Professional Excel Development and VBA Programming

Mortgage Calculator and Comparator

This spreadsheet helps you analyse and understand mortgages. It calculates and compares various scenarios to
show the effect of different variables on the mortgage, payments and cost of borrowing. It allows mortgage seekers
to make an informed decision before signing a deal. Those with an existing mortgage can see how interest rate
changes affect their monthly payments and how much it costs to end their mortgage early.

Features
This spreadsheet…
— shows how much you can borrow for a given term and monthly payment
— shows the effect of interest rate changes on payments and cost of borrowing
— reveals the cost of ending a mortgage early while early repayment penalties apply
— reveals the cost of a mortgage over any period - even if it contains many variables
— compares mortgages on a like with like basis revealing the best value-for-money deal
— compares five scenarios side by side showing the effect of different variables at a glance

Components
The spreadsheet is divided into four components:
Component Purpose
Financial Summary Summarise your finances and bring them together in one place
Affordability Calculator Find out how much you can borrow for a given term and monthly payment
Payment Calculator Calculate monthly payments and the cost of borrowing for a given mortgage
Deal Comparator Compare mortgage deals and calculate their true cost over any period of time

The Payment Calculator and Deal Comparator work with repayment as well as interest-only mortgages. Both
calculators and the comparator are designed for mortgages where interest is compounded monthly and payments
are made at the end of the month. Results are only accurate for mortgages where this is the case.

If you get different figures from your bank or another calculator, check the compounding and payment frequency of
your mortgage and how interest was calculated. If compounding and payment frequency are not monthly, you will
get a slightly inaccurate result from this calculator. However, it may still be useful by giving you an approximate
figure.

Getting started
1) Go to a calculator or the comparator using the links above or the sheet tabs
2) Hover your mouse over the red triangles to display the comments behind the labels
3) Enter data in cells with green background and leave cells you don't need empty
— If you copy & paste, always paste values only (right-click your mouse, select Paste Special…/Values)

Comments and feedback

If this spreadsheet has helped you save money or find the right mortgage, I'd like to hear your story or get your
testimonial. Please send your comments and feedback to roger@excelworks.co.uk. Since I am an Excel specialist
and not a financial expert, for advice about mortgages please consult your mortgage advisor.

Terms of use
This spreadsheet is free for personal and commercial use, but it may not be altered, distributed or sold without the
written permission of Excel Works Ltd.

Disclaimer
Excel Works Ltd does not warrant that this spreadsheet will be free from errors or will meet your specific
requirements. This spreadsheet is provided "as is" and Excel Works Ltd accepts no liability for any damage or loss it
may cause. By using this spreadsheet you agree to do so at your own risk.

Version history
3.5g 28 Feb 2010 Initial public release.
4.0a 23 Nov 2013 Provide space in calculators and comparator so users can add comments for the various scenarios.
4.0b 4 Mar 2017 Unprotect workbook to allow users adding further worksheets for custom calculations.

Copyright
© Excel Works Ltd 2010-2017, All rights reserved; Version 4.0b (4 Mar 2017)
Financial Summary Summarise your finances in one place

Data Entry This Year Last Year Two Years Ago

Income: Read me first
Primary income
Secondary income
Other income
Before tax
Incomes before or after tax?
After tax

Outgoings:
Annual outgoings

Savings & Debts:

Savings
Debts

Summary (income shown before tax)

Leftover from Primary Income:

Annual leftover
Average monthly leftover
Outgoings as % of income

Leftover from All Incomes:

Annual leftover
Average monthly leftover
Outgoings as % of income

Savings less debts

© Excel Works Ltd, 2010-2017 Version 4.0b (4 Mar 2017)

Affordability Calculator Find out how much you can borrow for a given term and monthly payment

Data Entry Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5

Basic Arrangements: Read me first

Comments

Maximum monthly payment

Term in years

Interest Rates:
Initial rate

1st rate change after start

New rate

2nd rate change after first change

New rate

Results
Mortgage
Cost of borrowing

Payment Schedule:
Initial Stage:
Monthly payment at initial interest rate

Interim Stage:
Monthly payment after 1st rate change

Final Stage:
Monthly payment after 2nd rate change

© Excel Works Ltd, 2010-2017 Version 4.0b (4 Mar 2017)

Payment Calculator Calculate monthly payments and the cost of borrowing for a given mortgage

Data Entry Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5

Basic Arrangements: Read me first

Comments

Mortgage
Term in years

Interest Rates:
Initial rate

1st rate change after start

New rate

2nd rate change after first change

New rate

Results Mortgage Type: Repayment Interest-only

Cost of borrowing

Payment Schedule:
Initial Stage:
Monthly payment at initial interest rate

Interim Stage:
Monthly payment after 1st rate change

Final Stage:
Monthly payment after 2nd rate change

Outstanding debt at term end

© Excel Works Ltd, 2010-2017 Version 4.0b (4 Mar 2017)

Deal Comparator Compare mortgage deals and calculate their true cost over any period of time

Data Entry Deal 1 Deal 2 Deal 3 Deal 4 Deal 5

Basic Arrangements: Show Results Read me first

Comments

Mortgage
Full term in years
Assumed term in months

Interest Rates:
Initial rate

1st rate change after start

New rate

2nd rate change after first change

New rate

Initial Costs:
Added to mortgage
NOT added to mortgage

Initial Refunds:
Cashback and other refunds

Regular Monthly Costs:

Added on top of monthly payments

Exit Fees:
Number of months fees apply
Fixed amount
Number of monthly interest payments
Percentage of outstanding debt

Fixed amount charged in any case

Results Mortgage Type: Repayment Interest-only

Total borrowed
Net loan

Borrowed over Assumed Term:

Comparison rate
Comparison value
Outstanding debt
Total cost of borrowing
Exit fees

Borrowed over Full Term:

Comparison rate
Comparison value
Outstanding debt
Total cost of borrowing
Exit fees

Payment Schedule over Full Term:

Initial Stage:
Monthly payment at initial interest rate

Interim Stage:
Monthly payment after 1st rate change

Final Stage:
Monthly payment after 2nd rate change

© Excel Works Ltd, 2010-2017 Version 4.0b (4 Mar 2017)