My Excel mortgage spreadsheet

Calzor_Suzay

Well that didn't work either as the basic monthly payment ends up the same it's not calulated on what capital I have left to pay, confused

Locoblade

Hi

If you want the basic monthly payment to drop based on what you're offsetting, you need to change option 18 to "Reduce Monthly" otherwise you're telling the spreadsheet to effectively overpay at the same monthly amount regardless of how much less you need to pay.

cheers

xyz123

hi, the spreadsheet is fantastic, however it doesnt seem to do what i personally need with the mortgage. my mortgage doesnt allow reduction in term with any overpayments. they reduce the monthly outgiong instead. out of interest, are there many who are in the same boat and OP- any chance if this is a "relatively" easy fix to update the fantastic spreadsheet? if not, thanks anyway for the effort and sharing it over here.

ithink

Great Spreadsheet thank you.

XYZ - I have asked about overpayments and have a few options. Small monthly over payments just put the mortgage into advance and do not reduce the term, the monthly payment (MP) is just reduced at next recalcualtion event (like a rate change) unless i request, or i can contact and make a formal overpayment which i can either reduce my MP or reduce the term to keep MP's at a similar level, i would have to ring up each time i made an overpayment to do this though. bit of a pain!

Locoblade

xyz123 wrote: »

hi, the spreadsheet is fantastic, however it doesnt seem to do what i personally need with the mortgage. my mortgage doesnt allow reduction in term with any overpayments. they reduce the monthly outgiong instead. out of interest, are there many who are in the same boat and OP- any chance if this is a "relatively" easy fix to update the fantastic spreadsheet? if not, thanks anyway for the effort and sharing it over here.

My post above yours fixes this, just change option 18 to Reduce Monthly

Locoblade

ithink wrote: »

Great Spreadsheet thank you.

XYZ - I have asked about overpayments and have a few options. Small monthly over payments just put the mortgage into advance and do not reduce the term, the monthly payment (MP) is just reduced at next recalcualtion event (like a rate change) unless i request, or i can contact and make a formal overpayment which i can either reduce my MP or reduce the term to keep MP's at a similar level, i would have to ring up each time i made an overpayment to do this though. bit of a pain!

The spreadsheet has a global setting for this as above, so can't do a combination of both reducing monthly and reducing term I'm afraid

xyz123

locoblade wrote: »

the spreadsheet has a global setting for this as above, so can't do a combination of both reducing monthly and reducing term i'm afraid

deleted.....

xyz123

Locoblade wrote: »

My post above yours fixes this, just change option 18 to Reduce Monthly

Thanks a lot for this. However, my problem is that i cant make regular monthly overpayments (as my mortgage provider charges a fee for any additional payments less than £500, so i wait till i have more than £500 and then make a payment). Is there anywhere i can input this, item 17 says "monthly" overpayments, so i presume if i put in a figure there, spareadsheet will assume an overpayment every month! ta

Locoblade

Just go into the monthly tab and you can put on ad-hoc overpayments on whatever month(s) you like

mealmond

Hi

The sheet looks great and just what I need, however I have a question to see if it is possible to change something.

I am hoping to complete a re-mortgage this week and I looking to keep a sheet of the repayments over the lifetime of the mortgage.

At the moment I am not looking to make overpayments, but the mortgage I have taken out is over 11 years and 11 months, only so that the repayments were the same as they are now, but with a lower rate I have taken off several years of the lifetime of the mortgage.

As it is, the sheet only allows for repayments over years, and I like the details correct, so is it possible to alter the sheet to put in a figure in months rather than years?

I have been looking on-line but but have not found a sheet that works in months, though this sheet is very close to what I need.


Thanks


Martin