What formulas does the MSE Overpayment Calculator use?

eggedd2k

Hi all.

On the Overpayment Calculator (http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator#result)

Can anyone tell me what formulas are used to calculate all of the information it works out? I appreciate it's not necessarily 100% accurate but it's good enough for me at this stage.

I simply want to recreate the calculator for my own purposes in Excel.

For example, given the information you enter at the top of the form (interest rate, years etc) what formulas does it use exactly to be able to give you the list of years and remaining debt?

thanks in advance

abouttimetoo

Hi Egged2K

I'm afraid I don't know the answer so I'm giving you a shameless bump.

Hopefully one of our resident techy geeks (said with love, you know who you are ) can help you out or advice how to set you up

AllThatStuffIsJustStuff

HI egged,

I'm no financial expert but have been playing with forecasting our budgets on spreadsheets as part of our debt clearance plans. I've made a stab at a spreadheet you can use here:

(OK apparently I can't share this with you because I'm a new user. Anyone have any ideas on a work around? Could I PM the link to a more credible user who could repost?)

You can download it to your preferred spreadheet software and edit it or just change it online if you just want to test it out. It's very basic and is working on annual fees atm because i haven't been bothered to spend the time making it monthly, though i could do. This means it is out by quite a margin each year - but if you just want to know how much you have to pay to lop x years off it should do the job - and should also give you an idea of how the formulas might work for what you are trying to do (though I'm not sure i know exactly what that is)

Also, to reduce the number of calculations (just laziness again), rather than ask for the term, i've asked for the annual interest rate and your current monthly repayment.

Is this what you had in mind? If so I might spend half an hour monthlifying it later if i get a chance.