Spreadsheet help please

evab_2

HI all,

I'm going to start a new part of my MFW challenge as I want to pay off as much of the secured loan by April 2010 which is when I can remortgage without paying back fees. This will help us be in a better position in terms of the LTV on the property.

I want to have a spreadsheet that I can input my overpayments to take off the balance but also include the interest to the account.

The current outstanding balance is £6641.11, and it currently has an interest rate of 4.49% which is added on the last day of the month.

Would someone be able to help me with a simple spreadsheet to record these details.

Many thanks in advance Ev x

rhiwfield

I've put something rough and ready together in excel.

Questions:

1. What is your existing monthly payment?
2. Do you want a fixed or variable additional payment

evab_2

HI and thank you.

My existing monthly payment is £39.40 and additional payments will be variable in terms of amount but I will try to pay on the same day each month to reduce the interest calculated.

Ev

rhiwfield

Ev, this site doesnt seem to do attachments :mad:

Based on what youve said so far then without extra payments your balance will fall to just under £6,200 by end April 2010 (thats if the formulae are ok!)

A monthly additional payment of £202.50 should clear the capital balance depending on your lender's terms and conditions. Play around with the spreadsheet to input variable amounts.

I'll pm you with my e-mail if you want me to fwd the spreadsheet. If youve any queries pm me

rhiwfield

evab_2

Thank you for taking the time to do that for me, much appreciated.

Ev