Please help MSE test new tool: The ULTIMATE Mortgage Calc

Former_MSE_Dan

Hi MarieAAP,

Yep, we are working on adding something into the basic one which should effectively do that for you - let you know the new monthly payment at a higher rate and also the cost over the mortgage term.

This should be done when we sent the weekly email tomorrow, or if you check back here a little later

Ta

cookiemonster25

MSE_Dan wrote: »

Hi cookiemonster,

Thanks for that. What amount were you piutting in as your remaining mortgage for that message to appear?

Dan

93,000, tried all different combinatons

manutd99

The one off payment figures just dont add up. Tried several figures and feel they cant be right.

For example

Repayment per month £264

£10 One off would save me £254 - surely cant be right

therefore if £10 is that high - paying £100 should be higher

£100 = £164 - Maybe right

£200 = £329 - Cant be right

therefore paying £300 should be higher than £329 erm no

£300 = £229

Figures all over the place.

JRRD

Our mortgage is part endowment/part repayment and I have previously looked at a calculator that enables you to put both these in to the one calculation...... off the top of my head I think it was an Egg calculator but couldn't be sure without trying to find it again.

Is that possible on your set up

dunamis

As with the above poster - part repayment, part interest only...many mortgage calculators include that. You've got a bit of work to do if it's to live up to its 'Ultimate' Mortgage Calculator title

To be honest, if it's really to be Ultimate there are a number of things I'd want:
1. Ability to enter average interest rate over the remaining life of the mortgage.
2. Ability to enter estimated endowment growth.
3. Lump sum payments

Former_MSE_Dan

cookiemonster25 wrote: »

93,000, tried all different combinatons

Hi again,

That's because 15 years worth of monthly payments of £439 totals as £79,020, meaning you wouldnt have paid enough to pay off a mortgage of £93,000 even at 0%

HTH

Dan

SmartPricePrincess

excellent calculator, especially the overpayments one. Inspiring. And easy to use.

belfastgirl23

I like it, big tick from me the graph is great.

JimmyTheWig

cookiemonster25 wrote: »

when i put 439 as monthly payment over 15 years it says the monthly payment is to low to ever pay off my morgage even at 0%, bit of a glitch???

Is that repayment or interest-only?
My guess is that it is an interest-only monthly payment and you've selected repayment.

JimmyTheWig

Caracul wrote: »

I just don't understand this:

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On a £210000 mortgage, currently at 5.29%, with a 0% early repayment charge

You'd need a new mortgage that's consistently below 4.53% to save

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surely a 5.25% or anything lower would save if there were no erc's?

Did you say if the new company were paying valuation and legal costs? If not, it will cost you to switch and so you would need a lower rate to make it worth it.