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  • bubblesmoney
    i would like to nominate this thread by Locoblade about a new mortgage calculator that he has designed and made available for others

    anyone who has a mortgage or thinking of applying for a mortgage would find this calculator useful for comparing different mortgages and also for comparing if offset mortgages with different (higher) interest rates are cheaper in the long run than other types of mortgages with lower / fixed interest rates in your individual circumstances regarding savings in ISAs etc if they are used for offsetting against mortgage.

    this calculator would hopeful enable many of us with mortgages to save quite a bit of money in the long run. i do hope locobalde wins the award for this month for this reason.

    This was done using a heavily modified version of the Microsoft Amortization Schedule spreadsheet that Ive re-written to allow several things that most of the existing online/spreadsheet calculators didn't seem to be able to do, such as:
    • Interest only / capital repayment mortgages with option to part pay
    • Offset mortgages, including average offset current account balance
    • Calculation when offset pot could pay off the mortgage remainder.
    • Monthly and one off overpayments / offset payments
    • Change of rates after introductory period expires
    • Ad-hoc rate changes for variable/tracker mortgages]
    • Additional borrowing at any time
    • A few pretty graphs
    • Edit: v1.2 allows you to compare two different mortgage products to see which is cheapest for you.
    • Edit: v1.3 adds in early redemption charges and exit fees.
    Ive finally (I think!) got it to a "finished" condition ...........................
    Here's the link to download it: (this is the latest version)

    It was written in Excel 2007 but has been saved so it's compatible with earlier versions, and there's no macros in it. The spreadsheet will only work with Excel 2002 or newer though, and may not work with Works or OpenOffice
    by Locoblade
    Last edited by bubblesmoney; 25-09-2008 at 10:28 PM.
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