The Ultimate Mortgage Calculator discussion

Princess_Katrina · 19 February 2010 at 2:35PM

Thanks to everyone for your suggestions. I called Bristol and West and I asked them if they could explain the difference. They said they couldn't but they will send me some information in the post so I will get back to you asap on how interest rates are calculated.

I have been playing around with the calculator and it seems to me the cause could be they are charging interest at 6% but the repayment at 6.2% not sure if this is right. as they said if I moved to an interest only mortgage my monthly payments would be £773.22, this means my repayment would be 167.83 per month as ginvzt suggests.

Even more interesting is that by using the calculator if I moved to interest only and did over payments of £170 I would be approx £700 better off over the 3 years! This calculator is fantastic and will deffinately help me to make more intelligent decisions regarding my mortgage from now on.

Thanks You to all
Katrina

MSE_Dan wrote: »

Hi glenner and princesskatrina.

Do you know when your interested is calculated and added to your balance (eg. montly, daily, annually)?

Hopefully this should help me work out why there is the discrepancy.
Dan

pandora205 · 19 February 2010 at 2:45PM

Hi.

I've just played with this and can't seem to do what I'd like. I only have a year and a bit to go and currently overpay hugely (100%). I'd like to experiment with overpaying differing amounts to see when it would finish. My original term is irrelevant, and I've tried putting in the interest rate and amount I pay but can't seem to get the info I need.

MarieAAP · 19 February 2010 at 2:52PM

LOVE IT

Thanks MSE

misselvis · 19 February 2010 at 3:00PM

many thanks, am currently a DFW and am working on my mortgage as well as I am currently in horrendous negative equity and the calculator provided me with a tiny yet realistic light at the end of my MFW tunnel. its amazing the choices I made 2 years agoin order to jump on the property ladder, so am now working hard to sort it out with my hair, sanity and credit rating intact. Many thanks for the creative and ingenious tools by the MSE crew

Lady1981 · 20 February 2010 at 7:07AM

I agree with Jonbvn that being able to include months would be very useful.

Lady xx

loracan1 · 11 March 2010 at 12:52AM

My thoughts on this calculator - I've become a little too obsessive about it.

skaps · 29 May 2010 at 11:34AM

Can you change the calculator so you can put in your fixed rate interest rate and then the svr once its finished to see how much you could save?

aurion22 · 6 June 2010 at 10:13AM

I've recently retired and have already used some of my retirement lump sum to pay £15K off the mortgage. It is part repayment (approx £16K) and part IO (approx £4K) with just under 6 years to go at an interest rate of 1.5%.

I am now wondering whether I should pay more off or leave the rest of my savings in ISAs, which are currently paying more interest than I'm paying on the mortgage.

How can I calculate which is the better option?
Thanks in advance for any advice.

Emily_Morton · 6 June 2010 at 9:01PM

Hi have a website that i would like to have your mortgage calulator on, can you please tell me how i go about doing this and how much it would cost from you?

Look forward to hearing from you

Emily,

JustKeepSwimming_2 · 1 September 2010 at 3:27PM

My mortgage is part repayment & part interest only so it would be useful to include both types, like the egg calculator does. Love the rest of it!

The Ultimate Mortgage Calculator discussion

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