Help with Mortgage Repayment Spreadsheet

UrWntr

I've created a mortgage repayment spreadsheet but I've made a mistake somewhere and it's driving me crazy.

At the end of 300 months (25 years) I'm left with an outstanding balance of £1.42 despite me plugging in all the figures my lender sent me.

If anyone could be so kind as to take a look and point out the error in my calculation it would be much appreciated.

http://www.!!!!!!/file/0NKVjbes/mortgage_spreadsheet.html (Note that you should press the small blue download button)

Thanks,
-UrWntr

Wh05apk

£1.42 after 25 years? are you serious? probably just rounding up/down?

Senior_Paper_Monitor

Rounding errors (as Wh05apk suggests) ?

Variations in start date/pay date ?

Leap years - daily interest ?

.... and even you give me the £1.42 should I find it, it is unlikely to represent a worthwhile investment in my time to investigate someone else's spreadsheet - why not use the one usually on the back of your KFI ?

UrWntr

Senior_Paper_Monitor wrote: »

Rounding errors (as Wh05apk suggests) ?

Variations in start date/pay date ?

Leap years - daily interest ?

.... and even you give me the £1.42 should I find it, it is unlikely to represent a worthwhile investment in my time to investigate someone else's spreadsheet - why not use the one usually on the back of your KFI ?

Daily interest is a good shout, may need to think about that. Thanks.

There's no representation of payments on my KFI, other than 26 payments of XXX and 274 payments of XXX.

Thanks,
-UrWntr

Wutang_2

UrWntr wrote: »

Daily interest is a good shout, may need to think about that.

Sorry, are we still having a think about the mystery £1.42??

UrWntr

Wutang wrote: »

Sorry, are we still having a think about the mystery £1.42??

What's the problem? I'd like to know how my mortgage payments are being calculated.

If you have a problem with that, you don't need to post.

Senior_Paper_Monitor

There is a sheet available on the back of sourcing system produced KFIs which details the first 12 months and then remaining yearly payments and their allocation to interest/capital is made and resulting balance - if you are using a broker I there should be no problem in getting that / if you are going direct I would have expected them to be able/willing to do it.

Xbigman

There used to be a ready made spreadsheet for calculating mortgages in one of the sticky threads at the top of the first page in this forum. Save yourself some stress and download it, then alter it to fit your exact requirements. There are two columns of figures called 'factor F1' and 'Factor G1' which are way beyond my maths to understand. I can testify that this spreadsheet works out my mortgage payments exactly.





X