do you have a spreadsheet to track the progress of your mortgage?

I'm currently deliberating whether I need a spreadsheet to track my mortgage and OP progress.

We are 6 months into a 25 year mortgage. At the moment we only get annual statements and have no facility to view our account online. I find this frustrating. That said, I know through reading the boards that few people ever get their spreadsheets 100% accurate, so I think not having an accurate spreadsheet would also bug me (did I mention that I'm a bit anal :D)?

what sums can your spreadsheet do and do you feel it benefits you? Or are you spreadsheet-free and happy for it?
know thyself
Nid wy'n gofyn bywyd moethus...

Replies

  • edited 21 February 2011 at 7:55PM
    whatyadoinsuckawhatyadoinsucka Forumite
    737 Posts
    edited 21 February 2011 at 7:55PM
    as an anal accountant i have a spreadsheet

    with interest rates calculated to 1/12 ie currently paying 2.5% which is 1.00205166 per month.

    therefore starting balance multiplied by 1 minus 1.00205166 = interest added on, less standard repayment, less overpayment = closing balance
    i can see for x date in the future my estimated mortgage balance

    Although for future months i have Base rate at 2% or higher.
    therefore with excess rates i can see an aproximate balance at any point in time

    every now and then i can log onto my bank and get the mortgage balance as at the 2nd of the month.
    the interest calculated is usually out by a few days worth of interest, not yet anal enough to calculate interest on a daily basis, although its likely the bank are charging incorrectly

    it also show LTV on the most recent vaulation each month, so i can see by november I'm down to 70%
  • I hada spreadsheet and I liked it... Someone on this board gave a link to download it but laptop replacment and I forgot to move it from one to the other
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • I have a spreadsheet and would not be as motivated without it.

    There is one by a user called locoblade that lots of people seem to use, but i followed the instructions in financial bliss's diary to make mine and it is good enough. It is never out by more than a few pence, and all i do every month is over-ride the formula in the overall balance cell by inputting what it actually is, and that keeps it fairly close to where it should be.
  • I'm with the h/fax and they only provide annual statements ( I'm waiting for mine around now ) you can see the amount update the day after your mortgage comes out of the account after that you're pretty clueless until the next month so a spreadsheet helps me.

    Like Michelle, I also use the one by FB - which was so easy to set up.

    I find it so useful and motivating to see how much extra you can pay off to get below the next thousand. It really does spur you on that bit more.
    I can't be bothered updating this anymore
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    http://forums.moneysavingexpert.com/showthread.php?t=1157173

    this is his (I assume) spreadsheet that everyone raves about - it's very detailed I'll give you that :)
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    I don't really bother with a complex spreadsheet, as we're on IO mortgage, and we overpay in units of £100, so I just have a spreadsheet that records overpayments and takes it off the overall amount, so at any time you can see how much one still owes, sorry Pavlov, that I don't have a swish solution for you :(
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • We have a spreadsheet and its a great motivator.

    We don't pay interest (100% offset) so its just a straight reduction each month allowing us to see exactly where we are, when we will be mortgage free and what effect overpayments can make to reduce the term.

    I dont think you can be serious about being mortgage free without one! Its also great for setting mini targets and milestones, like getting through the £50k, £40k, £30k barriers, or looking ahead and seeing on a particular month you will be at say £35090 and aiming to find the £91 to get you into the lower throusand bracket at that point.

    :)
    5/10/12 : Mortgage Free :)
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