Fred Posted April 27, 2008 Share Posted April 27, 2008 (edited) Firstly, sorry if this is in the wrong section. Does anybody have, or can anybody make an excel sheet that I can show how much you end up paying on a 100k morgage on a mortgage lasting from 1 to 30 years. Lets say based on a 5% rate. I'm not very good in excel and could maybe do the basic figures but dont really know how to take into account the bits that get paid off as the years go by. I'm trying to show soembody how much less you pay overall if you have a 20 year mortgage instead of a 25 etc. Thanks Edited April 27, 2008 by Fred Quote Link to comment Share on other sites More sharing options...
jdc Posted April 27, 2008 Share Posted April 27, 2008 =((Price*(InterestRate/100))/ 12)*(1/(1-((1/(1+(InterestRate/100)))^MortgageTerm))*(Years*12)) Should do it... 100k mortgage at 6.5% over 25 years, pay £205k. Over 20 years, pay £180k Quote Link to comment Share on other sites More sharing options...
newbie Posted April 27, 2008 Share Posted April 27, 2008 Forget Excel. Use this: Karl's Mortgage Calculator Quote Link to comment Share on other sites More sharing options...
Fred Posted April 27, 2008 Author Share Posted April 27, 2008 Thanks for the reply. I've just tried that but it seems to go up in a linear scale. e.g exaclty 3100 per year. I might be wrong but I wasnt expecting that. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 27, 2008 Share Posted April 27, 2008 Firstly, sorry if this is in the wrong section.Does anybody have, or can anybody make an excel sheet that I can show how much you end up paying on a 100k morgage on a mortgage lasting from 1 to 30 years. Lets say based on a 5% rate. I'm not very good in excel and could maybe do the basic figures but dont really know how to take into account the bits that get paid off as the years go by. I'm trying to show soembody how much less you pay overall if you have a 20 year mortgage instead of a 25 etc. Thanks Take your pick. http://www.thisismoney.co.uk/tools-and-cal...l?in_page_id=86 Quote Link to comment Share on other sites More sharing options...
Saberu Posted April 27, 2008 Share Posted April 27, 2008 Yes you pay almost double or over double depending on your interest rate with most mortgages. Thats why it always makes me laugh when people say renting is dead money, so is mortgage interest! Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted April 27, 2008 Share Posted April 27, 2008 (edited) Firstly, sorry if this is in the wrong section.Does anybody have, or can anybody make an excel sheet that I can show how much you end up paying on a 100k morgage on a mortgage lasting from 1 to 30 years. Lets say based on a 5% rate. I'm not very good in excel and could maybe do the basic figures but dont really know how to take into account the bits that get paid off as the years go by. I'm trying to show soembody how much less you pay overall if you have a 20 year mortgage instead of a 25 etc. Thanks Yes, I've got one I built some time ago. It calculates an amortisation mortgage based on any number of years for the term, on interest only or interest plus capital. Also, it allows you to plug in overpayments and then calculates forwards in terms of much this will shorten the term of the loan. Give me a minute or two to locate it and I will post it here shortly. Steve Edited April 27, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
jdc Posted April 27, 2008 Share Posted April 27, 2008 Yes you pay almost double or over double depending on your interest rate with most mortgages. Thats why it always makes me laugh when people say renting is dead money, so is mortgage interest! Don't. I had this argument for about half an hour with a man who works for an investment bank on Friday, and his wife just kept saying "but then at the end of it we have a house and you do not". Uh huh, but if I have £500,000 and you have a house worth £200,000, then... Eventually it emerged that his argument centred around the fact that he would be better off financially buying a small flat than renting a large one. Then he accused me of comparing apples and pears because if I bought somewhere it would be smaller than where I live now! Yes, yes indeed, people who live frugally save more money than people who chuck it around. But I could rent the small place, if that was the priority... Mad! He also claimed that in the long-term houses go up more than shares. Umm, nope. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted April 27, 2008 Share Posted April 27, 2008 (edited) amort loan calc.xls as promised Note: I have had to zip the excel file up before uploading it as this sytem does not allow the uploading of raw excel files. Your proprietry Windows unzip facility will open the file Steve amort_loan_calc.zip amort_loan_calc.zip Edited April 27, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
injustice Posted April 27, 2008 Share Posted April 27, 2008 (edited) Firstly, sorry if this is in the wrong section.Does anybody have, or can anybody make an excel sheet that I can show how much you end up paying on a 100k morgage on a mortgage lasting from 1 to 30 years. Lets say based on a 5% rate. I'm not very good in excel and could maybe do the basic figures but dont really know how to take into account the bits that get paid off as the years go by. I'm trying to show soembody how much less you pay overall if you have a 20 year mortgage instead of a 25 etc. Thanks I think I have attached a spreadsheet. Apparently I am not allowed to upload this file. The file is here Edited April 27, 2008 by injustice Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted April 27, 2008 Share Posted April 27, 2008 I think I have attached a spreadsheet.Apparently I am not allowed to upload this file. You can get round this by zipping the file up prior to uploading Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted April 27, 2008 Share Posted April 27, 2008 Don't. I had this argument for about half an hour with a man who works for an investment bank on Friday.... What does he do the rest of the week? There was a time when tax relief made having a mortgage a no-brainer renting was always going to lose you money. Nowadays the tax relief's gone but the argument hasn't caught up with reality. Quote Link to comment Share on other sites More sharing options...
injustice Posted April 27, 2008 Share Posted April 27, 2008 You can get round this by zipping the file up prior to uploading Uploaded to a file sharing site. Thanks. Quote Link to comment Share on other sites More sharing options...
jdc Posted April 27, 2008 Share Posted April 27, 2008 There was a time when tax relief made having a mortgage a no-brainer renting was always going to lose you money. Nowadays the tax relief's gone but the argument hasn't caught up with reality. Yeah - although beyond a certain level of deposit, unless your money is all in an ISA, you'd still gain more from "interest you don't pay" (not taxed) than from "interest you do earn" (taxed). We should campaign for renters to have higher ISA allowances really. Quote Link to comment Share on other sites More sharing options...
Warwick Posted April 27, 2008 Share Posted April 27, 2008 What does he do the rest of the week?There was a time when tax relief made having a mortgage a no-brainer renting was always going to lose you money. Nowadays the tax relief's gone but the argument hasn't caught up with reality. Yup, mortgage at 2.5% (staff rate) and salary increasing at 100% every 2-3 years. But still limited to max of 4x salary and 90% LTV. Quote Link to comment Share on other sites More sharing options...
roblpm Posted April 27, 2008 Share Posted April 27, 2008 Try the best website I have ever seen (and I have seen a lot!!) www.jeacle.ie/mortgage I don't know who Karl Jeacle is but he deserves a medal! Quote Link to comment Share on other sites More sharing options...
Fred Posted April 27, 2008 Author Share Posted April 27, 2008 Thanks for all the replies, links and files. Some good stuff here. Quote Link to comment Share on other sites More sharing options...
ziknik Posted April 27, 2008 Share Posted April 27, 2008 Firstly, sorry if this is in the wrong section.Does anybody have, or can anybody make an excel sheet that I can show how much you end up paying on a 100k morgage on a mortgage lasting from 1 to 30 years. Lets say based on a 5% rate. I'm not very good in excel and could maybe do the basic figures but dont really know how to take into account the bits that get paid off as the years go by. I'm trying to show soembody how much less you pay overall if you have a 20 year mortgage instead of a 25 etc. Thanks I converted the BBC Mortgage Calculator in to Excel. http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml And I have added a few cells for you to use in your example. BBC_Mortgage_Calc.zip BBC_Mortgage_Calc.zip Quote Link to comment Share on other sites More sharing options...
cjman Posted April 27, 2008 Share Posted April 27, 2008 I agree- the Jeacle Karl's Mortgage Calculator site is incredibly good stuff Quote Link to comment Share on other sites More sharing options...
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