The Ultimate Mortgage Calculator discussion

Former_MSE_Dan
Former_MSE_Dan Posts: 1,593
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edited 19 October 2010 at 3:47PM in Mortgages & endowments
Update 19 October 2010

We have spent the last few months expanding this, hopefully making it... erm, ultimate-er?! It has new calculators, including:

- Offsetting vs Savings/Mortgage
- How much can I borrow?
- Compare 2 fixed rates
- Should I save or repay mortgage?

Would be great to know what you think, and especially if you spot any glitches we have missed. We've done lots of testing but you neve know what can slip through the net!

Cheers

Dan

Original post

Hi folks,

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.
Former MSE team member
«13456718

Comments

  • What does it mean when it says "normal" on the graph?
    :p Proud to be a MoneySaver! :p
  • Hi littlemissmoney

    It's referring to repaying your mortgage at the standard monthly payments

    It makes more sense when you add in an overpayment, but I think you make a good point that it isn't totally obvious on its own so we will see if we can change it :)
    Former MSE team member
  • JRRD
    JRRD Posts: 96
    First Post First Anniversary
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    MSE Dan ..............
    ................ were you able to give any consideration to my previous endowment/repayment comment ? (In the previous thread that is now closed)
  • ah yes, we will have to give that one a bit of thought on how to code it up - should be doable though :)
    Former MSE team member
  • Dom3663
    Dom3663 Posts: 70
    First Post First Anniversary Combo Breaker
    Forumite
    Wow ... I know its only a rough estimate, (doesn't account for rates etc) but by overpaying £10 a month on my mortgage I will save £5.5k over 30 years ... incredible lol
  • I would ask then you put in an overpayment. You could have a tick box so you could choose to reduce your monthly interest total or keep it the same plus overpayment. Like you can do with any overpayments with nationwide.

    Great tool guys J
  • How about a bit on how much interest you are paying on your current rate and then a seperate line on how much you would be paying if you made over payments. you can then see exactly what you would be paying and if you made over payments what you could be paying. :j
  • MSE_Martin
    MSE_Martin Posts: 8,272
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    Money Saving Expert
    Thanks for all the suggestions folks - MSE Dan, Adam, and Darren have done a cracking job on this tool.

    This is our plan - iron out any little design issues now - then go through the whole thing in a few weeks and ask for lots more suggestions and things we can add in - then at that point we'll launch version 2 with all of them in.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • To all at MSE,

    Many thanks for developing this mortgage calculator - was just trying to do some calculations today about overpayments and was about to a google search for a calculator tool when your email came in!!!

    We are in year 3 of 30 year term with very little equity and your tool has given me hope that our efforts to overpay £200 each month will pay off eventually!!! Was getting disheartened seeing the annual statement actually increase last year!!!

    Will get there in the end and its nice support to have a site such as MSE!!! :T Keep up the good work!!!
  • 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
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