My Excel mortgage spreadsheet
468 replies
403.4K views
Quick links
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support
Replies
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.
Puts things into perspective, thanks.
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.
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
Serves people rite for using 6+ years old version of software!
Peter Stones
Is it right that if I have a 25 year mortgage I cannot enter 25 years into the initial rate field?
Peter Stones