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    Former MSE Dan
    The Ultimate Mortgage Calculator discussion
    • #1
    • 16th Feb 10, 7:34 PM
    The Ultimate Mortgage Calculator discussion 16th Feb 10 at 7:34 PM
    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!



    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.
Page 8
    • getmore4less
    • By getmore4less 16th May 17, 11:43 AM
    • 29,120 Posts
    • 17,413 Thanks

    Should add that all the calculators work on a simple amortization of equal months and payment at the same time.

    the reality is that the months are different lengths and the payments happen on different days(weekend/BH move the pay day).

    In practice this is minor over longer periods and/or where the comparison has a clear winner.
    Last edited by getmore4less; 16-05-2017 at 11:55 AM.
    • By OXFORD_SMOGGY 19th May 17, 3:56 AM
    • 573 Posts
    • 121 Thanks
    ok took the plunge signed up to Sep 2018 at 1.19%, I paid the £550 ERC, think ive saved over 2 month period but not sure no calculator can work my position out.
    Printing money since 2008
    • By OXFORD_SMOGGY 30th May 17, 4:57 PM
    • 573 Posts
    • 121 Thanks
    I applied 2 weeks ago they said only 1 payment will reflect new interest as delay between was next tot the same time period which is fair enough,

    ERC is now £400 however the difference in the last old fix payment and new fix payment is only £300 does that mean I am losing out on £100 and should have just run the old fix out? Or am I still saving?
    Printing money since 2008
    • By OXFORD_SMOGGY 30th May 17, 5:06 PM
    • 573 Posts
    • 121 Thanks
    £301,064 * (0.0329 - 0.0119) / 365 = £17.32 a day better off

    Days left until fix ends 83 so saving of 83 x £17.32 = £1437.56 on new rate over that period.

    So total saving is £1437.56 - ERC of £614.69 = £822.87
    Originally posted by OXFORD_SMOGGY
    So new saving is over 40 days now

    So 40 x £17.32 = £680

    Subtract the ERC of £400 means that make a saving of £280

    Is that over the whole mortgage 25 year period or just the 1 and a half months i have ditched and switched? If over the whole period there was surely no point of me paying the ERC
    Printing money since 2008
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