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Mortgage planning

I'd like to introduce MyMortgagePlan.co.uk; a new site dedicated to providing tools for mortgage planning and a place for the community to discuss mortgage planning and repayment.

The site is designed to give you the tools to discover just how much your mortgage costs. Whether you have an existing mortgage or you are planning to take on a new mortgage or remortgage, you will find the tools you need here.

*** We do not try to sell you anything, and are not affiliated with any lenders ***

Our tools will help you to find out how much you can save on your repayment mortgage based on how much you can afford to repay early with extra payments; either regular payments or one-off lump sum payments.

Did you know ...? On a typical £100,000 Repayment Mortgage over 25 years with an APR of

7.5%, paying just £50 extra each month will repay the mortgage 46 months early - that's nearly 4 years - saving over £22,700.

I hope you visit soon, and find the site useful.

Regards

-- Craig

Reply to
craig
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In message , snipped-for-privacy@mymortgageplan.co.uk writes

This reminds me of a nifty little mortgage amortization program that was bundled with IBM's PC DOS operating system. It was called mortgage.bas. I've still got it and even use it from time to time.

Reply to
JF

In message , snipped-for-privacy@mymortgageplan.co.uk writes

Be aware that your use of the expression 'APR' is incorrect and your calculator assumes monthly compounding whereas many lenders do not do that. You are using the quoted ' APR' as the actual interest rate charged whereas the APR is derived form the actual rate, the period of the compounding plus any other charges. It is not possible to predict a monthly payment from a quoted APR without knowing what other fees are involved and the interest compounding period.

Reply to
John Boyle

A quick search reveals -

Daytona

Reply to
Daytona

Hi John,

Thanks for your feedback. I have updated the site with corrections as you suggested, and clarified the monthly compounding calculations.

Many thanks

-- Craig

Reply to
Craig

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