The mortgage calculator

GaryBC

I've heard it said that the Mortgage calculator on this site doesn't use compound interest in its calculations so under-reports the resulting monthly repayments. 
Is this true? 

BikingBud

Why not check it?

http://www.locostfireblade.co.uk/spreadsheet/Index.html

ACG

Google amortizization calculator. 
Most of them have the dollar sign, but imagine the pound sign, the figures are usually spot on. 

GaryBC

BikingBud said:

Why not check it?

http://www.locostfireblade.co.uk/spreadsheet/Index.html

£100k at 4% over 12 years the difference in interest payments between the two is c£40! 
For its ease of use I'd accept an 'error' of less than 3p a month. 

GaryBC

ACG said:

Google amortizization calculator. 
Most of them have the dollar sign, but imagine the pound sign, the figures are usually spot on. 

100k over 12 years at 4% it's within £12 of the MSE calculation. 

Close enough!