Mortgage Year-in-Year Calculator

kweelo

Hi all - as the title suggests,

I'm doing some financial planning and trying to work out the year-on-year reducing cost of my repayment mortgage.

There are plenty of online calculators etc. but none of the type i'm looking for.

i.e what I'm looking for is Year 1 because of the up front interest payments you've paid £1 off your mortgage, Year 2 £10 off, Year 10 say you might have made an lump sum payment etc.

Hope I've explained that properly!

Cheers for any help in advance

ACG

http://www.calculator.net/mortgage-calculator.html?cloanamount=300000&cloanterm=30&cstartmonth=4&cstartyear=2012&cinterestrate=6&cpropertytaxes=0&cpmi=0&cothercost=0&cmonthoryear=year&x=63&y=11

Its in dollars but the figures should be the same.
It wont be 100% accurate, some lenders charge interest daily, others dont. But it will give you a rough idea.

kweelo

Cheers ACG -

what I was after and gives me a rough idea as you suggest. I don't suppose you know of any sites that would let you add a lump sum to be deducted from the loan.

Thanx

ACG

No sorry, we have software that allows that but its a paid for system for mortgage and financial advisors so ive never had to look for anything like that.
It would just be a case of doing it manually. ie: 100k mortgage over 20 years in that calculator then doing another one for whatever is outstanding minus the lump sum payment with x number of years remaining - bit of a pain in the ...... but it would be a way around it.

Thrugelmir

kweelo wrote: »

what I was after and gives me a rough idea as you suggest. I don't suppose you know of any sites that would let you add a lump sum to be deducted from the loan.

Thanx

Do you have access to an Excel spreadsheet?

Fairly easy to calculate with one.

getmore4less

kweelo wrote: »

Hi all - as the title suggests,

I'm doing some financial planning and trying to work out the year-on-year reducing cost of my repayment mortgage.

There are plenty of online calculators etc. but none of the type i'm looking for.

i.e what I'm looking for is Year 1 because of the up front interest payments you've paid £1 off your mortgage, Year 2 £10 off, Year 10 say you might have made an lump sum payment etc.

Hope I've explained that properly!

Cheers for any help in advance

there is no up front interest


You can do every thing you need with
http://www.whatsthecost.com/mortgage.aspx

it has month by month capital reduction so you can use multiple calculators to simulate extra payments

For regular overpayemts use interest only.

ACG

I think he means the fact that you pay more interest in month 1 than you do in month 10, 20, 50 etc.

Its not a case of every £1000 you pay results in the mortgage coming down by say £800, the amount being paid off increases month on month as the interest decreases.