do you have a spreadsheet to track the progress of your mortgage?
pavlovs_dog
Forumite 10.2K Posts
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
)?
what sums can your spreadsheet do and do you feel it benefits you? Or are you spreadsheet-free and happy for it?
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
)?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...
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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%
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.
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.
this is his (I assume) spreadsheet that everyone raves about - it's very detailed I'll give you that
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
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 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.