(Multiple) Mortgage Calculator

dukesy_2

I need a calculator which will allow me to compare the 2 following scenarios.

Scenario A :

I STAY with my current Mortgage and take a further advance at a DIFFERENT rate. So there will be 2 seperate amounts outstandgin with 2 seperate interest rates. This will last for approx 18 months (when current tie in finishes), at which point I will remortgage to a better deal (but avoid redemption)

Scenario B

I remortgage to another provider and incur various upfront costs (valuation, application, redemption, legals etc) but reduce interest rates on whole lot.



I could ideally do with a calculator that does the work FOR me, over (say) next 5 years. The decision I am looking to make is wether the (additional fees incurred at remortgage - savings made over 5 years) are GREATER than (avoiding fees immediately + additional interest paid for 18 months) if that makes sense !!!

I have seen the Michael Kelly Comparator too (THANK YOU !!!!) but i need to compare 2 vs 1 .

ANy ideas you clever people ?

dukesy_2

Any ideas ???

Anyone ..


Hellloooooo.....

Please.......

Even an XLS will do !

learntmydebtlesson

Hiya

I hope this will help in some way, in Excel there is a function, funnily enough called PMT. This will allow you to work out the interest, amount payable and term etc. Try this and I am sure it will answer your comparison query.

Good luck! :T