: »
    Hi

    The calculator's nice and easy to use, thank you for your work. One question though: it gives notably different results to those on my Woolwich Mortgage statement. Remaining debt: £50154.70, remaining term 16 years 8 months, interest rate 0.68%. Your calculator gives a montly repayment of @ £260 (using 17 years). My statement says £285. Are one of these wrong?
    Regards

    Hi,

    I am very new to this so bear with me. I have the same problem as the person above. I have a mortgage of £153,925 over 30 years at 6.09% I am 14 months into the term and I pay £941.05 per month. Your mortgage calculator states I should only be paying £931.78 per month, which is correct, hoping yours is so I can call them up armed with info.

    Any comments appreciated.

    Thanks

    Working on £5k in 1 year Saved £750 £4250 to go!
    Target £5k in 1 year
    £750 saved to date £4250 to go!
  • ginvzt
    ginvzt Posts: 4,878
    Combo Breaker First Post
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    Hi,

    I am very new to this so bear with me. I have the same problem as the person above. I have a mortgage of £153,925 over 30 years at 6.09% I am 14 months into the term and I pay £941.05 per month. Your mortgage calculator states I should only be paying £931.78 per month, which is correct, hoping yours is so I can call them up armed with info.

    Any comments appreciated.

    Thanks

    Working on £5k in 1 year Saved £750 £4250 to go!

    Did you put the fees on top? It would look like there is extra £1510 on top of mortgage amount. (I checked with my own calculator)

    So, suggestion: Add an option to put the mortgage fees on top to show people how much they will actually cost if put on 30 year mortgage term!!!
    Spring into Spring 2015 - 0.7/12lb
  • Hi,

    Thanks for the quick response.
    Looking at my mortgage statement from March 09 it says I have the following to pay:
    £153,326 Mortgage
    £599 arangement fee
    £199 lending fee charged on completion.

    I don't think I have any other fees that I can find in all the paperwork and i don't know of one for £1510. Should I still be paying £941.05 p/m?
    Between May 08 - March 09 I only paid off £968.30.

    Thanks for your help and suggestions
    Katrina
    Target £5k in 1 year
    £750 saved to date £4250 to go!
  • ginvzt
    ginvzt Posts: 4,878
    Combo Breaker First Post
    Forumite
    What about insurances? Did you take out life insurance, or any other ones? The basic repayment mortgage payment with the numbers you gave (£153925 over 30 years at 6.09% should be £931.78. Do you have a detailed statement saying how much you paid each month and how much of that was interest/repayment part?

    A quick excel calculation shows that you should have paid off about £1500 of the capital in that time (May 08 to March 09), as you would be repaying about £150 of capital each month.
    Spring into Spring 2015 - 0.7/12lb
  • Former_MSE_Dan
    Former_MSE_Dan Posts: 1,593
    Combo Breaker First Post
    Forumite
    edited 18 February 2010 at 9:26AM
    glenner wrote: »
    Hi

    The calculator's nice and easy to use, thank you for your work. One question though: it gives notably different results to those on my Woolwich Mortgage statement. Remaining debt: £50154.70, remaining term 16 years 8 months, interest rate 0.68%. Your calculator gives a montly repayment of @ £260 (using 17 years). My statement says £285. Are one of these wrong?
    Regards

    Hi glenner and princesskatrina.

    Do you know when your interested is calculated and added to your balance (eg. montly, daily, annually)?

    Hopefully this should help me work out why there is the discrepancy.
    Dan
    Former MSE team member
  • guigy
    guigy Posts: 19 Forumite
    Thanks for this fantastic tool, it's like a beacon of light in the darkness, being able to illustrate how by putting a little extra money in, I can reduce the debt/interest in such a dramatic way

    Excuse me if i am being a noob here - but i have a few questions.

    I currently sit with a SVR mortgage with the northern rock, i am part of the company now wh have no new deals available. Total debt on the mortgage £153,000 my LTV is now less than 90% so there is little (affordable) options for me on the market. I currently have the SVR at 4.99%, my interest only payments are £611.xx

    I've been using the calulator to work out all sort of scenarios, good and bad. One scenario (god forbid) is that interest rate rise to 13%. Can someone explain why if I increase my interest rate from 4.99% to 13% and make an overpayment of £200 my mortage repayments would be £1657 a month but i would have my mortgage paid off in 17 years?

    I know I am probably being completely stupid, but can't see how nearly trebling my interest rate would reduce my mortgage by 8 years?

    Thanks
  • Jonbvn
    Jonbvn Posts: 5,562
    First Post First Anniversary
    Forumite
    At the moment it allows only a round number of years. Given that we have less than 10 years left on our mortgage, the ability to include the number of months would be useful.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • MSE_Dan wrote: »
    Hi glenner and princesskatrina.

    Do you know when your interested is calculated and added to your balance (eg. montly, daily, annually)?

    Hopefully this should help me work out why there is the discrepancy.
    Dan

    Hi MSE Dan

    Thanks for your quick response.

    I've just spoken to the Woolwich:

    Their explanation is that they did not take into account my overpayments when last calculating my monthly repayment amount. This meant they were using a higher total-owed figure than I'd used when using your calculator. (Judging by the response of the person who took my call, this is standard procedure rather than a mistake).

    She recalculated, taking into account my overpayments (and thus using the real figure I owe), and came up with a monthly repayment that roughly agreed with the MSE calculator. So, there is no discrepancy after all.

    She also assured me that everything I've been overpaying on the monthly repayments is immediately taken off the debt before the interest is calculated.

    She offered to adjust my Direct Debit downwards (I declined).

    However, I am confused by their explanation, because I based my calculation (using your calculator) on the figures in my mortgage statement, and arrived at a different result to them. They seem to be implying that the figures in the statement are not the figures they used, which is curious. I'm waiting for them to get back to me on this.

    And to answer your question, interest is calculated daily and applied monthly.

    Thanks
    Glenn
  • Hi
    Sorry I'm new to this and this may not be the right place to post this question. I have visited the ultimate mortgage calculator and I think it is very good but I am looking for a mortgage calculator that works the opposite way round. I currently have a mortgage and am looking to move house. I have a set maximum amount that I can pay monthly towards my mortgage and a deposit. I want a mortgage calculator which can calculate the maximum total I can spend on the new house
    i.e. I have a mortgage of £46,000 with 15 years left on mortgage. When I move I do not want to increase the term of my mortgage. I may sell my house for £120,000 and I have £6000 already saved as deposit. Therefore I will have a deposit of about £800000. I only wish to pay a maximum of £450 per month for a mortgage. How much house can I buy?
    Is there any calculator that can do that?
    Thanks
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