My Excel mortgage spreadsheet

katymike

Hi, I opened your spreadsheet it is excellent. However, we started overpaying our mortgage by £500 a couple of months ago and hope to keep this going. The mortgage is currently outstanding at £139500 and we are on a 4.69% fixed rate which expires Oct 2010. We really need to know by how many of the remaining years (10) we will reduce the term by this overpayment. Having entered info on your s/sheet, it shows the total term as 9 years (down from the original 15 when we remortgaged) but that is assuming the overpayments started from day one. My gut guess is that we might knock off 4 or 5 years, but this is not based on any calculations!

Any chance of adding another cell with the date or year of start of overpayments? Or am I missing something obvious?

any thoughts much appreciated

Locoblade

Hiya

All you need to do is go into the Monthly Payment page of the spreadsheet (tabs at the bottom) and in the monthly overpayment column you'll see your £500 overpayment in there every month from month 1. Just highlight the cells in the first few months up to the month when you did start paying and delete those values so they're blank, and I think the other £500 overpayments from the month when you actually started paying it should stay there to give you an accurate figure, although I dont have the spreadsheet to hand to test that. Worse case though, delete them all and type them in manually in that column.

cheers

siliconbits

I've been trying a few calculators (e.g. moneysupermarket) and it seems that they give different answers for the same figures

Locoblade

Where is moneysupermarket's calculator, can't see one on their website? Also could you give an example of what you put in and the figures you get out?

There's several different ways of calculating it all though, whether its daily/monthly/annually calculated etc, so there will always be slight variations, and that gets even more complicated when lenders do things like charge interest a month in arrears etc.

A few months back I did check it against several online/downloadable calculators myself and it was either exactly the same (ie using the same calculation method) or within a few pounds/pence due to using slightly different calculations, so Im pretty sure its "right" within the confines of the method of calculation.

cheers

steve237

Locoblade - thanks for all your efforts, amazing tool.

danielanthony

This is really useful, thanks

tosh124

Hi Loco,
fantastic calculator, we are gonna have some fun working out what we can save with it! :T

InMyDreams

bumping Locoblade's fabulous calculator as it may help with quite a few questions at the moment.

Bean_69_99

+1 on the thanks... great tool...

question though! Is there a way of fixing payments through the whole period, so the monthly overpayment goes up as the captial& interest go down?

InMyDreams

Bean_69_99 wrote: »

+1 on the thanks... great tool...

question though! Is there a way of fixing payments through the whole period, so the monthly overpayment goes up as the captial& interest go down?

Yes. On the main page, where it asks "Payment Calculated / Manually added?" The default is 'calculated'. Switch it to 'manually added' and in the box below you can then fix your monthly payment to whatever you like.