# Anyone know a User Friendly Mortgage Calculator



## Raging Bull (27 Nov 2013)

Would anyone know a nice calculator link on the web?

 I need to compare costs of a 5 year tracker mortgage vs another variable and its not easy without collecting huge amount of data points

 Thanks


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## PadKiss (27 Nov 2013)

The best on line is the myhome calculator just google mortgage calculator and u will find it Padraic


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## Brendan Burgess (28 Nov 2013)

Raging Bull said:


> I need to compare costs of a 5 year tracker mortgage vs another variable and its not easy without collecting huge amount of data points
> 
> Thanks



Hi Raging Bull

I suspect that you are approaching this problem the wrong way. 

If you want to compare two different mortgage products, you need to look at the annual interest cost only. If you are doing something more complicated, you are probably ignoring the time value of money. 

I use http://www.loanclc.com/  which is the simplest and is suitable for most purposes.  I use http://www.drcalculator.com/mortgage/  when I need to know what the balance outstanding after, say, 5 years, is.

If you want to specify the problem in a bit more detail, I will suggest how you would approach an answer to it.


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## Raging Bull (28 Nov 2013)

Thanks for these. 

 Im doing a painful exercise trying to work it the extra interest made for not being on a tracker. The spread between tracker and variable is cerca 3% so I reckon last year it cost me 9k for not being on the tracker....final number will be ugly


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## Brendan Burgess (28 Nov 2013)

Are you making an actual claim for a refund? If so, the process would be quite different. 

Working out the additional cost of not being on a tracker into the future is a bit more difficult.  You should work out the Net Present Value. I suggest the following. 

For example, the repayments on €100,000 @ 1.5% over 20 years are €482 per month. 
The repayments on €76,000 @ 1.5% over 20 years are also, €482 per month. 

So the cost in today's money is around €24,000. 

It's a bit more complicated that that, but you are only making an estimate and that would be the rough ball park. 

Brendan


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## Raging Bull (28 Nov 2013)

I'm trying to negotiate a solution through MARP. Basically wasn't given a tracker when I asked for it. I reckon over last few years its cost me 40k in extra interest. Precision is not easy as balance is moving also.

 I would be looking to get reinstated to tracker as part of solution but to predict the future regarding rates spread over remainder of contract will be impossible. 

 NPV is a good idea though. Thanks


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## Joe_90 (28 Nov 2013)

Raging Bull said:


> IBasically wasn't given a tracker when I asked for it.



Not an easy exercise.

What do you mean wasn't given a tracker?  If you signed for a variable mortgage is there an argument to say they did not give you what you asked for. 

I'm asking not telling.


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