Which is the best mortgage calculator?

[Brendan Burgess]

Simplest repayment calculator:

http://www.loanclc.com/

• Very simple
• Allows you to compare different terms and different rates
• Allows you to add separate loans which is very interesting where you have two mortgages on the one property

Best for showing the balance due at the end of each year

http://www.calculator.net/mortgage-calculator-uk.html

• Brilliant schedule showing the amount of interest and principal paid each year
• A simple graphical explanation (although a bit misleading)

 

[Brendan Burgess]

Is there a good calculator that would show the repayments if the rate changes after 5 years?

Bank of Ireland and Ulster Bank allow people to keep a slightly increased tracker rate for 5 years. After that, it switches to SVR. I would like a calculator which shows this.

I have looked for it online and can't find one. It's the same issue really as for people who fix for 5 years at 6% and then switch to a variable rate afterwards.

 

[ronaldo]

Is there a good calculator that would show the repayments if the rate changes after 5 years?

Bank of Ireland and Ulster Bank allow people to keep a slightly increased tracker rate for 5 years. After that, it switches to SVR. I would like a calculator which shows this.

I have looked for it online and can't find one. It's the same issue really as for people who fix for 5 years at 6% and then switch to a variable rate afterwards.

This one allows a lot of customisation:

http://www.drcalculator.com/mortgage/

Click the interest button near the bottom to set varying interest rates after varying numbers of months.

The Extra button near the bottom allows you to add extra payments after a certain length of time. This is handy, for example, if a mother intends to stay at home until a child goes to school and then return to work, using some of her income to make extra repayments on the mortgage.

There are lots of other adjustments and changes you can make and clicking the Summary button shows the term reduction made by extra payments.

 

[Brendan Burgess]

Ronaldo

That is great thanks. I had stopped using Karl's calculator due to its complexity, but it does exactly what I want to do.

I had a complicated way of doing it here

I will revised it to do the calculations using Dr Calculator