Over the past couple of weeks Ive given a few people on here some figures to compare mortgages with including the capital left after certain timeframes and the savings of offsetting certain sums. This was done using a heavily modified version of the Microsoft Amortization Schedule spreadsheet that Ive re-written to allow several things that most of the existing online/spreadsheet calculators didn't seem to be able to do, such as:
- Interest only / capital repayment mortgages with option to part pay
- Offset mortgages, including average offset current account balance
- Calculation when offset pot could pay off the mortgage remainder.
- Monthly and one off overpayments / offset payments
- Change of rates after introductory period expires
- Ad-hoc rate changes for variable/tracker mortgages]
- Additional borrowing at any time
- A few pretty graphs
- Edit: v1.02 allows you to compare two different mortgage products to see which is cheapest for you.
- Edit: v1.03 adds in early redemption charges and exit fees.
- Edit: v1.04 Comparison for savings account/ISA against offset/overpayments on Mortgage 1
Comparison of two mortgages with differing fees added to loan, showing break even month
Seperate fees added to loan box.
- Edit: v1.05 Break even month now takes into consideration the upfront fees and also completion fee to give a more accurate figure.
- Edit: v1.06 Fixes the additional borrowing feature, it now works!
- Edit: v1.07 Fixes the total cost / total capital remaining calculation in the Comparison sheet.
- Edit: v1.08 Fixes Cumulative Interest calculation that was previously miscalculating the first year. Also uploaded a modified version for Mac and older Excel.
- Edit: v1.09 Fixes the same bug as 1.8 tried unsuccessfully to fix in certain circumstances, hopefully second time lucky! I've also started naming the files without the version number so that for future releases, those following direct links to my web space (rather than clicking the links here) will also get the latest version by default. Ive also added an entirely optional donate button as a few appreciative users asked/suggested this, any donations will go towards my web hosting which I've recently had to expand to accomodate the average 800-1000 downloads per month!
- Edit: v1.10 Changed the formatting to allow end users to change column widths and hide columns if required.
I have where possible compared the spreadsheet against other online calculators so I hope its all correct. Please only download the Mac version if the main one in the first link doesn't work with your version of Excel.
Both downloads can be accessed here:http://spreadsheet.locostfireblade.co.uk
I've put the links on a simple web page now as I intend on eventually expanding it to include stuff like an FAQ to answer some of the more common questions that get asked on here and via e-mail.
Any feedback most welcome