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  • FIRST POST
    Former MSE Dan
    The Ultimate Mortgage Calculator discussion
    • #1
    • 16th Feb 10, 7:34 PM
    The Ultimate Mortgage Calculator discussion 16th Feb 10 at 7:34 PM
    Update 19 October 2010

    We have spent the last few months expanding this, hopefully making it... erm, ultimate-er?! It has new calculators, including:

    - Offsetting vs Savings/Mortgage
    - How much can I borrow?
    - Compare 2 fixed rates
    - Should I save or repay mortgage?

    Would be great to know what you think, and especially if you spot any glitches we have missed. We've done lots of testing but you neve know what can slip through the net!

    Cheers

    Dan

    -------------
    Original post

    Hi folks,

    This is the new Ultimate Mortgage Calculator (thanks for all the feedback those who helped before)



    Our plan is to work on a second version of this with added features and revisit it again soon. The current provisional list of additions includes:

    Ability to overpay lump sums and monthly amounts
    Ability to overpay by a percentage sum per year
    Ability to enter a part repayment/part interest-only mortgage
    Added 'Should I pay off mortgage with savings' question
    Added 'Is it worth getting an offset mortgage or saving' section

    If you've any thoughts on this calculator, or suggestions for improvements, extensions, please post and let us know.
    Last edited by Former MSE Dan; 19-10-2010 at 4:47 PM.
Page 8
    • getmore4less
    • By getmore4less 16th May 17, 11:43 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    http://www.whatsthecost.com/mortgage.aspx

    Should add that all the calculators work on a simple amortization of equal months and payment at the same time.

    the reality is that the months are different lengths and the payments happen on different days(weekend/BH move the pay day).

    In practice this is minor over longer periods and/or where the comparison has a clear winner.
    Last edited by getmore4less; 16-05-2017 at 11:55 AM.
    • OXFORD_SMOGGY
    • By OXFORD_SMOGGY 19th May 17, 3:56 AM
    • 604 Posts
    • 129 Thanks
    OXFORD_SMOGGY
    ok took the plunge signed up to Sep 2018 at 1.19%, I paid the 550 ERC, think ive saved over 2 month period but not sure no calculator can work my position out.
    Printing money since 2008
    • OXFORD_SMOGGY
    • By OXFORD_SMOGGY 30th May 17, 4:57 PM
    • 604 Posts
    • 129 Thanks
    OXFORD_SMOGGY
    I applied 2 weeks ago they said only 1 payment will reflect new interest as delay between was next tot the same time period which is fair enough,

    ERC is now 400 however the difference in the last old fix payment and new fix payment is only 300 does that mean I am losing out on 100 and should have just run the old fix out? Or am I still saving?
    Printing money since 2008
    • OXFORD_SMOGGY
    • By OXFORD_SMOGGY 30th May 17, 5:06 PM
    • 604 Posts
    • 129 Thanks
    OXFORD_SMOGGY
    301,064 * (0.0329 - 0.0119) / 365 = 17.32 a day better off

    Days left until fix ends 83 so saving of 83 x 17.32 = 1437.56 on new rate over that period.

    So total saving is 1437.56 - ERC of 614.69 = 822.87
    Originally posted by OXFORD_SMOGGY
    So new saving is over 40 days now

    So 40 x 17.32 = 680

    Subtract the ERC of 400 means that make a saving of 280

    Is that over the whole mortgage 25 year period or just the 1 and a half months i have ditched and switched? If over the whole period there was surely no point of me paying the ERC
    Printing money since 2008
    • archduke
    • By archduke 28th Jul 17, 3:05 PM
    • 4 Posts
    • 0 Thanks
    archduke
    I have a scenario where I'd like to pay off a lump sum of 25,000 (First Direct so no penalties) but there's a complication as due to moving home I have two mortgages as I had to port one from my previous property.

    The two loans are:
    - 132,000 @ 2.80% fixed until 10/2018 with 21 years remaining
    - 59,000 @ 3.39% fixed until 08/2019 with 21 years remaining

    If I use the calculator, both give a similar saving of c. 17,000 overall and c. 5 years reduced payment time for the larger mortgage and c.11 years for the smaller one.

    What I can't get my around is whether it's beneficial in the long term to reduce the smaller mortgage as that's got the highest rate or reduce the larger mortgage as it's the larger sum? Unless I'm over complicating things there are quite a few factors at play!? If it helps with scenarios, my plan would be to remortgage and fix both once their fixed periods end (with the assumption the fixed rates available will be lower than what I'm currently on).

    Any advice appreciated!
    Last edited by archduke; 28-07-2017 at 3:05 PM. Reason: forgot something
    • hughesmark
    • By hughesmark 17th Aug 17, 2:17 PM
    • 2 Posts
    • 0 Thanks
    hughesmark
    Hi
    Using this tool makes me think I've been doing things wrong for the last few years and wondered if you could confirm for me.


    So I've been overpaying by 10% a year for the last few years in a lump sum which is the maximum my mortgage allows in any year, I was assuming that as interest is calculated monthly, this would reduce the capital and I'd be better off.


    Using this tool if I set the mortgage at 75000 for 15 years with a 3.5% interest and overpay by 600 a month it reduces my mortgage term by 5 years, conversely if I pay 7200 (600x12) in a single lump sum it only reduces by 2 years.


    Is this correct, I would've expected to pay off the interest quicker.


    Thanks for your advice.


    M.
    • hughesmark
    • By hughesmark 17th Aug 17, 2:28 PM
    • 2 Posts
    • 0 Thanks
    hughesmark
    Think I can answer some of my own question.
    So this assumes a continued overpayment through the life of the loan, so the 600 a month until the end, where the 7200 is assumed as one off.


    Revised question then, if I paid the 7200 lump sum every year for the duration of the loan, would that pay off quicker or in the same time as the continued 600/month over payment?


    Thank you.
    • getmore4less
    • By getmore4less 17th Aug 17, 2:44 PM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    Think I can answer some of my own question.
    So this assumes a continued overpayment through the life of the loan, so the 600 a month until the end, where the 7200 is assumed as one off.


    Revised question then, if I paid the 7200 lump sum every year for the duration of the loan, would that pay off quicker or in the same time as the continued 600/month over payment?


    Thank you.
    Originally posted by hughesmark
    just do it for 1 year 600 per month or 7,200 at the beginning and See what happens. whatever happens 1 year happens every year
    • harshitguptaiitr
    • By harshitguptaiitr 14th Nov 17, 6:05 PM
    • 103 Posts
    • 18 Thanks
    harshitguptaiitr
    Came across an app on Google Assistant that can calculate your monthly mortgage payment in a fun conversational manner.

    If you own a device with iOS 9 / Android 6 / Google Home, then you can say "Ok Google, calculate my monthly mortgage payment" and it will talk to you and calculate your monthly payment.

    This app can also calculate your Income Tax and National Insurance, simply say "Ok Google, Talk to Financial Guru"


    This is not my app and I didn't intend to SPAM the forum. Moderators - Please delete the post if not relevant.
    • getmore4less
    • By getmore4less 13th Mar 18, 12:59 PM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    Another SERIOUS problem with the ultimate mortgage calculator and overpayments using the 10% annual option.

    it get the regular monthly payment wrong.

    Left one mortgage free wannabe thinking their mortgage will be 64k after 5 years when it will be 99k
    • DragonQ
    • By DragonQ 13th Mar 18, 1:02 PM
    • 2,000 Posts
    • 676 Thanks
    DragonQ
    I have a scenario where I'd like to pay off a lump sum of 25,000 (First Direct so no penalties) but there's a complication as due to moving home I have two mortgages as I had to port one from my previous property.

    The two loans are:
    - 132,000 @ 2.80% fixed until 10/2018 with 21 years remaining
    - 59,000 @ 3.39% fixed until 08/2019 with 21 years remaining

    If I use the calculator, both give a similar saving of c. 17,000 overall and c. 5 years reduced payment time for the larger mortgage and c.11 years for the smaller one.

    What I can't get my around is whether it's beneficial in the long term to reduce the smaller mortgage as that's got the highest rate or reduce the larger mortgage as it's the larger sum? Unless I'm over complicating things there are quite a few factors at play!? If it helps with scenarios, my plan would be to remortgage and fix both once their fixed periods end (with the assumption the fixed rates available will be lower than what I'm currently on).

    Any advice appreciated!
    Originally posted by archduke
    Always pay off the highest interest debt first.
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