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How to use Karl Jeacle's mortgage calculator...

  • 10-03-2017 3:58pm
    #1
    mrcheez
    Registered Users, Registered Users 2 Posts: 14,074 ✭✭✭✭


    I've posted in a few different threads about this but think it might be good to open a new thread querying how to use Karl Jeacle's mortgage calculator, https://www.drcalculator.com/mortgage/ie/, as it might be of help to others...

    In summary I plan on paying an amount off my mortgage as a lump sum and want to see how the different lump sum amounts affect the overall cost at the end of the term.

    Say for arguments sake the following are the values I want to use
    - remaining mortgage balance is 150K
    - monthly payments are 1.5K
    - the interest is 3.1%
    - then I want to try out a few different lump sum payments where I keep the monthly payment at 1.5K (lowering the term)

    So the following is pretty clear...

    1) Drag "Principal" to "150,000"
    2) Put first Interest to "3", and second Interest to "1"
    3) Put "Start month" to "Mar", "Start year" to "2017"

    after this I'm a little confused...

    - How do I get "Payment" to be 1.5K? It doesn't seem to be draggable.
    - Where do I put in my once-off lump sum payment figure?


Comments

  • #2
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭BrokenArrows


    mrcheez wrote: »
    I've posted in a few different threads about this but think it might be good to open a new thread querying how to use Karl Jeacle's mortgage calculator, https://www.drcalculator.com/mortgage/ie/, as it might be of help to others...

    In summary I plan on paying an amount off my mortgage as a lump sum and want to see how the different lump sum amounts affect the overall cost at the end of the term.

    Say for arguments sake the following are the values I want to use
    - remaining mortgage balance is 150K
    - monthly payments are 1.5K
    - the interest is 3.1%
    - then I want to try out a few different lump sum payments where I keep the monthly payment at 1.5K (lowering the term)

    So the following is pretty clear...

    1) Drag "Principal" to "150,000"
    2) Put first Interest to "3", and second Interest to "1"
    3) Put "Start month" to "Mar", "Start year" to "2017"

    after this I'm a little confused...

    - How do I get "Payment" to be 1.5K? It doesn't seem to be draggable.
    - Where do I put in my once-off lump sum payment figure?

    The calculator has a terrible UI.

    You dont change the payment amount. This is your standard month amount.
    Extra payments are "prepayments"

    But anyway it looks like you click the "Prepayment" button and it gives you options to enter a monthly, annual or one time payment and the month it ocurred. It will update the stats on the right with the term reduction etc.


  • #3
    thebiglad
    Registered Users, Registered Users 2 Posts: 1,672 ✭✭✭thebiglad


    I find the Mortgage Overpayment calculator on UlsterBank website easy to use

    http://digital.ulsterbank.ie/personal/mortgages/secure/mortgage-overpayment-tool.html


  • #4
    mrcheez
    Registered Users, Registered Users 2 Posts: 14,074 ✭✭✭✭mrcheez


    BrokenArrows wrote: »
    The calculator has a terrible UI.

    yup
    BrokenArrows wrote: »
    You dont change the payment amount. This is your standard month amount.

    But I want to change it to a specific amount per month. Seems the only way you can do anything like this is by changing the "Year", which makes sense as I'll be reducing the term. But even then you can only change in 1 year jumps, so impossible to get the exact monthly figure of "1,500" (as per my sample figures)
    BrokenArrows wrote: »
    Extra payments are "prepayments"

    But anyway it looks like you click the "Prepayment" button and it gives you options to enter a monthly, annual or one time payment and the month it ocurred. It will update the stats on the right with the term reduction etc.

    Doesn't seem to change anything. I entered a figure in the "One-time prepayment" box and nothing on the screen is changing.

    Have tried Chrome and IE.
    thebiglad wrote: »
    I find the Mortgage Overpayment calculator on UlsterBank website easy to use

    http://digital.ulsterbank.ie/personal/mortgages/secure/mortgage-overpayment-tool.html

    That's not bad. Only works in IE I find.


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