Nice spread sheet for calculating overpayments

Erewego

Hi All,
This will be my first ever post, but I have been browsing this section of the site since I got my first Mortgage in May of this year. I have borowed £105000 and I want shot of it as soon as possible. But like other people I need some feedback to see what the overpayments I have been making are actually doing. I found this free to download spreadsheet on the microsoft web site. It is actually for loans but a mortgage is just a large loan. It calculates the principal amount and the interest you pay off each month plus if you overpay and take note of the total interest you can see how much you save over the term. Anyway here it is

http://office.microsoft.com/en-au/templates/TC011031561033.aspx

Hope it helps inspire you to overpay it did me.

This works in excel and in the free and excellent Openoffice.

TallGirl

Thanks for that it is really easy to use and actually works. Tells me I have 60 months left to go by overpaying so less than the 8 it currently is on my statement

hornetgirl

Excellent spreadsheet - many thanks.

Martinslovechild

If you have Microsoft Excel installed on your PC, then the Loan Amortization spreadsheet is available from within the Spreadsheet Templates (File - New - New from Template - Loan Amortization) - no need to download as it's already there (versions Excel 97 and above).

MrsV

Does this spreadsheet take into account variable interest rates?

Martinslovechild

MrsV wrote:

Does this spreadsheet take into account variable interest rates?

No - it was principally developed for the American market where long-term fixed rate mortgages are standard, but it gives you an idea at least.

*zippy*

Thankyou erewego, very easy to use and you can never have too many spreadsheets

monkeydust_2

bear in mind that if you are planning to close early you need to factor in the penalities (normally 2months interest)

halloweenqueen_2

Thanks for this!

clarew

sounds a great template....my only problem is my computer doesn't have excel on it!!! (oh well, back to pen,paper,calculator and the funky gibbons link to overpayment calculators!!!) but thanks anyway!

Erewego

clarew wrote:

sounds a great template....my only problem is my computer doesn't have excel on it!!! (oh well, back to pen,paper,calculator and the funky gibbons link to overpayment calculators!!!) but thanks anyway!

Hi There Clarew,

If you want a complete office application that will also run this spread sheet go to http://download.openoffice.org/2.0.3/index.html

and down load this free software if you are on dial-up get a friend to do it for you though as it is rather big, if not use a download manager such as LeechGet so you can spread the down load over a few days.

Open Office requires Java to run all its components but its spreadsheet works with out it, if you want all its components download java from java.com. The OpenOffice web site explains all this.