My Excel mortgage spreadsheet 14 September 2008 at 7:10PM edited 7 May 2010 at 8:29PM in Mortgages & Endowments 465 replies 400.9K views

Ian_Griffiths_Halifax

You won't see Locoblade again for a while. He's getting his pitch ready for Dragons Den. It will be on the shelves of PC World and Staples by Christmas:rotfl:

Locoblade

Ian_Griffiths_Halifax wrote: »

You won't see Locoblade again for a while. He's getting his pitch ready for Dragons Den. It will be on the shelves of PC World and Staples by Christmas:rotfl:

LOL, sadly not, currently having a bit of an IT "issue" at work which meant a 24 hours shift yesterday, overnight tonight and probably more of the same for the rest of the weekend, hence the odd posting times lately. :rolleyes:

Jnr_81, when you say the latest version of Excel, which one is it, and is it full Excel (part of Office), not OpenOffice or Works etc, because only Excel 2002 onwards will work? Also, I assume you're editing the Monthly Overpayment column and not the "Total Monthly Payment" column, because only the yellow highlighted columns are editable (in any version)?

Thanks again for all the positive comments all, gives motivation to improve it further when I get time, maybe v1.3 will include my paypal address so you can all donate half the savings you make by using this

Locoblade

kjharve wrote: »

Nice looking spreadsheet mate. Is it worth adding an APR to help comparisons?

If you think that would be worthwhile I can knock something up for you to build in.

I'll have a look, do many believe that APR is a good indicator of loan value when 90% of loans have an introductory rate after which people invariably jump ship to another loan rather than taking it through to term (when the APR would be relevent)?

Its on KFI sheets you get from all the lenders I guess, so maybe its worth putting in.

Ian_Griffiths_Halifax

Locoblade wrote: »

I'll have a look, do many believe that APR is a good indicator of loan value when 90% of loans have an introductory rate after which people invariably jump ship to another loan rather than taking it through to term (when the APR would be relevent)?

Its on KFI sheets you get from all the lenders I guess, so maybe its worth putting in.

In my opinion, APR rates add unnecessary confusion to Mortgage Key Facts Illustrations as most people will change their mortgage at some point, even if it's not immediately after their initial deal ends.

Bismarck

great stuff...well done...thanks! Something to play with over the weekend.....how sad am I?

Locoblade

Ian_Griffiths_Halifax wrote: »

In my opinion, APR rates add unnecessary confusion to Mortgage Key Facts Illustrations as most people will change their mortgage at some point, even if it's not immediately after their initial deal ends.

Exactly how I feel about it yup, hence not bothering putting it in the spreadsheet originally.

Locoblade

Bismarck wrote: »

great stuff...well done...thanks! Something to play with over the weekend.....how sad am I?

Probably not as sad as me spending many hours over the last few weeks writing it

Chris2685

That's an amazing tool. Nice work

nesssie1702

Excellent! I'm due to remortgage next year and this will come in really useful.

_dave__4

Hi Locoblade,

First of all, excellent spreadsheet - well done!

Now, I've been trying to look at the "cost savings" from overpayments, and I noticed your "Interest Saved by Overpayment/Offset" cell. But that seems to just add up the differences over the term, without allowing for the "time-value" of money. Is there any way to get the cost savings in "todays money" from your spreadsheet, much like the following calculator does? :-

http://calc-calc-calc.net/get/calc/Mortgage-Overpayment/?l=100000&i=6&t=25&m=744.30&d=4

That shows the difference in total payments as 193,290 - 166,252 = 27,038 (compared to 27,035.73 in your spreadsheet), but also the difference in "Effective Overall Cost (Present Value of all payments)" as 122,471 - 117,498 = 4,973 (when allowing for inflation at 4%).

Can your spreadsheet produce similar figures?

Thanks!