Help MSE make mortgage calculator even MORE ULTIMATE

Former_MSE_Dan

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] What’s this all about?[/title]

Last month we launched our Ultimate Mortgage Calculator, with three major calcualtors included. It allows you to see the impact of rate rises, the benefit of overpaying, and whether it may be worth ditching your fixed rate deal

We now want to expand it, and want your suggestions for extra things to add in. We've already brainstormed extra features we want (listed below), so have a scan of those then tell is what you'd like it to do:

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] Two all new calculators[/title]

• Is it worth offsetting? (including whether you'd be better to just save seperately then overpay each year, if your mortgage allows this).

• Are you better off saving or paying off mortgage?

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] New functionality for all calculators (where applicable)[/title]

• 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

Post below to let us know what else you want, and we'll see if it can be done!

[signupbox]test[/signupbox]

loracan1

Ability to enter a part repayment/part interest-only mortgage

That'd be interesting, I'm overpaying on my part R/part IO now and find I have to work out the two separately (but I do quite enjoy playing with the figures)

One thing I would like is to see how much interest/capital is being repaid on the table.

Another; to see an option for 4-weekly overpayments

jamesd

For the overpayment calculator it would be nice to factor in inflation so people can get a better idea of what the potential saving really means in today's money. Less than it means if you go by the raw numbers.

Investment-backed mortgages or investing instead of paying capital or overpaying capital would be nice. ISA and pension options. Then you might answer the "am I better off paying more into my pension or overpaying on the mortgage?" question. This requires some return on investment assumption. The Pensions Commission assumed 3-4% after inflation for a quite conservative model. This would also illustrate why it's often a bad idea to overpay on the mortgage instead of paying into a pension - lower investment return from overpaying on the mortgage so doing it makes you poorer long term compared to the pension or some of each.

Some of this is getting more into integrated financial planning than the single-solution approaches that ignore the rest of the options available.

JulieK_2

I would like to see this facility added please! I am planning on getting a remortgage soon and am looking at overpaying a regular amount each month as well as one off lump sums when I can. Although I won't have a huge amount to offset at first, maybe around 5-6k I would like to see the difference it makes to how quickly I can pay off my mortgage, along with the overpayments. If all these things can be combined in one calculator (offsetting various amounts, lump sum payments and regular monthly overpayments) that will help me organise my budget and motivate me to get it paid off as quickly as possible!:j

jvidakovic

i would like to see information about shared ownership mortgages - who offers them and the best deals

janineo

I'd like to be able to add to the different fees (reservation, legal, valuation, etc.) into the calculator to compare deals when switching. With the option to add them into the mortgage or not as required.

goldingwebb

It would be great if there was a way it could calculate how much of a mortgage you could sensibly afford based on your income.

robin_banks

jvidakovic wrote: »

i would like to see information about shared ownership mortgages - who offers them and the best deals

Steer well clear of shared ownership.

JustKeepSwimming_2

I'd also like to see details for part repayment/part interest-only mortgages, with some flexibiltity to split any overpayments between the two parts.

johncolescarr

A handy feature on some calculators for mortgage and savings is for a random interest rate function to be added. You basically specify the minimum and maximum interest rates and the calculator generates random numbers between the limits. This is useful in illustrating the what if's of mortgage payments and might help with affordability.

redlakes

ability to add months to years for a more accurate result especially over shorter term mortgages