My Excel mortgage spreadsheet 14 September 2008 at 8:10PM edited 7 May 2010 at 9:29PM in Mortgages & Endowments 460 replies 391.6K views

Locoblade

Looks like it will only work with Excel 2002 and newer.....

http://support.microsoft.com/kb/826923

When you open an Excel 2002 or an Excel 2003-protected sheet in Excel 2000 or earlier, the Excel 2003 protection functionality reverts back to the level of protection that was available in that version of Excel. Generally, the new protection features in Excel 2002 and in Excel 2003 are exceptions to the default level of protection. In other words, if you use Excel 2000 to open a workbook that was created in Excel 2003, you are not allowed to make changes that are protected in Excel 2003. Protection options (for example, enabling Insert columns on a protected sheet) do not apply to earlier versions

I'll see if I can work out one thats compatible with 2000 or earlier(:eek: ), I suspect some of the equations etc used will screw up in really early versions of Excel anyway, so it might not be possible.

fattony

got it ta, what a numpty i am

DilbertJones

amazing spreadsheet, many thanks

Mrs_Chicken

Blimey this is great, thanks so much for letting us share it

lagi

This is an awesome piece of kit, if i have done it right and i continue to overpay and get good mortgage rates over the years then i can see light at the end of the tunnel.

Puts things into perspective, thanks.

bubblesmoney

nice work chris.

is it possible to choose a daily interest calculation option for the calculator? also is it possible to compare different mortgage providers packages by having an option for factoring in their fees for the mortgage?

Locoblade

bubblesmoney wrote: »

nice work chris.

is it possible to choose a daily interest calculation option for the calculator? also is it possible to compare different mortgage providers packages by having an option for factoring in their fees for the mortgage?

Thanks

I tried a daily/monthly option which even took into account leap year February extra days to calculate the interest each month, but it made the equations so complicated and I couldn't get it to work properly so I decided to focus on the monthly one to start with.

Its still embedded in some of the calculations even though its not currently used, so I may re-visit that at some point when my head is a bit less mushed from what Ive done so far to make it work as is

I could put in an "upfront fees" option which will add itself to the yearly totals so you can do comparisons for how much it will cost over x years, rather than manually having to add up front fees yourself to any figures generated. I was also thinking of putting an additional page in for comparing a new mortgage against the existing one, that would probably be easier than daily interest so I might have a go at that at some point.

Locoblade

All

Just to note, the first proper bug has been found (thankyou lagi).

If you have a mortgage that has a a split rate, with say 5 years at 5% followed by the remainder at 6%, when you put something like £200 a month in the monthly overpayment box, it won't change the basic payment to the new rate after 5 years, so from year 5 to the end of the loan, it effectively underpays the mortgage slightly and uses some of the overpayment to make up the shortfall, in effect reducing the amount you're actually overpaying.

I'll have a look at rectifying this tonight, so if anyone is planning on spending time putting in their own mortgage figures from years past, you may want to wait for v1.1

pstones578

Locoblade wrote: »

Looks like it will only work with Excel 2002 and newer.....

http://support.microsoft.com/kb/826923



I'll see if I can work out one thats compatible with 2000 or earlier(:eek: ), I suspect some of the equations etc used will screw up in really early versions of Excel anyway, so it might not be possible.

Serves people rite for using 6+ years old version of software!

pstones578

Locoblade wrote: »

All

Just to note, the first proper bug has been found (thankyou lagi).

If you have a mortgage that has a a split rate, with say 5 years at 5% followed by the remainder at 6%, when you put something like £200 a month in the monthly overpayment box, it won't change the basic payment to the new rate after 5 years, so from year 5 to the end of the loan, it effectively underpays the mortgage slightly and uses some of the overpayment to make up the shortfall, in effect reducing the amount you're actually overpaying.

I'll have a look at rectifying this tonight, so if anyone is planning on spending time putting in their own mortgage figures from years past, you may want to wait for v1.1

Is it right that if I have a 25 year mortgage I cannot enter 25 years into the initial rate field?