Please help MSE test new tool: The ULTIMATE Mortgage Calc

Former_MSE_Dan · 16 February 2010 at 1:28PM

Hi folks,

We've been working on a mortgage calculator to launch in this weeks email, and are really keen on getting your feedback and comments on it, particularly on any glitches you find in the results!

So if you;ve got 5 spare mins, it'd be great if you can have a play then reply in this thread with any thoughts. The link is below but first a few things that we are still working on adding in:

A small explanation bubble beneath each of the tabbed questions, explaining what that calculator does
In the results, labelling on the axis of the graph. These will appear later, but FYI the horizontal axis is Time and the vertical access is 'Outstanding Mortgage'
The styling of the 'Cut your mortgage costs' box is still being worked on
We are trying to add an option into the Basic Calculator to allow you to compare your current mortgage rate against another rate that you've found.
A box of assumptions we have made will be added at the bottom. These include that mortgage interest is taken to be charged monthly, and that for the Interest-Only option, your standard payment doesnt shrink even though you are cutting into the balance of the mortgage
Version 2 of this calculator will be able to do 2 extra calculations: "Should I pay off my mortgage with savings" and "Is it worth using an offset mortgage or saving?"

Here is the link:

THE ULTIMATE MORTGAGE CALCULATOR

Cheers for your help!

Dan

LandyAndy · 16 February 2010 at 1:35PM

The basic and +overpayments ones I do in a spreadsheet already (not quite as pretty though).

I haven't got the info to hand to test the ditch the fix but it ought to be an interesting exercise.

Person_one · 16 February 2010 at 1:36PM

I found it very helpful, especially the table with how much debt would be left after each year. Its good to see how much effect your overpayments are making year on year rather than just over the whole term.

I'd love a calculator though where I could enter overpayments as a percentage. I'm allowed to overpay 10% each year. Also something to help with those of us who have overpayment 'funds' where the money is essentially held as savings but offsets the interest on the mortgage. I have no idea how much exactly I'm saving by doing this!

Thanks for creating it though, its the best one I've seen out there.

mumoffour77 · 16 February 2010 at 1:37PM

Love it......

It took 2 mins to work out that if I overpay by £200 p/m my mortgage will be cleared in 6 years and 1 month saving £15,000.00!!!!! im well chuffed with it!!

Former_MSE_Dan · 16 February 2010 at 1:39PM

Person_one wrote: »

Also something to help with those of us who have overpayment 'funds' where the money is essentially held as savings but offsets the interest on the mortgage. I have no idea how much exactly I'm saving by doing this!

Great idea - so good in fact we already have it earmarked to add in for version 2 of this. I will add that to the original post - thanks!

manutd99 · 16 February 2010 at 1:44PM

really like the feature where you can input overpayments which will tell you how many years and money it saves you.

Not tested with my interest yet so will try again. But will be very useful

Caracul · 16 February 2010 at 1:45PM

Looks good. There is an iphone app that does similar to the overpayments, but being able to find exactly what you owe, what you pay each month etc is great.

I just don't understand this:

On a £210000 mortgage, currently at 5.29%, with a 0% early repayment charge

You'd need a new mortgage that's consistently below 4.53% to save

surely a 5.25% or anything lower would save if there were no erc's?

mlz1413 · 16 February 2010 at 1:47PM

Would it be possible to have all overpayment options in calculation? Currently you can only choose one, but I make monthly overpayments on my direct debit and then try and pay off lump sums as often as I can.

It would be good to see my monthly overpay with an annual payment I know I can make and then twiddle with the one off values.

I like the ditch my fix, the old one only went up to a certain amount of years, 10?, but as I'm on a 25 year deal the info was limited, this new one enabled me to put in my details and I like the wording ' your new mortgage needs to be consistently under XX% to save'

manutd99 · 16 February 2010 at 1:53PM

Found a glitch. In overpayments. When you enter any amount as one off payment it always says 0 years and 1 month and give minus saving figure of the amount you have entered

For example if i enter one off payment of £100 - it will show as saving 1 month and -£100. If i put £1000, it will still show 1 month and will show saving of -£1000.

Former_MSE_Dan · 16 February 2010 at 2:06PM

Cheers manutd (and everyone else), we are sorting that now

MarieAAP · 16 February 2010 at 2:12PM

Another Fan

TY for setting this up for us MF fiends

Please help MSE test new tool: The ULTIMATE Mortgage Calc

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