Mortgage Spreadsheet Help

GreenSaints

Hi All,

As I'm a DFW, I have a very basic spreadsheet which has my debts on them and also one for the mortgage, but I'm struggling to get the numbers to add up on that on.

I logged into my mortgage account today and it stated this:

Opening Balance - £65427.75
Interest - £71.50 (variable rate, currently 2.5%)
Payments Received - £536.81 (started OP 15/01/12 of £200)
Current Balance - £64962.44

When I put that all in my spreadsheet, the interest I calculate is £136ish :undecided

Can anyone help please?

Thank you

abouttimetoo

Hi Greensaints, welcome to the board

Could you first tell us what you are trying to calculate please e.g. interest paid over a certain period, interest saved via your overpayment etc

Also, and I'm not trying to sway you here as it is your decision but are you sure you are doing the right thing in OPing your mortgage as it make be more financially beneficial to use that money to pay down debts with a higher interest rate

Well done on what you have achieved so far

Regards
ATT

GreenSaints

Hi ATT,

All the debts in my signature are my own personal debts, the mortgage is joint. Also, the debts I have are on a low interest (BC is just charging me interest as of this month - I hope to clear this by next month, my student account is 0%, my student loan is 1.5% and the Bank Of Mum is 0% for life! )

I was just trying to calculate my MF date and also if we did have any extra money, what that would do to the figures. It's just so I don't have to keep logging into my account to see where we are.

financialbliss

Hi GreenSaints,

I'd echo that of abouttimetoo - what are you trying to calculate and are you looking at comparative time periods?

With an outstanding balance of : 64,962.44 you're looking at interest of:

Annually: 1,624.06
Monthly: 135.34
Daily: 4.45

based on a 2.5% interest rate.

If you explain what you're attempting to log / compare, someone will help out.

FB.

financialbliss

PS - if you want to try making a spreadsheet, rather than just borrow one (sometimes helps you understand better), then I've a link to two posts in my diary which may be of help:

http://forums.moneysavingexpert.com/...&postcount=534
http://forums.moneysavingexpert.com/...&postcount=536

Thanks,
FB.

GreenSaints

Hi,

Thanks for your reply.

That's the figure I get (the £135.34) but why has Nationwide said it is £71.50 (I don't mind paying less, but I'm just curious)

lulabelle1

Hi there, could be because it is calculated from 1st January and today is the 16th, so just 16 days of interest rather than a full month.....
The interest you see online will increase every day....

financialbliss

financialbliss wrote: »

Daily: 4.45

Nationwide apply interest daily, making it more effective to overpay ASAP.

I get 4.45 x 16 as 71.20, so not a million miles off your 71.50.

Remember that there would have been a few days in January before your mortgage payment cleared, ie you would have been accruing a higher interest charge - this probably accounts for the 30p difference.

Financial Bliss.

GreenSaints

That's great, that's all I wanted to know. Basic maths is my downfall

Now I can starts calculating my MF date