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Biriani

Housing Affordability Calculator

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Here's an excel tool I've created for working out what house people on different incomes and with different spending constraints can "afford".

Input the income details at the top, along with parameters like the interest rate, deposit size, mortgage term, and the prudent "recommended" % of income that should be spent on housing.

The boxes below show details of house price, morgage/salary multiple, monthly repayments, cost as a % of net income, and how this compares to "recommended" expenditure.

Each box allows you to manipulate a different parameter, and all the others recalculate themselves accordingly.

Please let me have any feedback, and enjoy!

mortgage.zip

mortgage.zip

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Can't understand why you haven't had any response to this so far. It's a great tool.

I do think it needs a role. Mortgage calculators abound on-line - aimed at getting people to borrow as much as they can. This one could show if and what they can afford to buy, warning them against taking on more than they can afford, and showing them what they'll have to give up. Also suggest changing some of the language - eg Joint Net Income to Take Home Pay.

Credit card debt,car finance and other loans would be nice to haves and tune the individual's position but first and foremost it needs a role.

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Here's an excel tool I've created for working out what house people on different incomes and with different spending constraints can "afford".

Input the income details at the top, along with parameters like the interest rate, deposit size, mortgage term, and the prudent "recommended" % of income that should be spent on housing.

The boxes below show details of house price, morgage/salary multiple, monthly repayments, cost as a % of net income, and how this compares to "recommended" expenditure.

Each box allows you to manipulate a different parameter, and all the others recalculate themselves accordingly.

Please let me have any feedback, and enjoy!

A great tool! Particularly as it doesn't just show a crude income multiple calculation like some of those online jobbies.

Well done, Biriani! ;)

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Ingenious little device.

Can it tell me whether IRs are going up or down? Or whether I'll still be in a job in 10 years time?

:D

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GREAT SPREADSHEET

Would be nice if you made a column for extra earnings.

You know - the wife on the game, me selling dodgy gear out the back of a lorry etc. it all goes in our ass pocket?

Well done anyway - Just hope your not working for a mortgage company coz I typed in a house for 1.5million on 26k salary and it came up as 3.5 times my salary :)

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An excellent spreadsheet.

Just one constructive criticism though, it looks like its using the Tax & NI bands for the 2004-05 tax year to work out net income, & could do with updating to the 2005-06 tax year.

(Not that they've changed by all that much, admittedly!) ;

Tax bands

NI bands

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An excellent spreadsheet.

Just one constructive criticism though, it looks like its using the Tax & NI bands for the 2004-05 tax year to work out net income, & could do with updating to the 2005-06 tax year.

(Not that they've changed by all that much, admittedly!) ;

Thanks for pointing that out... I started it before the end of last tax year, but felt the urge recently to get it out and polish it up a bit.

Glad people find it useful.

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I have been looking for a re-payment calculator which at a given year will show what your payments are, i havenbt been able to find this.one that will do year 1 then year 2 then year 3 and so on payments left on the initial debt.Thus showing how the debt is lowering each year of payments on it and also how your payments are lowering.

would be nice to look at and work out in 5 years you will be paying say 60 pound less a month ect.

would be nice to put it against a intrest only mortgage to as a way to show what a mugs game that realy is.

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I have been looking for a re-payment calculator which at a given year will show what your payments are, i havenbt been able to find this.one that will do year 1 then year 2 then year 3 and so on payments left on the initial debt.Thus showing how the debt is lowering each year of payments on it and also how your payments are lowering.

would be nice to look at and work out in 5 years you will be paying say 60 pound less a month ect.

would be nice to put it against a intrest only mortgage to as a way to show what a mugs game that realy is.

There's a loan amortization schedule Excel template available from MS which I've used quite a bit;

Mortgage/loan schedule

Assuming a fixed interest rate, your repayments don't lower as such throughout the life of the mortgage, the payments stay the same but each month a higher proportion goes on repaying the capital & a lower proportion is paid in interest.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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