Miscalculation somewhere...

Equaliser123

TrickyDicky101 wrote: »

Is your mortgage over approx 16 years?

I make the 1.22% better as you will have paid off an additional c.£1k off the capital over the two years (so you're overall debt will be smaller at the end).

EDIT: I assumed you pay the fees at commencement of the mortgage rather than adding it to the loan. It doesn't make a significant difference to the calcs though.

You mentioned the term being 16 years. It is. is there a significance to that? Thanks.

getmore4less

Equaliser123 wrote: »

Thanks. Understood. But that said, I really can't see that adding £1495 to a debt of £279k would make such a difference over just 2 years.

You either do it properly or not, L&C were out by over £1k

When the difference gets close it can be the thing that swings it.

There will be a loan amount where it is break.

Term is only relevant in setting the payment.

Equaliser123

getmore4less wrote: »

You either do it properly or not, L&C were out by over £1k

When the difference gets close it can be the thing that swings it.

There will be a loan amount where it is break.

Term is only relevant in setting the payment.

Thanks but I'm not convinced L&C are out at all. One would have thought that these are relatively easy calculations to be made but the illustrations are wildly different from the MSE calculator (and my own calculations).

getmore4less

Equaliser123 wrote: »

Thanks but I'm not convinced L&C are out at all. One would have thought that these are relatively easy calculations to be made but the illustrations are wildly different from the MSE calculator (and my own calculations).

Your money.

I stopped using MSE calculator too many flaws.

Your own seems to look only at the interest.

Can't you see that the amount of debt left after spending the same money gives you the answer?

There are a number of ways to do that I showed you the simplest way.