The Ultimate Mortgage Calculator discussion

getmore4less

pickledpinkpepper wrote: »

Can anyone help me work out some calculations? I can't seem to find the right tool and I don't think this one has the right options.


Mortgage is £80,688 on 3.99% on repayment mortgage. We currently pay an addition £450 per month over payment on top of our monthly mortgage of £805. Current mortgage statement shows we have 11years 2 months left on our mortgage (we took a 25 year mortgage out in June 2007 and our overpayments have brought it down to 11 years 2 months as of today).


At current rates, overpayments etc how long will it take me to pay this mortgage off and how much will we have saved?


Thank you

There is not enough information for anyone to work it all out for you.

£80,668 @ 3.99% paying £1255pm is 73 months, just over 6 years(£1262 will bring it under 6)

just use a simple calculator

http://www.whatsthecost.com/mortgage.aspx

Set to interest only and put in the total payment(make the term 25 year it is not relevent any more).

pleasehelptoexplain

Hi - thank you for this fantastic tool. I'm a bit confused about whether to overpay monthly or annually though.

If I out into the calculator that I will repay 10% of my remaining debt (max I can overpay) annually then it saves a lot less interest than if I overpay monthly. If my interest is calculated daily (I'm with Santander) then surely I save the most interest by just paying as much as I can as soon as possible?

Please explain if it is better to overpay monthly or annually (if total amount paid back is the same ie 10% of debt).

getmore4less

The calculator has many errors/faults/misleading interpretations

there seems to be no desire to fix them.

Much better to understand the basics(amortization) and use a simple calculator on the options and do your own comparisons.

Imma_Number

When putting in the percentage for the monthly calculation you have to remember to divide it by 12. (eg 10% = 0.83333%). Even this isn't entirely accurate because the calc takes the %age of the debt that month, not the %age of the debt as it stood on some particular day.

Also the calculator assumes you are making the overpayment at the beginning of the period (month or year) and not the end. Personally, if I had 10% of my mortgage amount to pay off at the beginning of the year I'd have borrowed less

nickchowney

Dan,
the calculator only basis an amount on your earnings?!
what if i've £50,000 as a deposit to put down? would that change the possible amount the bank would be prepared to loan?

many thanks
nick.

Former_MSE_Dan wrote: »

Update 19 October 2010

We have spent the last few months expanding this, hopefully making it... erm, ultimate-er?! It has new calculators, including:

- Offsetting vs Savings/Mortgage
- How much can I borrow?
- Compare 2 fixed rates
- Should I save or repay mortgage?

Would be great to know what you think, and especially if you spot any glitches we have missed. We've done lots of testing but you neve know what can slip through the net!

Cheers

Dan

---

Original post

Hi folks,

This is the new Ultimate Mortgage Calculator (thanks for all the feedback those who helped before)

THE ULTIMATE MORTGAGE CALCULATOR

Our plan is to work on a second version of this with added features and revisit it again soon. The current provisional list of additions includes:

Ability to overpay lump sums and monthly amounts
Ability to overpay by a percentage sum per year
Ability to enter a part repayment/part interest-only mortgage
Added 'Should I pay off mortgage with savings' question
Added 'Is it worth getting an offset mortgage or saving' section

If you've any thoughts on this calculator, or suggestions for improvements, extensions, please post and let us know.

kingstreet

nickchowney wrote: »

what if i've £50,000 as a deposit to put down? would that change the possible amount the bank would be prepared to loan?

No. Lenders lend based on affordability, not equity or deposit.

sushistar

The offset mortgage calculator returns all 0s, regardless of what figures I feed it...

Mobeer

Overpayments calculator:
Good calculator, but it would be better if it could:
1) accept annual interest rate and monthly payment, then use this to calculate years and months remaining
2) show monthly values, and a graph in months. The current graph shows payments reduced in the final year after an overpayment, rather than the graph reaching zero a few months earlier

hoodm59

Hi,


I have a mortgage that is split into 2 parts (sub accounts). It is split like this as the original part of the mortgage was portable and we moved it to our newer property. The additional borrowing on top was on a different rate. I therefore have problems finding out my true APR or equivalent so comparisons are not straightforward!


Can anyone advise how I go about figuring this out?


Mortgage rate 1 is interest only and 1.5% above base rate (currently 2.0%) for term. It has 16 years remaining. It will be paid off by other means before term.


Mortgage rate 2 is repayment and is at the SVR of 4.19% at present. It has 22 years remaining.


Mortgage rate 1 has 60% more money owed on it than Mortgage rate 2.


Can anyone advise how I work out my actual rate of repayment with the 2 combined?


Many thanks!

getmore4less

APR is fairly meaningless for mortgages

Just use standard simple calculators and combine the numbers.

What really matters is how much you pay and how much is left at a given point.

By making the payments equivilent you can focus on the amounts owing and can forget the terms.

To compare your two combined against a 3rd you need three calculators one for each of yours and one for the new one.