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The Ultimate Mortgage Calculator discussion
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# 1
Former MSE Dan
Old 16-02-2010, 7:34 PM
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Default The Ultimate Mortgage Calculator discussion

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.

Last edited by Former MSE Dan; 19-10-2010 at 4:47 PM.
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# 2
littlemissmoney
Old 16-02-2010, 7:36 PM
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What does it mean when it says "normal" on the graph?
Proud to be a MoneySaver!
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# 3
Former MSE Dan
Old 16-02-2010, 7:38 PM
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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
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# 4
JRRD
Old 16-02-2010, 7:57 PM
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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)
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# 5
Former MSE Dan
Old 16-02-2010, 8:07 PM
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ah yes, we will have to give that one a bit of thought on how to code it up - should be doable though
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# 6
Dom3663
Old 16-02-2010, 8:25 PM
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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
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# 7
ghostinparadise
Old 17-02-2010, 9:51 AM
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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
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# 8
mikey_2811
Old 17-02-2010, 12:04 PM
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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.
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# 9
MSE Martin
Old 17-02-2010, 1:51 PM
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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.
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# 10
edixon83
Old 17-02-2010, 5:56 PM
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Cool Thank you for this excellent tool!!!

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!!! Keep up the good work!!!
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# 11
glenner
Old 17-02-2010, 7:01 PM
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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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# 12
scousemark
Old 17-02-2010, 7:35 PM
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Default Ultimate calculator?

[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]
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# 13
Princess Katrina
Old 17-02-2010, 8:20 PM
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Default Am I overpaying??

Quote:
Originally Posted by glenner View Post
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!
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# 14
ginvzt
Old 17-02-2010, 8:36 PM
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Quote:
Originally Posted by Princess Katrina View Post
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!!!

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# 15
Princess Katrina
Old 17-02-2010, 10:02 PM
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Default Overcharged??

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!
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# 16
ginvzt
Old 18-02-2010, 8:50 AM
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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.

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# 17
Former MSE Dan
Old 18-02-2010, 9:22 AM
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Quote:
Originally Posted by glenner View Post
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

Last edited by Former MSE Dan; 18-02-2010 at 9:26 AM.
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# 18
guigy
Old 18-02-2010, 10:59 AM
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Default Confused by some figures offered by calculator

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
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# 19
Jonbvn
Old 18-02-2010, 11:19 AM
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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
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# 20
glenner
Old 18-02-2010, 12:01 PM
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Quote:
Originally Posted by MSE Dan View Post
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
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