I've just taken out a 20 year mortgage with an interest rate of 1.69%
I'd like a spreadsheet that would enable me to see how much is left to pay after I make each monthly payment, and that would help me see how making overpayments would impact on the length of time taken to pay it off. It will have t have some sort of option to build in the variable rate that would kick in after 3 years, and of course the option to change this when I remortgage in 3 years time.
Does anyone have such a spreadsheet or can anyone recommend a website or software package that will enable me to do this?
Thanks!
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Mortgage repayment spreadsheet
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- Lemon Half
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Re: Mortgage repayment spreadsheet
portmoon wrote:
I've just taken out a 20 year mortgage with an interest rate of 1.69%
I'd like a spreadsheet that would enable me to see how much is left to pay after I make each monthly payment, and that would help me see how making overpayments would impact on the length of time taken to pay it off. It will have to have some sort of option to build in the variable rate that would kick in after 3 years, and of course the option to change this when I re-mortgage in 3 years time.
Does anyone have such a spreadsheet or can anyone recommend a website or software package that will enable me to do this?
Thanks!
Does this help, from the MoneySavingExpert website -
Overpayment calculator
Before overpaying your mortgage, check that your lender allows you to overpay it penalty-free, and if there are any limits as to how much you can overpay.
Ensure that any overpayment you make goes to reduce the debt (so shortening the term) rather than reducing your monthly payments. This calculator assumes you reduce the mortgage debt, which is the main benefit of overpaying.
http://www.moneysavingexpert.com/mortga ... calculator
I'm not sure it's got the variable-rate option you're looking for, but in the absence of an alternative that does, then perhaps you could carry out your calculations using this tool, but do it in two stages, taking the different interest periods into account?
Cheers,
Itsallaguess
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- Lemon Slice
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Re: Mortgage repayment spreadsheet
If you used a mortgage advisor they may be able to send you a Mortgage Illustration downloaded through their mortgage sourcing system. This is different to the one you get from the lender in that it has a schedule of payments for in your case a 20 year term. I use a widely used sourcing system called Trigold so if you did use an advisor that also uses it they should be able to give you a Mortgage Illustration.
The schedule displays both the capital and separately interest that you pay. However, it cannot assume what future mortgage rates will be after your initial fixed rate has finished.
The schedule displays both the capital and separately interest that you pay. However, it cannot assume what future mortgage rates will be after your initial fixed rate has finished.
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