The Ultimate Mortgage Calculator discussion

getmore4less

stevie_c_is wrote: »

Dear MSE,

It's Easter weekend and I have nothing better to do and I'm not expecting a response, anytime soon, from either party.

Basically, I've compared my mortgage bill using your calculator. I don't understand how my monthly repayments schedule/bill shows £498.66 and the MSE calculator shows £479. I'm going to quiz my lender about it but do you know if there could be an explanation?

Regards

Stephen :beer:

there could be loads of reasons and you have given no details of your debt, how can anyone even hazard a guess at which of the many things that make a difference it could be?

SJU_Essex

This mortgage calculator tool can also be used to calculate your pension based on using the same varianbles in a slightly different manner. The headline amount is the size of your pension pot. The interest rate is your expected income rate from your pension pot. And the time is the number of years after which you allow the pension pot to drop to zero. The calculator tool will calculate the monthly payment - but in this case it will be the gross monthly payment you will RECEIVE from the pension pot.

Neat huh?

getmore4less

SJU_Essex wrote: »

This mortgage calculator tool can also be used to calculate your pension based on using the same varianbles in a slightly different manner. The headline amount is the size of your pension pot. The interest rate is your expected income rate from your pension pot. And the time is the number of years after which you allow the pension pot to drop to zero. The calculator tool will calculate the monthly payment - but in this case it will be the gross monthly payment you will RECEIVE from the pension pot.

Neat huh?

Don't forget to use the investment return after inflation for the performance to get an inflation proofed income.

foofi22

Ditching my fix?

I've currently got ~£183.5k left to pay and I'm about mid-way through a 5 year fix. (Started Sep 2014, 25 year mortgage).

My rough calculations and the MSE calculator suggest I should switch and swallow the additional charge (currently 3%, but dropping by 1% each September) - however part of me says I've made a mistake.

Can anyone suggest any other calculators or analysis that I could look through?

By switching it appears my monthly payment could reduce by £200. I'm also only considering switching to mortgages that have no fees.

Thanks

OXFORD_SMOGGY

Currently have debt of: -301,064.24

Current mortgage rate: 2 year fix @ 3.29% until 31st July 2017
ERC: £ 614.69

Looking at switching to

New mortgage rate: 2 year fix @ 1.19% until 30th September 2019
Booking fee: £749

Am I better off to move to the new rate straight away even taking into account booking fee and ERC, or am I better to leave the current run to run out? How do I calculate the difference?

OXFORD_SMOGGY

Now to August 2017 @ 3.29%
Current monthly payment- £1542
x 3 months remaining period = £4626

or

Now to August 2017 @ 1.19%
Setup fee (inc valuation)- £749
ERC = £614.69
New monthly payment- £1246.43
x 3 months remaining period = £3739.29

Current rate for remaining 3 months = £4626
New rate for next 3 months = £3739.29 + £749+ £614.49 = £5102.98

So I will be worse off switching! Odd as MSE ditch or switch tool says I would be saving money to switch early

getmore4less

ERC looks low for a £300k loan

you calculations don't take account of the amount owing

OXFORD_SMOGGY

ERC on the current fix (it only has 3 months left)

OXFORD_SMOGGY

Im trying to work out if it will save me money in the 3 motnh period should I switch it now or wait until the current deal expires?

getmore4less

Which lender has an ERC of 0.2%?