Help with working out how much I will owe on my mortgage @ 31.08.06

Guinea_2

YorkshireBoy wrote:

Not a spreadsheet, but try https://www.whatsthecost.com/mortgage.aspx

Well thank you very much(!) I have just looked at the above site and am now completely depressed! I cannot believe that I will be paying virtually the same amount I am borrowing in just interest!!!

(Good site though....thank you YorkshireBoy!) :T

Daniel_B

YorkshireBoy wrote:

Using Daniel B's suggestion...

.............Open bal...........Int..........Payment.......Closing bal
Jan........43,786.79.......140.12.........304.11.........43,622.80
Feb........43,622.80.......139.59.........304.11.........43,458.28
Mar........43,458.28.......139.07.........304.11.........43,293.24
Apr........43,293.24........138.54........304.11..........43,127.67
May.......43,127.67........138.01........304.11..........42,961.56
Jun........42,961.56........137.48........304.11..........42,794.93
Jul.........42,794.93........136.94.........304.11.........42,627.76
Aug.......42,627.76.........136.41........304.11..........42,460.06

Nice one YB :T

The only thing with this formula, is that it works out a month as having 30.42 days in it - which they don't.

So a month with 30 days in it, will be calculated as slightly more, and one with 31 slightly less, but overall it should pretty much even out - and on a relatively small amount as this it will be pretty negligable.

I just tried this again on mine, and the most it seems to be 'out' was by £10, so on this mortgage, I reckon an allowance of £5 should be allowed.

Also, this is a little inexact, because in my mortgage the interest amount is calculated on the 10th of each month, and my payment goes out on the first, so again, it's difficult to incorporate that into the estimation.

If your payment goes out on the day the interest is calculated though, then it's one less thing to knock the calculation out.

Cheers

Dan

Daniel_B

Guinea wrote:

Well thank you very much(!) I have just looked at the above site and am now completely depressed! I cannot believe that I will be paying virtually the same amount I am borrowing in just interest!!!

(Good site though....thank you YorkshireBoy!) :T

Guinea,
I have been using this site: http://www.financity.co.uk/financity/public/nav/commercial/showmortgage/go.do

You can do the workings out, and you can put in how much you want to overpay by, and it will estimate what you will save over X amount of years.

You can 'kind of' use this as an offset calculator too, as you can put the 'lump sum' in as your offset amount - so it's not overly accurate, but worth a look.

This one is pretty good as well, though you tend to have to juggle around with the income/outgoings to get an accurate figure.

http://www.woolwich.co.uk/default.asp?Content=/content/opn/borrowing/calculator/help.htm

Helen_from_yorkshire wrote:

Thanks so very much for your workings out, you're all excellent and can give me an amount which the building society couldn't.

Thanks again.

Helen x

Make sure you tell us how much it is on the 31st of August!
Nice to know how far out it actually is.....

Cheers

Dan

zag2me

On my mortgage

February 2006
Mortgage - £491.27
Interest - £366.67
Repayment - £124.60
Balance next month £79,875.40

Helen_from_yorkshire

Daniel_B wrote:

Make sure you tell us how much it is on the 31st of August!
Nice to know how far out it actually is.....

I'll make sure I let you know how much it is.

We are wanting to pay off our mortgage at the end of the fixed rate, that's why we wanted to know.

What is strange though is that I have spoken to the building society regarding how to pay it off and they've told me that they will accept a personal cheque for the whole amount but no interest will be charged after they receive the cheque as they assume it will clear. The only thing they won't do until the cheque actually clears is release the deeds ... fair one!

To tell the truth, I didn't believe the first person who told me so rang today and spoke to someone else who told me exactly the same thing.