MFW Diary - Take 1!

Calfuray

1 Mortgage amount £58,500.00
2 Mortgage Type Repayment
3 Introductory/Initial Interest Rate 5.98%
4 Period of Introductory Rate (years) 2.0
5 Interest Rate after Intro Period 3.99%
6 Loan period (years) 35.0
7 Starting Year of Loan 2009
8 Starting Month of Loan Oct
10 Payment Calculated / Manually added? Calculated
11 Manual Input Initial Monthly Payment N/A
12 Upfront Fees
13 Fees added to the loan £396.00
14 Early Repayment Charge Rate (%)
15 Early Repayment Charge Period (years)
16 Closure / Completion Fee
Overpayments (optional)
17 Monthly Overpayment Amount £0.00
18 Overpayment/Offset effect on Payments Keep Same
Offset Mortgage (optional)
19 Average Offset Current Account Balance
20 Initial Offset Savings Balance
21 Monthly Payment into Offset Savings
Compare Offset/overpayment against savings or ISA
22 Savings account Gross rate for comparison
23 Select tax band for savings ISA/No Tax

VoucherMan

With those figures I get

Key Figures Highlight Cells for more Info.
Average Capital Loan Annual Payments £2,920.94
Initial Repayment Monthly Loan Payment £243.41
Average Interest Only Annual Payments £1,439.77
Initial Interest Only Monthly Payment £188.57
Interest over term of loan £50,391.79
Interest Saved by Overpayment/Offset £0.00
Sum of all payments £109,287.79
Mortgage Repayment time in Years 35.0
Total cost up to the end of year 2 £6,197.16
Total capital remaining at the end of year 2 £57,264.40
Overpayments against Savings at end of year 2 N/A
Offset Key Figures
Offset Savings equal Loan after (years)
Maximum Offset Savings Value £0.00


in the box next to it.

Have you entered any figures onto the Mortgage 1 Monthly Table tab?

Calfuray

VoucherMan wrote: »

With those figures I get

Key Figures Highlight Cells for more Info.
Average Capital Loan Annual Payments £2,920.94
Initial Repayment Monthly Loan Payment £243.41
Average Interest Only Annual Payments £1,439.77
Initial Interest Only Monthly Payment £188.57
Interest over term of loan £50,391.79
Interest Saved by Overpayment/Offset £0.00
Sum of all payments £109,287.79
Mortgage Repayment time in Years 35.0
Total cost up to the end of year 2 £6,197.16
Total capital remaining at the end of year 2 £57,264.40
Overpayments against Savings at end of year 2 N/A
Offset Key Figures
Offset Savings equal Loan after (years)
Maximum Offset Savings Value £0.00


in the box next to it.

Have you entered any figures onto the Mortgage 1 Monthly Table tab?

Hmm. I hadn't even found that tab yet. Looking at that tab though, it's keeping my monthly payments as 335.03, i.e. what I was paying when interest rate was 5.98, and not updating to new monthly payment?

Don't know what I've done!

nattypants

Cal - how come I've never visited your diary before? I'm away to backtrack and have a good read with my lady grey tea.

PS. Happy Boxing Day!

Calfuray

nattypants wrote: »

Cal - how come I've never visited your diary before? I'm away to backtrack and have a good read with my lady grey tea.

PS. Happy Boxing Day!

Thanks, but oh dear, pressure, it's not very exciting

nattypants

gallygirl wrote: »

Not another Jock :doh: (exiled one

Ah dinnae even ken yis were Scottish GG. That's anither ain in the bag fir us:D

Anyway, back to reading Cal's diary......

VoucherMan

Apologies

I couldn't find a blank copy of the spreadsheet so I'd deleted the data off mine, but I missed some which gave you the dodgy figures.

I've now put it right and yes it shows the same figures as yours.

Key Figures Highlight Cells for more Info.
Average Capital Loan Annual Payments £4,020.34
Initial Repayment Monthly Loan Payment £335.03
Average Interest Only Annual Payments £1,501.12
Initial Interest Only Monthly Payment £292.34
Interest over term of loan £35,276.40
Interest Saved by Overpayment/Offset £17,992.32
Sum of all payments £94,172.40
Mortgage Repayment time in Years 23.5
Total cost up to the end of year 2 £8,040.68
Total capital remaining at the end of year 2 £57,840.02
Overpayments against Savings at end of year 2 N/A
Offset Key Figures
Offset Savings equal Loan after (years)
Maximum Offset Savings Value £0.00


I'll have another look and see if anything stands out.

If anyone else is reading and has any ideas feel free to jump in.

Calfuray

VoucherMan wrote: »

Apologies

I couldn't find a blank copy of the spreadsheet so I'd deleted the data off mine, but I missed some which gave you the dodgy figures.

I've now put it right and yes it shows the same figures as yours.

Key Figures Highlight Cells for more Info.
Average Capital Loan Annual Payments £4,020.34
Initial Repayment Monthly Loan Payment £335.03
Average Interest Only Annual Payments £1,501.12
Initial Interest Only Monthly Payment £292.34
Interest over term of loan £35,276.40
Interest Saved by Overpayment/Offset £17,992.32
Sum of all payments £94,172.40
Mortgage Repayment time in Years 23.5
Total cost up to the end of year 2 £8,040.68
Total capital remaining at the end of year 2 £57,840.02
Overpayments against Savings at end of year 2 N/A
Offset Key Figures
Offset Savings equal Loan after (years)
Maximum Offset Savings Value £0.00


I'll have another look and see if anything stands out.

If anyone else is reading and has any ideas feel free to jump in.

Hmmm. Thanks for looking. I don't know if I should just manually edit the monthly tab...

nattypants

Just caught up cal, and I'm impressed! Hope the exams went well and keep going exactly as you are (I wish I'd had your foresight in my younger years)

NP:D

VoucherMan

Calfuray wrote: »

I don't know if I should just manually edit the monthly tab...

If it were me I'd go for whichever was the easiest way to make it read correctly.

I did notice that by putting your Interest Rate after Intro Period
to 5.98% that it changed your repayment time to 35 years.
Don't know if anyone else can explain that. It beats me.

Had a look at how up set up my spreadsheet. Interest rates started dropping just as my fixed rate finished so it was awkward to set up.
I cheated / made it easier by using my mortgage anniversary as a start date. Started it in January this year so changed my term from 25 to 20 years. I entered my current balance as the mortgage amount, then adjusted the Basic Monthly Payment on the monthly table, and again in May when rates went up.