Morgage Calculator

seandurcan1966

Hi,

I'm trying to budget my life and wish to be able to take into account a mortgage over it's lifetime.

Has anyone a good knowledge of the whole mortgage payment system so I can set it up a monthly budget knowing the mortgage payment in advance? I can use excel or online calculators to calculate initial monthly payments so reference to those ideas are not what I'm after.

Thanking you all in advance

ChippingSodbury

Attached is a simple mortgage calculator on which you can see the effect of changing the Number of Years/ Interest Rate/ Amount Borrowed on the Monthly Repayment and the amount in total you will pay back. You can add in your monthly expenses and see how much you have left for saving/ spending at the end of each month. The cells in grey contain formulas so don't change those.

seandurcan1966

Thank you. Wasn't sure if the original calculation covered the lifetime of the mortgage. I thought I'd heard, somewhere a long time ago, that the payments become less as you pay off the principal. That answers that I guess.

whatnext

Is this what you are looking for?

https://m.drcalculator.com/mortgage/

wench

seandurcan1966 wrote: »

Thank you. Wasn't sure if the original calculation covered the lifetime of the mortgage. I thought I'd heard, somewhere a long time ago, that the payments become less as you pay off the principal. That answers that I guess.

The interest goes down, but the capital goes up, so the payment remains the same.

KilOit

Handy calculator for interest over the life of the mortgage, gut wrenching on seeing how how it is first few years of the mortgage

https://www.mortgages.ie/go/first_time_buyers/tax_relief_calculator

seandurcan1966

Cheers everyone. Not liking the capital rising while interest goes down!! Would it not make it cheaper to have the capital paid off quickly and then deal with the interest?

Bubbaclaus

seandurcan1966 wrote: »

Cheers everyone. Not liking the capital rising while interest goes down!! Would it not make it cheaper to have the capital paid off quickly and then deal with the interest?

Interest accumulates on the capital, so it stands to reason that more interest will accrue at the start when most of the capital remains outstanding. If you want to pay off the capital quicker then the simple option is to overpay.

The J Stands for Jay

seandurcan1966 wrote: »

Cheers everyone. Not liking the capital rising while interest goes down!! Would it not make it cheaper to have the capital paid off quickly and then deal with the interest?

It makes no difference. If you were paying off only capital, the interest would then be added to the outstanding balance and would still attract the same amount of additional interest.